Shipbuilding implies, in simple terms, the building of ships. It involves the process of design and construction of ships and other floating vessels. Shipbuilding is a labor intensive industry, which means a major chunk of the work is done by humans. Shipbuilding companies manufacture large vessels, particularly seagoing vessels. These vessels are used by trade (merchant and cargo), transport, energy, and military sectors. Shipbuilding companies also offer products and services for building, maintenance, and conversion of vessels. Other products manufactured by shipbuilding companies include tugs, fishing vessels, bunker tankers, small passenger ships, and small general cargo carriers.
The shipbuilding market is expected to grow at a slow but steady pace during the forecast period. Use of new technologies, such as artificial intelligence and automation, is a key driver of the shipbuilding market across the world. Adoption of robotic technologies is likely to rise in the shipbuilding market in the near future. Additionally, as more and more countries around the world open their shores to international trade, demand for products manufactured by shipbuilding companies is expected to rise in the next few years. Furthermore, relaxing of trade regulations is projected to help fuel the growth of the global shipbuilding market in terms of facilitating ease of movement of goods across borders. Many countries across the globe are commissioning the construction of inland waterway systems for easy movement of goods within borders. Opening of inland waterways also opens newer avenues for passenger transport which is expected to increase the demand for products of the shipbuilding industry. Also, growing security concerns are anticipated to drive governments to shore up their naval fleets, which in turn, is likely to boost the order-books of shipbuilding manufacturers. National security concerns are likely to augment research and development activities in the global shipbuilding market in the near future. Trade outlook of key commodities such as crude oil and gold, among other commodities, is also expected to boost the demand for products of the global shipbuilding market. However, there exists a number of potential restraining factors that are anticipated to affect the growth of the global shipbuilding market. The global economic slowdown of 2008 led to drying up of global order-books in this market. Recovery from that position has been slow, which presents itself as a major challenge to the manufacturers of shipbuilding products. The slowdown created a situation of global oversupply and excess capacity. The situation of overcapacity in the shipbuilding market post the economic slowdown of 2008 led governments to take certain drastic measures to revitalize growth in this market. Measures such as subsidies to shipbuilding manufacturers distorted the market. The condition can be addressed only through close and efficient cooperation among national economies—at policy-making as well as strategic levels. Another way to alleviate such distortions is through active involvement of industry participants.
Segmentation for the global shipbuilding market can be done on the basis of ship type, end-user, and region. Based on ship type, the global shipbuilding market can be divided into cruise ships, cargo ships, military vessels, tugs, fishing vessels, bunker tankers, small passenger ships, and small general cargo carriers. In terms of end-user, the global shipbuilding market can be classified into transport companies, military, and others. On the basis of region, the global shipbuilding market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. The global shipbuilding market is dominated by Asian players.
Key companies operating in the global shipbuilding market include Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, Samsung Heavy Industries, Mitsubishi Heavy Industry, TSUNEISHI SHIPBUILDING Co.,Ltd., Imabari Shipbuilding, Northstar Shipbuilding Private Limited, L&T India, and United Shipbuilding Corporation.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.