Shipbuilding Market to Reach $195.48 Billion, Globally, by 2030 at 3.2% CAGR: Allied Market Research

Increase in need for cargo transportation through ships, technological advancements in marine vessel engines, and increase in international seaborne trade drive the global shipbuilding market.

PORTLAND, Ore., Jan. 25, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Shipbuilding Market by Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Passenger Ships and Others), and End Use (Transport and Military): Global Opportunity Analysis and Industry Forecast, 2021?2030". As per the report, the global shipbuilding industry was pegged at $142.52 billion in 2020, and is expected to reach $195.48 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.

Drivers, restraints, and opportunities

Rise in demand for cargo transportation through ships, technological development in marine vessel engines, and gradual rise in international seaborne trade have boosted the growth of the global shipbuilding market. However, environmental concerns regarding marine vessels and fluctuating transportation & inventory costs hinder the market growth. On the contrary, surge in marine safety norms and trend of automation in marine transportation are expected to open new opportunities in the future.

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Covid-19 scenario:

• The Covid-19 pandemic and prolonged lockdown across several countries hampered the manufacturing sector. The shipbuilding companies suffered heavy losses during the first and second quarter of 2020, due to disrupted supply chains and production schedules.
• The pandemic led to disruptions for shipyard operations such as development of new buildings and repair and conversion projects.

The bulk carriers segment dominated the market

By type, the bulk carriers segment held the largest share in 2020, accounting for more than one-third of the market. However, the general cargo ships segment is expected to register the highest CAGR of 6.1% during the forecast period.

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The military segment to manifest the highest CAGR through 2030

By end use, the military segment would showcase the highest CAGR of 7.1% from 2021 to 2030, due to rise in investment and inclination toward the marine defense sector. However, the transport segment held the largest share in 2020, contributing to more than 90% of the market, due to rise in trading activities between different countries.

Asia-Pacific, followed by Europe and North America, held the largest share

By region, the market across Asia-Pacific, followed by Europe and North America, held the lion's share in 2020, accounting for more than four-fifths of the market, due to cheaper wages, growing seaborne trade, and strong government backing. However, the market across Europe would showcase the highest CAGR of 5.4% from 2021 to 2030.

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Major market players

• BAE Systems PLC
• Fincantieri group
• Damen Shipyards group
• Huntington Ingalls industries
• General Dynamics corporation
• Mitsubishi Heavy Industries
• Korea Shipbuilding & Offshore Engineering
• Samsuung Heavy Industries
• Oshima Shipbuilding co. ltd
• Sumitomo Heavy Industries.

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