Shipbuilding Market: Current Analysis and Forecast (2022-2030)
Emphasis on Type (Container Ships, Bulk Carrier, Oil Tanker, Passenger Ships, Others (Naval ships, Tugboats, etc.); End User Industry (Transport and Military); and Region/Country
The shipbuilding market is expected to grow at a strong CAGR of around 4.30% during the forecast period owing to the growing demand for e-commerce. The growing demand for e-commerce has had a considerable impact on the logistics and shipping industries. With an increasing number of people opting to shop online due to increasing mobile penetration and low-cost-data packs offered by telecommunication companies and having their purchases introduced to their doorstep, there has been a corresponding boom in the need for efficient delivery solutions to make sure timely and reliable delivery of products. For instance, in March 2022, according to the report published by the International Trade Administration, an agency in the united states Department of Commerce, e-commerce sales in Canada were estimated to be around USD 2.34 billion in March 2022 and are predicted to reach retail e-commerce sales of USD 40.3 billion by 2027. Therefore, the increasing demand for e-commerce will positively impact the shipbuilding industry in the coming years.
Some of the major players operating in the market include Hyundai Heavy Industries; Daewoo Shipbuilding & Marine Engineering; Samsung Heavy Industries; China State Shipbuilding Corporation; Mitsubishi Heavy Industries; Sumitomo Heavy Industries; Fincantieri S.p.A.; Japan Marine United Corporation; General Dynamics NASSCO; STX Group. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the container segment held the largest market share in 2021”
Based on type, the market is divided into container Ships, bulk carriers, oil tankers, passenger ships, and others (Naval ships, Tugboats, etc.). The container ships category has held the largest market share in the historic year and is expected to see the same trend in the forecast period. container ships are designed to transport huge quantities of goods in standardized containers. those vessels offer numerous benefits over different modes of transportation, along with trucks, trains, and planes, in terms of speed, cost, and efficiency. For example, an ordinary field ship can carry up to 20,000 containers, which is equal to about 200,000 tons of shipment. Such large capacity allows shipping businesses to gain economies of scale, reduce transportation costs, and perform more efficiently. The container shipping industry has also benefited from globalization, which has led to an increase in international trade. Moreover, another factor that has contributed to the growth of container shipping is the development of specialized ports and container terminals. These centers are designed to address huge volumes of packing containers efficiently, reducing turnaround times and increasing productivity. For instance, the Port of Shanghai in China is the world’s busiest container port, handling over forty million TEUs (twenty-foot equal devices) every year. In addition, the Port of Rotterdam in the Netherlands is Europe’s largest container port, managing over 14 million TEUs yearly.
“Amongst end-user, the transport segment dominated the market in 2021”
Based on end-user, the market is bifurcated into transport, and military. The transport segment has dominated the market and is expected to dominate in the forecast period. In recent years, there has been a significant increase in demand for transport ships due to globalization and the growth of international trade. Shipping plays a significant role in the economies of many countries, facilitating the movement of goods and commodities across oceans and waterways. Furthermore, technological advancements play a great role in determining the dominance of the transport and military segments within the shipbuilding market. The development of advanced shipbuilding technology has enabled shipbuilders to assemble ships that can be faster, extra efficient, and more environmentally friendly. These technological advancements have enabled the transport segment to increase its performance and decrease its environmental impact.
“Asia Pacific dominated the shipbuilding market in 2021”
The Asia Pacific is projected to be the fastest-growing region in the forecast period due to rapid industrialization, increasing population, and low labor costs. one of the crucial reasons why the Asia-Pacific region is dominating the shipbuilding market is the low labor costs and the presence of skilled employees. Countries in Asia-Pacific have lower labor fees than different areas, which ends up in lower overall manufacturing costs. This has given these countries a competitive edge that permits them to offer shipbuilding services at a lower cost than their competitors. The Asia-Pacific region is home to ample reserves of steel, aluminum, and other raw substances used within the shipbuilding industry. South Korea is a prime example of an Asia-Pacific country that has built strong recognition in the worldwide shipbuilding industry. South Korean shipbuilders, along with Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding and Marine Engineering, are among the most respected in the industry.
Shipbuilding Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global shipbuilding market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Shipbuilding Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global shipbuilding market were the three major steps undertaken to create and analyze the adoption of shipbuilding in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global shipbuilding market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the shipbuilding market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the shipbuilding market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the shipbuilding market. Further, we conducted factor analysis using dependent and independent variables such as type and end-user of the shipbuilding market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the shipbuilding market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global shipbuilding market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the shipbuilding market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global shipbuilding market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global shipbuilding market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and end-user in the global shipbuilding market.
The main objective of the Global Shipbuilding Market Study
The current & future market trends of the global shipbuilding market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the shipbuilding market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the type and end-user
- Define and analysis of the regulatory framework for the shipbuilding industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the shipbuilding market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the shipbuilding market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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