IMARC Group, a leading market research company, has recently releases report titled “Ship Building Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″, The study provides a detailed analysis of the industry, including the global ship building market trends, size, share, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the ship building market?
The global ship building market size reached US$ 156.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 207.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.07% during 2024-2032.
The process of shipbuilding encompasses the design and construction of large marine vessels like oil tankers, cargo ships, bulk carriers, passenger ships, and container ships within specialized facilities called shipyards. This intricate process includes various stages such as panel construction, block building, section assembly, erection, pre-outfitting, painting, and slipway outfitting. A variety of raw materials are utilized in shipbuilding, ranging from steel, alloys, and aluminum to wood, glass fibers, and foam plastics. Shipbuilding is a crucial and strategic manufacturing sector contributing significantly to the economic development of nations while serving the needs of diverse industries such as transportation, energy, defense, and fishing. Consequently, shipbuilding techniques find widespread application worldwide.
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Ship Building Market Trends:
The surge in global maritime trade, fueled by increasing globalization, is the primary driver behind the growth of the shipbuilding industry. Moreover, government initiatives aimed at bolstering maritime trade through the development of new port infrastructure and the establishment of free trade agreements are also contributing positively to the global market. Additionally, the escalating modernization efforts in the military sector and the uptick in defense spending on advanced military vessels, such as frigates, aircraft carriers, destroyers, cruisers, littoral combat ships, fast patrol vessels, corvettes, and amphibious assault ships, are significant factors driving growth.
Furthermore, the rising adoption of modular construction techniques in shipbuilding, which enable multiple shipyards to construct major ship modules followed by streamlined testing and integration processes, is enhancing market growth by saving time, enhancing quality, and reducing costs. Furthermore, the emerging trend of integrating augmented reality (AR) and virtual reality (VR) technologies to facilitate immersive employee training and enable engineers to validate design concepts in a visual environment is expected to further propel the shipbuilding market in the years to come.
Ship Building Market 2024-2032 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the ship building market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
China Shipbuilding Trading Co. Ltd.
Damen Shipyards Group
Fincantieri S.p.A.
Huntington Ingalls Industries Inc.
JSC United Shipbuilding Corporation
Korea Shipbuilding & Offshore Engineering Co. Ltd.
Larsen & Toubro Ltd.
Mitsubishi Shipbuilding Co. Ltd.
Oshima Shipbuilding Co. Ltd.
Samsung Heavy Industries Co. Ltd.
Tsuneishi Shipbuilding Co. Ltd.
Yangzijiang Shipbuilding (Holdings) Ltd., etc
Key Market Segmentation:
The report has segmented the ship building market on the basis of type, end-user and region.
Breakup by Type:
Oil Tankers
Bulk Carriers
General Cargo Ships
Container Ships
Passenger Ships
Others
Breakup by End User:
Transport Companies
Military
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
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