SHIPBUILDING MARKET ANALYSIS

Shipbuilding MarketSize and Trends

The shipbuilding industry has experienced significant growth, with its global market value reaching approximately US$ 149.76 billion in 2023. Projections indicate that by 2030, this market will expand to around US$ 191.67 billion, demonstrating a compound annual growth rate (CAGR) of approximately 3.6% from 2023 to 2030.

Several factors contribute to the expansion of the Global Shipbuilding Market:

• Increasing demand for commercial vessels: The rise in global trade necessitates the construction of various commercial vessels such as container ships, tankers, and bulk carriers. These vessels play a crucial role in facilitating international commerce and transportation.
• Growth of the offshore oil and gas industry: Specialized vessels like drillships and production platforms are essential for offshore oil and gas exploration and extraction. As this industry continues to expand, there is a corresponding demand for the construction of these specialized vessels.
• Rising demand for cruise ships and leisure vessels: With the increase in disposable incomes and the flourishing tourism sector, there is a growing interest in cruise ships and other leisure vessels. This trend has created a demand for the construction of new and innovative ships to cater to the preferences of travelers seeking unique experiences.
• Advancements in shipbuilding technologies: The shipbuilding industry is benefiting from the development of new technologies, particularly in the realm of digital shipbuilding. These advancements improve efficiency and reduce costs throughout the shipbuilding process, leading to increased productivity and competitiveness within the industry.

Global Shipbuilding Market Drivers:

• Rise in Trade-related Agreements: The global shipbuilding market is experiencing growth due to a surge in trade agreements between developed and developing countries. These agreements facilitate the transportation of goods, leading to a preference shift among suppliers towards more efficient waterway transportation. This shift... has prompted cargo vessel manufacturers to innovate and produce more efficient container carriers of varying sizes and capacities, thereby driving the global market growth. Moreover, the implementation of free trade agreements has led to a decrease in duties and taxes, stimulating an increase in trade activities. As a result, exporters and importers are exempt from paying certain taxes to the government. Trade bloc countries are also easing restrictions and enhancing trade flexibility. Consequently, an increase in trade agreements has led to a higher demand for robust containers, further bolstering the global shipbuilding market growth.

Global Shipbuilding Market Trends:

• Growing need for digitalization and automation: Digital technologies are spearheading a profound transformation in the shipbuilding industry. Key innovations like 3D printing, augmented reality, and the Internet of Things (IoT) have been instrumental in reshaping ship construction methods. These technologies facilitate the creation of intricate ship components with unparalleled precision, leading to improved product quality.