Shipbuilding Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR41384

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The shipbuilding market share is expected to increase by USD 13.24 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 2.73%.

This shipbuilding market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (commercial and defense) and geography (APAC, Europe, South America, North America, and MEA). The shipbuilding market report also offers information on several market vendors, including BAE Systems Plc, Damen Shipyards Group NV, Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Oshima Shipbuilding Co. Ltd., Samsung Heavy Industries Co. Ltd., and Sumitomo Heavy Industries Ltd. among others.

What will the Shipbuilding Market Size be During the Forecast Period?

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Shipbuilding Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing seaborne trading is notably driving the shipbuilding market growth, although factors such as may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the shipbuilding industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Shipbuilding Market Key Driver

One of the key factors driving growth in the shipbuilding market is the increasing seaborne trading. Throughout the last couple of decades, the shipping industry has recorded an increase in the total trade volume. The prominent factors propelling trade volumes include rapid industrialization and the liberalization of economies that are increasing the trade volume between two countries. The increasing economic activities, such as foreign direct investments, have heightened consumer purchasing power. This has augmented the demand for consumer products. The improved fuel efficiency and multi-fuel engine have made shipping an efficient method of transportation. The demand for goods and raw materials is increasing from emerging economies owing to the increasing population of these countries. This is further bolstering the rising seaborne trading.

Shipbuilding Market Key Trend

The increase in demand for eco-friendly ships is another major factor supporting the shipbuilding market share growth. The environmental impact of shipping includes greenhouse gas emissions as well as oil pollution. Therefore, governments and international organizations are introducing many regulations related to reducing the negative effects of ships and vessels on the environment. The rising environmental regulations should increase the demand for eco-friendly ships that adhere to the latest emission norms. The trend is expected to continue during the forecast period.

Shipbuilding Market Key Challenge

The uncertainties associated with crude oil prices will be a major factor for the shipbuilding market. Crude oil prices have recorded several highs and lows in the recent past. As per the data published by the Organization for Economic Co-operation and Development (OECD) in 2021, crude oil import prices witnessed fluctuations globally. This showcases the volatile nature of the global crude oil market. Unanticipated price fluctuations can change the course of the entire market within a short time span. Frequent fluctuations in global crude oil prices disrupt various activities in the oil and gas value chain. The rapid fall in the prices has triggered a massive withdrawal of investments, as oil companies have cut down offshore exploration and production activities. This has decreased the demand for offshore vessels as well as oil tankers. Therefore, the volatility in crude oil prices poses a challenge for the growth of the global shipbuilding market.

This shipbuilding market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Dynamics

Technavio categorizes the global shipbuilding market as a part of the global construction machinery and heavy trucks market, within the global capital goods market. The parent market covers a variety of product categories including heavy-duty trucks, heavy earthmoving equipment, compact earthmoving equipment, road construction, and compaction equipment, crushing and screening equipment, concrete equipment, civil engineering equipment, lifting equipment, and other related equipment.

Who are the Major Shipbuilding Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:


  • BAE Systems Plc
  • Damen Shipyards Group NV
  • Fincantieri Spa
  • General Dynamics Corp.
  • Huntington Ingalls Industries Inc.
  • Hyundai Heavy Industries Co. Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • Oshima Shipbuilding Co. Ltd.
  • Samsung Heavy Industries Co. Ltd.
  • Sumitomo Heavy Industries Ltd.


This statistical study of the shipbuilding market encompasses successful business strategies deployed by the key vendors. The shipbuilding market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Sumitomo Heavy Industries Ltd. - In February 2021, the company announced the launch of smartris, a drive solution for AGVs (automatic guided vehicles) and AMRs (autonomous mobile robots) that consists of three key components, namely gear, servo motor, and driver
  • Hyundai Heavy Industries Co. Ltd. - In March 2021, the company signed a memorandum of understanding (MoU) for cooperation in hydrogen and ammonia-related businesses with Saudi Aramco
  • Damen Shipyards Group NV - In July 2021, the company concluded a license agreement with US-based Conrad Industries. Conrad Shipyard LLC will construct two Damen Multi Cats 3013 for Great Lakes Dredge and Dock Corporation.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The shipbuilding market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Shipbuilding Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the shipbuilding market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Distribution and logistics
  • Marketing and sales
  • Aftermarket and service
  • Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Shipbuilding Market?

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92% of the market’s growth will originate from APAC during the forecast period. China, South Korea (Republic of Korea), The Philippines, and Japan are the key markets for shipbuilding in APAC. Market growth in this region will be faster than the growth of the market in regions.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Shipbuilding Market?

