Shipbuilding Market Expected to Reach US$ 201.10 Billion by 2029, Driven by Growth in Cargo and Military Segments
Market Overview:
The global shipbuilding market is expected to reach US$ 201.10 billion by 2029, growing at a CAGR of 4.4% from 2023. This growth is attributed to several factors, including:
- Increased demand for cargo transportation via ships due to globalization and international trade.
- Rising trade-related agreements between countries.
- Technological advancements in marine vessel engines and automation in marine transportation.
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Report Scope:
This report provides a comprehensive analysis of the shipbuilding market, including its historical performance, market size and forecast, drivers, restraints, opportunities, and key players. It also segments the market by type (oil tankers, bulk carriers, cargo ships, container ships, passenger ships) and end user (transport, military).
Research Methodology:
The report utilizes a combination of primary and secondary research methodologies. Primary research involves interviews with industry experts, while secondary research involves analyzing data from industry publications, government reports, and company annual reports.
Segmentation:
- By Type: The cargo ship segment is expected to see the highest CAGR due to growing international seaborne trade. The tanker segment is also expected to grow steadily due to increased demand for military and cargo ships.
- By End User: The transport segment is expected to dominate the market due to the rapid growth of the maritime tourism market and commercial operations. The military segment is also expected to see significant growth due to rising global tensions.
Regional Insights:
- The APAC region is expected to remain the dominant market throughout the forecast period, driven by strong growth in China, Japan, and South Korea.
- Europe is expected to witness steady growth, with a focus on high-value vessels such as LNG carriers.
- North America is expected to see moderate growth, with a focus on shipbuilding for the military and domestic transportation.
Shipbuilding Market, Key Players are
1. Raytheon Technologies Corporation
2. Huntington Ingalls Industries, Inc.
3. General Dynamics Corporation
4. Damen Shipyards Group
5. BAE Systems
6. STX Offshore & Shipbuilding Co., Ltd.
7. Sumitomo Heavy Industries, Ltd.
8. FINCANTIERI S.p.A.
9. China State Shipbuilding Corporation Limited
10. DSME Co., Ltd.
11. China Shipbuilding Industry Corporation
12. United Shipbuilding Corporation
13. LARSEN & TOUBRO LIMITED
14. NorthStar Shipbuilding Pvt. Ltd.
15. TSUNEISHI SHIPBUILDING Co., Ltd.
This press release is intended to provide a brief overview of the key findings of the Shipbuilding Market report. The full report offers a more detailed analysis of the market, including market size forecasts, competitor profiles, and future growth opportunities.
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