Shipbuilding Market Size, Trends & Analysis - Forecasts to 2026 By Type of Ship (Cargo, Vessel, Container, Tanker, Multi-Purpose Ship, Car & Passenger Ferry, and Others), By Type of Process (Designing, Production Planning, Cutting & Processing, Assembling, and Launching & Outfitting), By Type of End User (Commercial and Military), By Type of Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
Shipbuilding Market Insights
The Shipbuilding market is analyzed to develop positively in CAGR by 5.9% during the forecast period (2020-2026). Shipbuilding is the art of developing a ship and other floating vessels. Shipbuilding is normally taken place in specialty facility on shipyards. The applications of the shipbuilding market can be directly related to the usage of ships in various verticals. The key factor influencing the shipbuilding market would be an increase in demand for trade commodities such as crude oil and gold. Due to COVID-19, the shipbuilding market had to pause operations, due to the global lockdown which lead to the downfall of the market. But it is predicted to augment in the forecast years due to the need for generating employment as the market is a labor-intensive industry, increasing mining of shipbuilding materials, and demand in exports and imports respectively.
Shipbuilding Market: By Type of Ship
Cargo, container, car &passenger ferry, multi-purpose ship, and others are the types of ships in the shipbuilding market. The cargo ship segment will dominate the market. Cargo is known as shipload, referred to as the conveyance of goods or commodities for commercial gains. The varieties of cargos are liquid bulk, breakbulk, container cargo, dry bulk, and ro-ro. An increase in end-user consumption, accelerated growth towards exports & imports, and a significant abundance of shipbuilding supplies are a few of the many factors inducing the growth of the global market.
Shipbuilding Market: By Type of Process
Based on the type of processes, designing, production planning, cutting & processing, assembling, and launching & outfitting are the market bifurcations of the global market. Launching & outfitting is depicted to be the grow the fastest in the forecast period. Higher seaborne trade, demand for consumer products, and an increase in manpower availability are the drivers inducing the augmentation of the market.
Shipbuilding Market: By Type of End-User
Commercial and military ships are the type of end-users in the shipbuilding market. Commercial ships are the largest shareholder in the forecast years. Commercial ships are employed for passengers and trade. An increase in FDI, rising population in emerging nations, and a growing number of passenger cruises are the accelerators of the global market.
Shipbuilding Market: By Region
Based on the region, North America has remained to be a preferred region yet, the Asia Pacific is followed to make elevated motility in the global market. Advancement in container shipping, rapid industrialization, and an increase in deployment of shipyards in numerous countries are the propellors aiding the enlargement of the market.
Shipbuilding Market Share and Competitor Analysis
Mitsubishi Heavy Industries Ltd., BAE Systems, STX Offshore & Shipbuilding Co. Ltd., Sumitomo Heavy Industries Ltd., Fincantieri S.P.A., China State Shipbuilding Corporation Ltd., DSME Co. Ltd., China Shipbuilding Industry Corporation, Raytheon Technologies Corporation, Huntington Ingalls Industries Inc., General Dynamics Corporation, Damen Shipyards Group, United Shipbuilding Corporation, Larsen & Toubro Ltd., Northstar Shipbuilding Pvt. Ltd., Tsuneishi Shipbuilding Co. Ltd., Shanghai Waigaoqiao Shipbuilding Co. Ltd., Meyer Werft GmbH & Co. KG, Imabari Shipbuilding Co. Ltd., Hanjin Heavy Industries & Construction Co. Ltd., Navantia, MV Werften Wismar GmbH, and other industries are the key players in the market.
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2020, Larsen & Toubro amalgamated with L&T Shipbuilding Limited with adherence to all necessary procedures.
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The Global Shipbuilding Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Shipbuilding Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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