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The shipbuilding market share growth by the commercial segment will be significant during the forecast period. The increase in international trade through maritime logistics is driving the growth of the commercial shipbuilding segment. This is owing to the increase in container handling operations at marine ports, which are driving the demand for commercial ships and vessels. In addition, the emergence of new seaports in emerging economies in APAC is also driving the demand for new container vessels, thereby contributing to the growth of the segment under focus. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the shipbuilding market size and actionable market insights on post COVID-19 impact on each segment.


Shipbuilding Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 2.73%

Market growth 2021-2025

USD 13.24 billion

Market structure


YoY growth (%)


Regional analysis

APAC, Europe, South America, North America, and MEA

Performing market contribution

APAC at 92%

Key consumer countries

China, South Korea (Republic of Korea), Japan, The Philippines, and Poland

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Companies profiled

BAE Systems Plc, Damen Shipyards Group NV, Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Oshima Shipbuilding Co. Ltd., Samsung Heavy Industries Co. Ltd., and Sumitomo Heavy Industries Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Factors Covered in this Shipbuilding Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive shipbuilding market growth during the next five years
  • Precise estimation of the shipbuilding market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the shipbuilding industry across APAC, Europe, South America, North America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of shipbuilding market vendors

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1. Executive Summary                           

2. Market Landscape                             

                2.1 Market ecosystem             

                                Exhibit 01:  Parent market

                                Exhibit 02:  Market Characteristics

                2.2 Value chain analysis           

                                Exhibit 03:  Value chain analysis: Construction machinery and heavy trucks

                                2.2.1 Inputs 

                                2.2.2    Inbound logistics

                                2.2.3    Operations

                                2.2.4      Distribution and logistics

                                2.2.5    Marketing and sales

                                2.2.6      Aftermarket and Service

3. Market Sizing                       

                3.1 Market definition

                                Exhibit 04:  Offerings of vendors included in the market definition

                3.2 Market segment analysis 

                                Exhibit 05:  Market segments

                3.3 Market size 2020 

                3.4 Market outlook: Forecast for 2020 - 2025 

                                Exhibit 06:  Global - Market size and forecast 2020 - 2025 ($ billion)

                                Exhibit 07:  Global market: Year-over-year growth 2020 - 2025 (%)

4. Five Forces Analysis                          

                4.1 Five Forces Summary        

                                Exhibit 08: Five forces analysis 2020 & 2025

                4.2 Bargaining power of buyers           

                                Exhibit 09:  Bargaining power of buyers

                4.3 Bargaining power of suppliers       

                                Exhibit 10:  Bargaining power of suppliers

                4.4 Threat of new entrants    

                                Exhibit 11:  Threat of new entrants

                4.5 Threat of substitutes         

                                Exhibit 12:  Threat of substitutes

                4.6 Threat of rivalry   

                                Exhibit 13:  Threat of rivalry

                4.7 Market condition

                                Exhibit 14: Market condition - Five forces 2020

5. Market Segmentation by Application                       

                5.1      Market segments          

                                Exhibit 15:  Application - Market share 2020-2025 (%)

                5.2      Comparison by Application        

                                Exhibit 16:  Comparison by Application

                5.3      Commercial - Market size and forecast 2020-2025           

                                Exhibit 17:  Commercial - Market size and forecast 2020-2025 ($ billion)

                                Exhibit 18:  Commercial - Year-over-year growth 2020-2025 (%)

                5.4      Defense - Market size and forecast 2020-2025   

                                Exhibit 19:  Defense - Market size and forecast 2020-2025 ($ billion)

                                Exhibit 20:  Defense - Year-over-year growth 2020-2025 (%)

                5.5      Market opportunity by Application        

                                Exhibit 21:  Market opportunity by Application

6. Customer landscape                         

                                Exhibit 22:  Customer landscape

7. Geographic Landscape                     

                7.1      Geographic segmentation         

                                Exhibit 23:  Market share by geography 2020-2025 (%)

                7.2      Geographic comparison              

                                Exhibit 24:  Geographic comparison

                7.3      APAC - Market size and forecast 2020-2025        

                                Exhibit 25:  APAC - Market size and forecast 2020-2025 ($ billion)

                                Exhibit 26:  APAC - Year-over-year growth 2020-2025 (%)

                7.4    Europe - Market size and forecast 2020-2025       

                                Exhibit 27:  Europe - Market size and forecast 2020-2025 ($ billion)

                                Exhibit 28:  Europe - Year-over-year growth 2020-2025 (%)

                7.5    South America - Market size and forecast 2020-2025        

                                Exhibit 29:  South America - Market size and forecast 2020-2025 ($ billion)

                                Exhibit 30:  South America - Year-over-year growth 2020-2025 (%)

