According to a new report published by UnivDatos Markets Insights, The Shipbuilding Market was valued at USD billion in 2021 & are expected to grow at a CAGR of 4.30% from 2022-2030. The analysis has been segmented into Type (Container ships, Bulk Carriers, Oil Tankers, Passenger Ships, and others (Naval ships, Tugboats, etc.)), End User (Transport and Military), Region/Country.
The shipbuilding market reports have been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the shipbuilding market. The shipbuilding market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the shipbuilding market at the global and regional levels.
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Key Market Opportunities
One prominent opportunity for the shipbuilding market lies in the increasing global demand for eco-friendly and sustainable vessels. In recent years, there has been a growing emphasis on reducing greenhouse gas emissions and addressing environmental concerns in various industries, including maritime transportation. This shift towards sustainability presents a significant opportunity for shipbuilders to capitalize on the demand for greener and more efficient vessels. One of the key factors driving this opportunity is the implementation of stringent regulations and international agreements aimed at reducing emissions from the shipping industry. The International Maritime Organization (IMO), for instance, has introduced measures such as the Energy Efficiency Design Index (EEDI) and the upcoming Carbon Intensity Indicator (CII). These regulations require vessel operators to meet certain energy efficiency targets and limit CO2 emissions. Shipbuilders can tap into this demand by specializing in the construction of ships that meet and exceed these regulatory requirements. The demand for eco-friendly ships can also be attributed to the increasing awareness of environmental issues among consumers and businesses. Stakeholders are placing a higher premium on sustainable practices and are actively seeking companies that align with their environmental values. This creates a market niche for shipbuilders who can provide vessels with lower fuel consumption, reduced emissions, and noise pollution. Such ships may include those powered by alternative fuels like liquefied natural gas (LNG), hydrogen, or even electricity.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on various industries around the world, and the shipbuilding market is no exception. With restrictions on international trade, disruptions in the global supply chain, and a decline in consumer demand, shipbuilders have faced numerous challenges. One of the immediate effects of the pandemic on the shipbuilding industry was the disruption in the global supply chain. As countries began implementing lockdowns and travel restrictions, the movement of goods and materials became severely limited. Shipbuilding heavily relies on a complex network of suppliers, many of which were located in countries hit hardest by the pandemic. This led to delays in the procurement and delivery of essential components and equipment, causing project timelines to be pushed back. Furthermore, the pandemic also resulted in a decline in global trade. With countries imposing travel bans and lockdown measures, the movement of goods and commodities slowed down significantly. This reduced demand for new ships, as companies were reluctant to invest in expanding their fleets when global trade volumes were dwindling. As a result, shipyards received fewer orders, leading to a decrease in production and revenue.
Segmentation Details:
· By type, the market is bifurcated into aboveground shipbuilding’s and underground shipbuilding’s. The aboveground shipbuilding category dominated the market in 2021.
· By material, the market is segmented into steel, concrete, polyethylene, and others. Among these, the steel segment holds the major share of the global market in 2021.
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Shipbuilding Market Geographical Segmentation Includes:
· North America (U.S., Canada, Mexico, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, and Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
· Rest of the World
The Asia Pacific region would exhibit the highest CAGR during 2022-2030 owing to the evolving oil and gas industry, scarcity of water, and favorable government policies. The Asia Pacific region is home to a number of the largest and fastest-developing and developed economies in the global, such as China, India, South Korea, and Japan. These countries are also among the most important importers of oil and gas, with China importing over 10 million barrels of oil per day and India around 5 million barrels. The demand for oil and gas has been rising due to the increasing population and speedy industrialization in the region. As a result, the demand for shipbuilding has seen robust growth over the years. Moreover, the countries in the region such as South Korea, Japan, and China especially South Korea have emerged as a global leader in shipbuilding due to their highly skilled workforce and with an efficient infrastructure to support this industry. South Korean shipbuilders, which includes Hyundai Heavy Industries, Daewoo Shipbuilding, and Samsung Heavy Industries, are recognized for their technological advancements and potential to deliver high-quality vessels. The government has also provided huge support through policies and financial incentives, further boosting the industry's growth. Additionally, countries in the Asia Pacific region, mainly China, have experienced massive growth in their domestic maritime industries. This growth is supported by factors that include coastal development projects, offshore oil exploration, and the expansion of the tourism quarter. The need for specialized vessels for offshore sports, cruise ships, and ferries has driven the demand for shipbuilding offerings in the region. China, Japan, and South Korea are major exporters of goods to various parts of the world. Consequently, there is an increased demand for containerships, which are essential for transporting cargo further creating the demand for shipbuilding.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the shipbuilding market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In July 2021, the Chinese government announced the Shanghai port expansion plan, which focuses on the enlargement of regional port operation and enhancement of the technology at the port.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the shipbuilding market?
• Which factors are influencing the shipbuilding market over the forecast period?
• What are the global challenges, threats, and risks in the shipbuilding market?
• Which factors are propelling and restraining the shipbuilding market?
• What are the demanding global regions of the shipbuilding market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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