Global Shipbuilding Market Size, Share, Growth Analysis, By Type(Vessel, Container), By End User(Transport Companies and Military) - Industry Forecast 2024-2031

Global Shipbuilding Market size was valued at USD 143.34 Billion in 2022 and is poised to grow from USD 147.93 Billion in 2023 to USD 190.32 Billion by 2031, growing at a CAGR of 3.20% in the forecast period (2024-2031).

The shipbuilding industry utilizes materials like steel, wood, and composites to construct large seagoing vessels, along with producing auxiliary nautical equipment such as sails, motors, and electronics. China has surpassed South Korea in annual order volume measured by compensated gross tonnage (CGT), highlighting the significance of cost-effective maritime transport for global growth and sustainable development, particularly amid increasing populations in emerging nations. Chinese shipbuilders received orders totaling over 22.8 million CGT throughout the year, contributing to the equitable distribution of advantages in global trade and commerce. Shipbuilding, typically conducted in shipyards, involves prefabricated components for efficient assembly, with modern practices including the pre-installation of machinery and other elements to streamline construction. Within the European Union, where around 15% of global goods commerce occurs, import tonnage has steadily increased, with the EU importing goods from 211 non-EU trade partners on average annually, amounting to a 22% rise in goods valued at USD 227 billion. Shipping remains the most economical method for transporting 75% of commodities entering Europe from external partners, underlining its importance in global trade logistics.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Shipbuilding Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Shipbuilding Market Segmental Analysis

Global Shipbuilding Market is segmented on the basis of Type, End User and region. By Type, the market is segmented into vessel, Container, Passenger. By End User, market is segmented into Transport Companies, Military. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Shipbuilding Market

The ongoing aging of the global fleet necessitates continual replacement and modernization efforts. As ships reach the end of their lifespans, they become less efficient and more expensive to upkeep, prompting shipowners and operators to seek newer vessels equipped with enhanced fuel efficiency, cutting-edge technologies, and compliance with current environmental standards. This drive to replace aging ships fuels demand for new constructions, ensuring the industry remains aligned with evolving efficiency and regulatory demands.

Restraints in the Global Shipbuilding Market

The shipbuilding sector experiences significant cyclical patterns, marked by alternating periods of prosperity and decline. Shifts in global trade, economic circumstances, and volatility in financial markets can influence shipbuilding demand, resulting in phases of excess capacity. During these periods, shipbuilders contend with fierce competition, pricing pressures, and diminished profitability as they navigate challenging market conditions.

Market Trends of the Global Shipbuilding Market

The shipbuilding market is driven by military modernization initiatives and the need to replace aging naval fleets. Countries allocate resources to construct naval vessels, submarines, aircraft carriers, and other defense ships, bolstering their maritime capabilities and safeguarding national security. Naval shipbuilding contracts hold substantial importance in sustaining the shipbuilding sector, particularly in nations with substantial defense expenditures.