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.
