June 21, 2022 03:00 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York,US, June 21, 2022 (GLOBE NEWSWIRE) -- Shipbuilding Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Shipbuilding Market Information by Ship Type, Process, End User, Region" - Forecast till 2030”, the Shipbuilding Market Worth USD 175.4 Billion by 2030 be achieving CAGR at a 4.5% between 2022 and 2030.
Ships are one of the most significant modes of transportation and are generally used for transporting people as well as huge amounts of goods worldwide. Ships facilitate trading activities from one point to another. The shipbuilding industry involves the manufacturing of ships covering various processes including designing ships and several floating vessels. The sector manufactures big ships, particularly seagoing vessels that are used by different sectors including trading, transporting, military and energy. It even offers products for building & maintenance purposes.
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The prominent contenders in the shipbuilding market include:
Dramatic rise in international seaborne trade paired with the surging awareness regarding maritime safety regulations should be a key growth inducer for the global market. Moreover, the rising procurement of new and modern vessels by the navy across various countries will further work in favor of the worldwide market. Technological innovations in the shipbuilding sector, including big data, drones, and predictive maintenance, along with the manufacturing of connected and autonomous ships are expected to enhance the market size in the ensuing years.
China, Japan, and South Korea are the three most significant shipbuilding nations in the world. The market size in Korea has surpassed over 40%, while in China, the share is nearly 25%; evaluates MRFR. Meanwhile, the Japanese shipbuilding market accounts for more than 15%.
Accelerated deployment of the 3D printing technology in shipbuilding is presumed to be one of the biggest trends in subsequent years. The technology helps foster the efficiency and elevate the quality of the ship component. Therefore, a rising number of players are increasingly adopting the 3D printing technology, which should facilitate substantial business growth in the years ahead.
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A few restraining factors are challenging the expansion of the shipbuilding market, including issues associated with regular maintenance, substantial costs of materials as well as operation process, and regulations with respect to environment control.
The COVID-19 pandemic has been unfavorable for the majority of the sectors worldwide, giving rise to a number of public health measures, and disrupting the supply chains of the manufacturers. The spread of the pandemic has led to a shutdown of various operational facilities across the globe.
However, the companies active in the market are trying to safeguard the wellbeing and health of their employees while backing government goals with respect to the maintenance of vital business activities in food production, healthcare, and power generation. Reduction in cash flow has been another major concern, with most of the customers falling behind on payments or unable to make purchases, while inventory is canceled owing to disrupted supply chains. On the bright side, many of the shipbuilding developers are working on strategizing operations to remain resilient during the pandemic with minimum economic losses.
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Ship types are Vessel, Cargo, Tanker, Container, Car and Passenger Ferry, Multi-Purpose Ship, and more. Cargo segment will see the fastest growth between 2020 and 2027, given the rapid increase in international seaborne trade via maritime logistics combined with the escalating number of new seaports in developing countries.
Process-wise, the major segments are Production Planning, Designing, Assembling and Launching and Outfitting, and Cutting and Processing.
Military and commercial are the top end-users. The fast-paced expansion of the worldwide maritime tourism industry, in addition to the surging number of trading activities, is bolstering the commercial segment. On the other hand, the military segment will be exhibiting healthy growth owing to the rise in global conflicts, displacement of population, and terrorist attacks, which foster naval developments.
North America is the most lucrative market for shipbuilding and benefits largely from the presence of eminent firms such as Huntington Ingalls Industries Inc. and Raytheon Technologies Corporation. The region is highly developed with a sound financial status, translating into a high purchasing power. Therefore, yachts along with various commercial and defense vessels are used extensively in the region. This raises the need for shipbuilding to a large extent. The U.S shows promising growth potential, thanks to the fast-growing demand for luxury boats, yachts, and the huge demand from the defense industry.
The APAC market will also be a prominent gainer in the years to come, as a result of the soaring demand for ships for recreational activities. The improving living standards and the rising per capital income across Japan, Australia and China induce considerable market growth in the region.
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