Shipbuilding Market Report 2023: Modular Construction Fuels Growth

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A Business Wire news source speaks about Global Ship Building Market Report 2023: Adoption of Modular Construction Drives Growth.

The “Ship Building Market by Type, End User, and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.

The global ship building market size reached US$ 151.2 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 188.4 Billion by 2028, exhibiting a CAGR of 3.73% during 2022-2028.

Companies Mentioned

  • China Shipbuilding Trading Co. Ltd.
  • Damen Shipyards Group
  • Fincantieri S.p.A.
  • Huntington Ingalls Industries Inc.
  • JSC United Shipbuilding Corporation
  • Korea Shipbuilding & Offshore Engineering Co. Ltd.
  • Larsen & Toubro Ltd.
  • Mitsubishi Shipbuilding Co. Ltd.
  • Oshima Shipbuilding Co. Ltd.
  • Samsung Heavy Industries Co. Ltd.
  • Tsuneishi Shipbuilding Co. Ltd.
  • Yangzijiang Shipbuilding (Holdings) Ltd.

The rising international trade, increasing construction of military vessels, and adoption of modular construction approach represent some of the key factors driving the market.

Ship building refers to the process of designing and fabricating large marine vessels in a specialized facility known as a shipyard. It includes the construction of oil tankers, bulk carriers, container ships, general cargo vessels, cruise ships, ferries, tugs, and military vessels.

Shipbuilding utilizes various raw materials, such as steel, aluminum, alloys, wood, glass fibers, foam plastics, and composites. It involves multiple manufacturing steps, such as panel construction, section assembly, block building, erection, launching, pre-outfitting, painting, and slipway outfitting.

Manufactured ships undergo several phases of testing, such as hydrostatic tests, sea trials, and engine tests, to ensure hull integrity and optimum functioning of onboard equipment. Ship building is an essential and strategic manufacturing activity that helps in a country’s economic growth and caters to the demands of various industries, such as transportation, energy, defense, and fishing.

The rising international seaborne trade due to rapid globalization and economic growth is one of the primary factors driving the market growth. Ship building process is widely used to construct larger cargo ships, bulk carriers, and tankers that are utilized for transporting crude oils, petroleum products, steel, mineral ores, raw materials, vehicles, consumer electronics, fruits and vegetables, machinery, and other manufactured goods due to their enormous load-carrying capacity, cost-effectiveness, and fuel efficiency.

In addition to this, the implementation of various government initiatives by to boost maritime trade through the construction of new port facilities and the signing of free trade agreements is acting as another growth-inducing factor.

Furthermore, rapid military modernization coupled with increasing defense spending is facilitating the demand for shipbuilding to construct advanced military vessels, such as aircraft carriers, frigates, destroyers, cruisers, littoral combat ships, corvettes, fast patrol vessels, and amphibious assault ships.

Additionally, the adoption of a modular construction approach in shipbuilding that allows multiple shipyards to construct major modules of a ship, followed by final integration and testing, which in turn saves time, increases quality, and reduces costs, is positively influencing the market growth.

Moreover, the integration of augmented and virtual reality (AR/VR) technologies in shipbuilding to provide immersive training to employees and allow engineers to place digital information in a visual environment to validate design concepts is favoring the market growth. Other factors, including rising import and export activities, increasing demand for eco-friendly ships, and the introduction of robotics in shipbuilding, are anticipated to drive the market growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each segment of the global ship building market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and end user.

Type Insights:

  • Oil Tankers
  • Bulk Carriers
  • General Cargo Ships
  • Container Ships
  • Passenger Ships
  • Others

The report has provided a detailed breakup and analysis of the ship building market based on the type. This includes oil tankers, bulk carriers, general cargo ships, container ships, passenger ships, and others. According to the report, bulk carriers represented the largest segment.

End User Insights:

  • Transport Companies
  • Military

A detailed breakup and analysis of the ship building market based on the end user has also been provided in the report. This includes transport companies and military. According to the report, transport companies accounted for the largest market share.

Key Questions Answered in This Report:

  • How has the global ship building market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global ship building market?
  • What is the impact of each driver, restraint, and opportunity on the global ship building market?
  • What are the key regional markets?
  • Which countries represent the most attractive ship building market?
  • What is the breakup of the market based on the type?
  • Which is the most attractive type in the ship building market?
  • What is the breakup of the market based on the end user?
  • Which is the most attractive end user in the ship building market?
  • What is the competitive structure of the global ship building market?
  • Who are the key players/companies in the global ship building market?

For more information about this report visit https://www.researchandmarkets.com/r/pn9jh4

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Source: Business Wire