Market Size of Shipbuilding Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 145.67 Billion |
| Market Size (2029) | USD 184.5 Billion |
| CAGR (2024 - 2029) | 4.84 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Shipbuilding Market Analysis
The Shipbuilding Market size is estimated at USD 145.67 billion in 2024, and is expected to reach USD 184.5 billion by 2029, growing at a CAGR of 4.84% during the forecast period (2024-2029).
Over the long term, the shipbuilding market is expected to grow over the forecast period due to increasing seaborne trade and economic growth, rising energy consumption, the demand for eco-friendly ships and shipping services, and the advent of robotics in shipbuilding.
Though the shipbuilding market is facing a tough time, the major markets are still working and trying to turn the market toward a growth direction. In Korea, the government is taking various initiatives to support the shipbuilding industry, as the companies in the nation receive a greater number of orders.
In recent years, the shipbuilding industry saw a significant trend toward the adoption of 3D printing technologies. Every industry related to manufacturing and engineering, including shipbuilding, is embracing 3D printing, also known as additive manufacturing. Companies in the shipbuilding industry are working together with other market participants to embrace cutting-edge manufacturing technologies, such as 3D printing, to improve their manufacturing capacities.
Further, the East Asian region dominates shipbuilding, with China, Japan, and South Korea ranking first and second, respectively. In 2022, China received more than half of all shipbuilding orders, establishing it as a global shipbuilding powerhouse. Southeast Asia is similarly concentrated in ship destruction, with Bangladesh, India, and Pakistan accounting for nearly 90% of global ship scrapping activities.
Shipbuilding Industry Segmentation
Shipbuilding is the construction of large seagoing vessels, primarily of steel, but other materials, such as wood and composites, can also be employed.
The shipbuilding market is segmented by type, by end-user, and by geography. By type, the market is segmented into vessel, container, passenger, and other types. By end user, the market is segmented into transport companies, military, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the World.
The report offers the market sizes and forecast in value in (USD ) for all the above segments.
| Type | |
| Vessel | |
| Container | |
| Passenger | |
| Other Types |
| End User | |
| Transport Companies | |
| Military | |
| Other End Users |
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Shipbuilding Market Size Summary
The shipbuilding market is projected to experience significant growth in the coming years, fueled by increasing seaborne trade, economic growth, rising energy consumption, demand for eco-friendly ships and shipping services, and the introduction of robotics in shipbuilding. Despite current challenges, key players in the market are striving to stimulate growth, with government support in countries like Korea playing a crucial role. Additionally, the adoption of 3D printing technology in the shipbuilding industry is a notable trend, with companies collaborating to incorporate this cutting-edge technology and enhance their manufacturing capacities. Overall, the shipbuilding market is dominated by East Asia, particularly China, Japan, and South Korea, with China emerging as a global leader in shipbuilding. The growth of the market is further propelled by the increase in trade and naval activities between countries. Maritime transport, being the backbone of global trade, significantly influences the shipbuilding market. The increasing demand for maritime transport due to globalization and the rise in imports and exports worldwide has led to a surge in shipbuilding activities. Government initiatives, such as the introduction of contracts for navy ships in Canada, also contribute to market growth.
Explore MoreShipbuilding Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Trade Activities Between Countries to Drive the Market
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1.2 Market Restraints
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1.2.1 Fluctuation in Transportation and Inventory Cost May Hamper the Growth of the Market
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in USD)
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2.1 Type
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2.1.1 Vessel
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2.1.2 Container
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2.1.3 Passenger
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2.1.4 Other Types
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2.2 End User
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2.2.1 Transport Companies
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2.2.2 Military
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2.2.3 Other End Users
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 Brazil
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2.3.4.2 Mexico
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2.3.4.3 United Arab Emirates
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2.3.4.4 Other Countries
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Shipbuilding Market Size FAQs
How big is the Shipbuilding Market?
The Shipbuilding Market size is expected to reach USD 145.67 billion in 2024 and grow at a CAGR of 4.84% to reach USD 184.5 billion by 2029.
What is the current Shipbuilding Market size?
In 2024, the Shipbuilding Market size is expected to reach USD 145.67 billion.
