2024 Ship Building Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Ship Building Market Between 2024-2033?
The size of the shipbuilding industry has experienced significant expansion lately. The sector, which stood at $207.15 billion in 2023, is projected to escalate to $220.52 billion in 2024, signifying a compound annual growth rate (CAGR) of 6.5%. This substantial growth in the past era can be traced back to the economic development in budding markets, a rise in demand for cruise vessels, an upsurge in marine trade, and advantageous governmental policies.
The shipbuilding industry is slated for significant expansion in the coming years, potentially reaching a worth of $279.58 billion in 2028, growing at a compound annual rate of 6.1%. The anticipated growth is largely driven by an escalating demand in e-commerce, increased tourism, and population growth. Another element contributing to this growth encompasses major trends such as incorporating artificial intelligence, deploying green shipbuilding technologies, increasing usage of LNG-fueled engines, incorporating robotics, the application of digital twin technology, and an increase in solar and wind-powered ships. There is also an increase in partnerships, collaborations, and investments.
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What Are the Major Factors Contributing to the ship building Market Expansion?
The escalation in seaborne trade is projected to be a significant factor in enhancing the shipbuilding market’s growth. Factors such as a growing population, higher purchasing power amongst consumers, and improved living standards are intensifying the need for consumer goods, subsequently leading to increased production and heightened industrialization. For example, according to the 2021 data from Hellenic Shipping News, there was a 5.1% y-o-y growth in global seaborne coal trade in the first ten months of 2021, which equaled 984.7 million tonnes, up from 936.7 million tonnes during the same period in 2020. The growing necessity for economical and efficient transport solutions for goods movement is facilitating the production of more advanced and environment-friendly ships. Alliance Experts reinforce that maritime transport enables a larger volume of goods to be shipped cost-effectively compared to road, rail, or air transport. This development is anticipated to boost the shipbuilding market’s demand.
Which Key Segments Shape the Ship Building Market?
1) By Product: Bulkers, Tankers, Containers, Cruise And Ferry, Other Products
2) By Application: Passenger Transportation, Goods Transportation
3) By End-User: Logistics Companies, Cruise Operators, Other End-Users
What Are the Transformative Trends Influencing the Ship Building Market?
The increased application of 3D printing technology within the shipbuilding industry embodies a major trend that is being witnessed in the market lately. Various sectors related to manufacturing and engineering have embraced 3D printing — an alternate name for additive manufacturing — including shipbuilding. To fortify their production potentialities, companies functioning in this market are partnering with industry fellowmen to integrate advanced technologies like 3D printing. In one such instance from 2021, Huntington Ingalls Industries, a part of the military shipbuilding sector, and 3D Systems, a notable US 3D printer OEM, have joined hands to invent new anti-rust metal powders for maritime 3D printing needs. Collaborating with the Newport News Shipbuilding division of Huntington Ingalls Industries, 3D Systems is breaking new ground by creating custom Copper-Nickel and Nickel-Copper alloys to produce sturdy, heat-resistant components.
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What Regions Are Leading the Growth Trajectory of the Ship Building Market?
Asia-Pacific was the largest region in the shipbuilding market in 2023. Western Europe was the second largest market in global shipbuilding market share. The regions covered in the ship building market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Ship Building Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the ship building market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Ship Building Market Include
1. Ship Building Market Executive Summary
2. Ship Building Market Segments
3. Ship Building Market Size And Template Market Growth Rate
4. Key Ship Building Market Trends
5. Major Ship Building Market Drivers
……
25. Key Mergers And Acquisitions In The Ship Building Market
26. Top Ship Building Companies
27. Ship Building Market Opportunities And Strategies
28. Ship Building Market, Conclusions And Recommendations
29. Appendix
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