Market Overview:

The shipbuilding market manufactures a wide range of commercial and military vessels used for transportation of goods and people across waterways. Key products in the market include oil and chemical tankers, bulk carriers, container ships, general cargo ships, passenger ships and offshore support vessels. These vessels are essential for global trade and transportation of energy and raw materials worldwide.

Market Dynamics:

The shipbuilding market is expected to grow at a steady pace during the forecast period, driven by two key factors. Firstly, rising global seaborne trade volumes for energy, food, consumer goods and raw materials is boosting demand for new cargo ships and tankers from ship owners and operators. Approximately 90% of global trade is carried out through shipping by volume. Secondly, increasingly stringent environmental regulations regarding emission of greenhouse gases from ships are prompting shipbuilders to increasingly focus on developing eco-friendly designs powered by LNG fuel or with improved energy efficiency. This is expected to open up new growth opportunities in building specialized vessels compatible with cleaner fuels over the coming years.

Market key trends:
The global Shipbuilding Market Share is being driven by the surging demand for commercial vessels like container ships and dry bulk carriers for transportation of cargo internationally. With the growth in global trade, especially of consumer goods, the need for commercial ships is increasing significantly. Moreover, rising offshore exploration and production activities are fueling the demand for offshore support vessels like platform supply vessels and anchor handling tug supply vessels. The demand for oil and gas tankers is also on the rise with increasing liquefied natural gas trade. Furthermore, government initiatives to strengthen navy and coast guard fleets are supporting the construction of military ships and vessels.

SWOT Analysis
Strengths: Large established customer base; Technological advancements in design and construction; Growing contract acquisition
Weaknesses: High capital investment requirements; Vulnerable to economic cycles; Stringent environmental compliance requirements
Opportunities: Growing world seaborne trade; Rise in offshore oil and gas sector; Increasing maritime tourism and cruise industry
Threats: Trade wars and geopolitical tensions; Piracy threats in some regions; Stiff competition among existing players

Key Takeaways
The global shipbuilding market size was valued at US$ 209.07 billion in 2023 and is expected to reach US$ 290.45 billion by 2030, expanding at a CAGR of 3.9% during the forecast period. The market is primarily driven by the surging marine transportation activities and expansion of global fleets. Asia Pacific currently dominates the shipbuilding market, owing to presence of major shipbuilders like Hyundai Heavy Industries, Samsung Heavy Industries, and China State Shipbuilding Corporation in the region.

Regional analysis: Within Asia Pacific, China holds the largest market share currently on account of largest merchant fleet ownership and massive shipbuilding capacity. South Korea is another major shipbuilding nation driven by large companies like Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering along with technological prowess.

Key players: Key players operating in the shipbuilding market are Hyundai Heavy Industries (South Korea), Daewoo Shipbuilding & Marine Engineering (South Korea), China State Shipbuilding Corporation (China), Mitsubishi Heavy Industries (Japan), Samsung Heavy Industries (South Korea), Imabari Shipbuilding Co., Ltd. (Japan), Tsuneishi Group (Japan), China Shipbuilding Industry Corporation (China), General Dynamics Corporation (United States), Fincantieri S.p.A. (Italy), Meyer Werft GmbH & Co. KG (Germany), Navantia (Spain), Damen Shipyards Group (Netherlands), STX Offshore & Shipbuilding Co., Ltd. (South Korea), Kawasaki Heavy Industries (Japan).

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