The rapidly rising worldwide cruise travel and growing use of 3D printing in shipbuilding has significantly contributed to the expansion of the shipbuilding market. High competition owing to the presence of several players in the market has led shipbuilding providers to focus on innovation. Furthermore, the increasing collaborations between prominent shipbuilding companies and technology companies are also expected to drive the growth of the market.
For example, in December 2019, a European shipbuilder, Navantia, collaborated with Siemens as its technological partner to digitalize the company’s shipbuilding process.
Furthermore, the rising territorial disputes in regions such as Asia-Pacific are encouraging the governments of countries such as China and India to develop advanced naval vessels. Additionally, the increasing development of new ports across the world owing to the rising oil and gas exploration activities and rising marine tourism are also expected to drive the growth of the market during the review period.
However, issues related to regular maintenance and cleaning and high materials and operations cost might hamper the growth of the market.
Technological advancements in the global shipbuilding industry, such as predictive maintenance, big data, and drones, and the development of autonomous and connected ships are expected to drive the growth of the market.
Growth Opportunities in the Market
Cargo segment to register the highest growth rate: The cargo segment is expected to register the highest CAGR during the study period, 2020 to 2026. Increasing international seaborne trade through maritime logistics and the emergence of new seaports in emerging economies is driving the demand for new cargo vessels, thereby driving the growth of the segment.
Commercial segment is expected to be the fastest growing: By end user, the commercial segment is expected to grow at a higher CAGR during the forecast period. This segment is growing at a higher rate due to increased global demand for passenger ships, cruises, yachts, transportation ships, fishing vessels, and others to manage the growing seaborne activities across the world.
- Raytheon Technologies Corporation (US)
- Huntington Ingalls Industries, Inc. (US)
- General Dynamics Corporation (US)
- Damen Shipyards Group (Netherlands)
- BAE Systems (UK)
- STX Offshore & Shipbuilding Co., Ltd. (South Korea)
- Sumitomo Heavy Industries, Ltd. (Japan)
- FINCANTIERI S.p.A. (Italy)
- China State Shipbuilding Corporation Limited (China)
- DSME Co., Ltd. (South Korea)
Other Prominent Players
- China Shipbuilding Industry Corporation (China)
- United Shipbuilding Corporation (Russia)
- LARSEN & TOUBRO LIMITED (India)
- Northstar Shipbuilding Pvt. Ltd. (India)
- TSUNEISHI SHIPBUILDING Co., Ltd. (Japan)
- Shanghai Waigaoqiao Shipbuilding Co., Ltd. (China)
- Samsung Heavy Industries Co., Ltd. (South Korea)
- Oshima Shipbuilding Co., Ltd. (Japan)
- MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
- MEYER WERFT GmbH & Co. KG (Germany)
- Imabari shipbuilding Co., Ltd. (Japan)
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Hanjin Heavy Industries & Construction Co., LTD. (South Korea)
- Navantia (Spain)
- MV WERFTEN Wismar GmbH (Germany)
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