                7.6    North America - Market size and forecast 2020-2025        

                                Exhibit 31:  North America - Market size and forecast 2020-2025 ($ billion)

                                Exhibit 32:  North America - Year-over-year growth 2020-2025 (%)

                7.7    MEA - Market size and forecast 2020-2025            

                                Exhibit 33:  MEA - Market size and forecast 2020-2025 ($ billion)

                                Exhibit 34:  MEA - Year-over-year growth 2020-2025 (%)

                7.8    Key leading countries     

                                Exhibit 35:  Key leading countries

                7.9     Market opportunity by geography           

                                Exhibit 36:  Market opportunity by geography ($ billion)

8. Drivers, Challenges, and Trends                   

                8.1      Market drivers

                                8.1.1    Increasing seaborne trading

                                8.1.2    Rising energy consumption

                                8.1.3    Growth of shipping industry

                8.2      Market challenges        

                                8.2.1    Fluctuating raw material prices

                                Exhibit 37:  Steel price (USD per metric ton)

                                8.2.2    Uncertainties associated with crude oil prices

                                8.2.3    Oversupply of ships

                                Exhibit 38:  Impact of drivers and challenges

                8.3      Market trends

                                8.3.1    Increase in demand for eco-friendly ship

                                8.3.2    Increasing Trade activities globally

                                8.3.3    Robotics in shipbuilding

9.     Vendor Landscape                          

                9.1     Vendor landscape           

                                Exhibit 39:  Vendor landscape

                9.2      Landscape disruption   

                                Exhibit 40:  Landscape disruption

                                Exhibit 41:  Industry risks

                9.3     Competitive scenario    

10.  Vendor Analysis                              

                10.1      Vendors covered        

                                Exhibit 42:  Vendors covered

                10.2      Market positioning of vendors              

                                Exhibit 43:  Market positioning of vendors

                10.3      BAE Systems Plc          


                                Business segments

                                Key news

                                Key offerings

                                Segment focus

                10.4      Damen Shipyards Group NV   


                                Product and Service

                                Key news

                                Key offerings

                10.5      Fincantieri Spa             


                                Business segments

                                Key news

                                Key offerings

                                Segment focus

                10.6     General Dynamics Corp.            


                                Business segments

                                Key offerings

                                Segment focus

                10.7      Huntington Ingalls Industries Inc.         


                                Business segments

                                Key news

                                Key offerings

                                Segment focus

                10.8      Hyundai Heavy Industries Co. Ltd.        


                                Product and Service

                                Key news

                                Key offerings

                10.9      Mitsubishi Heavy Industries Ltd.           


                                Business segments

                                Key news

                                Key offerings

                                Segment focus

                10.10      Oshima Shipbuilding Co. Ltd.


                                Product and Service

                                Key offerings

                10.11      Samsung Heavy Industries Co. Ltd.    


                                Business segments

                                Key offerings

                                Segment focus

                10.12      Sumitomo Heavy Industries Ltd.         


                                Business segments

                                Key news

                                Key offerings

                                Segment focus

11. Appendix                            

                11.1 Scope of the report         

                                11.1.1 Market Definition

                                11.1.2 ????Objectives

                                11.1.3 ????Notes and caveats

                11.2 Currency conversion rates for US$            

                                Exhibit 88: ?Currency conversion rates for US$?

                11.3 Research Methodology 

                                Exhibit 89: ?Research Methodology

                                Exhibit 90: ??Validation techniques employed for market sizing?

                                Exhibit 91: ??Information sources

                11.4 List of abbreviations        

                                Exhibit 92: List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.


Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases


Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts



  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The shipbuilding market growth will increase by $14.36 billion during 2019-2024.
The shipbuilding market is expected to grow at a CAGR of 2.62% during 2019-2024.
Technavio has segmented the shipbuilding market by application (Commercial, Defense, Orthopedics, Cardiovascular, Medical Imagin, In-vitro diagnostics (IVDs), and General medical devices) and distribution channel (Offline and Online).
BAE Systems Plc, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Damen Shipyards Group, Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Hyundai Heavy Industries Holdings Co. Ltd., Oshima Shipbuilding Co. Ltd., Samsung Heavy Industries Co. Ltd., Sumitomo Heavy Industries Ltd. are a few of the key vendors in the shipbuilding market.
APAC will register the highest growth rate of 82.60% among the other regions. Therefore, the shipbuilding market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • South Korea (Republic of Korea)
  • Japan
  • The Philippines
  • Vietnam
  • Germany
The key factors driving the shipbuilding market growth are:
  • Increasing seaborne trading
  • Technological advances in allergy diagnostics
The shipbuilding market vendors should focus on grabbing business opportunities from the commercial segment as it accounted for the largest market share in the base year.
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