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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 14.36 billion from 2020 to 2024, and the market’s growth momentum will accelerate at a CAGR of 2.62%.

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 shipbuilding market segmentation by application (commercial and defense) and geography (APAC, Europe, South America, and North America). The shipbuilding market report also offers information on several market vendors, including 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., and Sumitomo Heavy Industries Ltd. among others.

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

Download the Free Report Sample to Unlock the Shipbuilding Market Size for the Forecast Period and Other Important Statistics

 

Shipbuilding Market: Key Drivers, Trends, and Challenges

The increasing seaborne trading is notably driving the shipbuilding market growth, although factors such as uncertainties associated with crude oil prices 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 market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Shipbuilding Market Driver

Increasing seaborne trading is a major driver fueling the shipbuilding market growth. 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. Advances in technology are yet another factor that fuels the shipbuilding market growth. The improved fuel efficiency and multi-fuel engine have made shipping an efficient method of transportation. Therefore, shipping is one of the fuel-efficient and carbon-friendly forms of commercial transport. The demand for goods and raw materials is increasing in emerging economies owing to the increasing population of these countries. This is further bolstering the rising seaborne trading. This would increase the need to build cargo ships or containers or bulkers. 

Key Shipbuilding Market Trend

The increasing influence of robotics in shipbuilding is a major trend shaping the shipbuilding market growth. Automated technology, as well as robotic systems, are becoming as big a part of modern shipbuilding. The use of robotics is increasing in the shipbuilding industry. This is because robotics is improving efficiency, reducing errors, and it can also perform dangerous tasks such as welding, painting, and heavy lifting. Another factor increasing the use of robotics in the shipbuilding industry is the shortage of skilled labor.  ?The shipbuilding industry is significantly concentrated in countries such as Japan and South Korea. The median age is increasing in these countries. For instance, in 2020, the median age of the population in Japan was 48.40 years. The aging population in these countries poses a challenge in finding a skilled workforce. Therefore, the use of robots is gaining traction in these countries. In May 2020, Hyundai Heavy Industries completed the testing of an advanced robotic system to create an automatic shape of naval vessels. Therefore, during the forecast period, an increasing number of shipbuilding companies are estimated to use robots in the manufacturing process.

Key Shipbuilding Market Challenge

Uncertainties associated with crude oil prices are a major hindrance to the shipbuilding market growth. Crude oil prices have recorded several highs and lows in the recent past. The crude oil price cycle has not exhibited a consistent trend over the past few years. As per the data published by the Organization for Economic Co-operation and Development (OECD) in 2021, crude oil import prices witnessed fluctuations globally. For instance, in the US, the import price of crude oil was $59.2 per barrel in 2018, which declined to $56.3 per barrel in 2019; subsequently, it went up to $36.6 per barrel in 2020. Similarly, in the UK, the import price of crude oil was $72.7 per barrel in 2018, which declined to $65.6 per barrel in 2019, following which it rose to $44.6 per barrel in 2020. 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 to 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 2020-2024.

Parent Market Analysis

Technavio categorizes the global shipbuilding market as a part of the global construction machinery and heavy trucks market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the shipbuilding market during the forecast period.

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
  • 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.

 

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 growth strategies such as organic and inorganic to compete in the market.

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 chain 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 of global construction machinery and heavy trucks market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

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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83% of the market’s growth will originate from APAC during the forecast period. China, South Korea (Republic of Korea), Japan, The Philippines and Vietnam are the key markets for the shipbuilding market in APAC. Market growth in this region will be faster than the growth of the market in regions.

Increasing developments in the regional maritime transportation sector will facilitate the shipbuilding market growth in APAC over the forecast period. 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.

COVID Impact and Recovery Analysis

In 2020, China and India were the most affected countries in the region by the COVID-19 pandemic. Moreover, many APAC countries were hit by the second wave of the outbreak during Q1 and Q2 of 2021. Governments in the region imposed nationwide lockdowns in 2020, which resulted in the suspension of business activities and restricted trade activities. This led to market disruptions and adversely impacted the growth of the market in focus in the region in 2020.  

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

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The shipbuilding market share growth in 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

Details

Page number

120

Base year

2020

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 2.62%

Market growth 2020-2024

$ 14.36 billion

Market structure

Fragmented

YoY growth (%)

2.19

Regional analysis

APAC, Europe, South America, and North America

Performing market contribution

APAC at 83%

Key consumer countries

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

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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., 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 recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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

  • CAGR of the market during the forecast period 2020-2024
  • 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, and North America
  • 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

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

    • 6.1 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
      • 8.2 Market challenges
        • Exhibit 38: Impact of drivers and challenges
      • 8.3 Market trends

        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
            • Exhibit 44: BAE Systems Plc - Overview
            • Exhibit 45: BAE Systems Plc - Business segments
            • Exhibit 46: BAE Systems Plc – Key news
            • Exhibit 47: BAE Systems Plc - Key offerings
            • Exhibit 48: BAE Systems Plc - Segment focus
          • 10.4 Damen Shipyards Group NV
            • 10.5 Fincantieri Spa
              • Exhibit 53: Fincantieri Spa - Overview
              • Exhibit 54: Fincantieri Spa - Business segments
              • Exhibit 55: Fincantieri Spa – Key news
              • Exhibit 56: Fincantieri Spa - Key offerings
              • Exhibit 57: Fincantieri Spa - Segment focus
            • 10.6 General Dynamics Corp.
              • Exhibit 58: General Dynamics Corp. - Overview
              • Exhibit 59: General Dynamics Corp. - Business segments
              • Exhibit 60: General Dynamics Corp. - Key offerings
              • Exhibit 61: General Dynamics Corp. - Segment focus
            • 10.7 Huntington Ingalls Industries Inc.
              • Exhibit 62: Huntington Ingalls Industries Inc. - Overview
              • Exhibit 63: Huntington Ingalls Industries Inc. - Business segments
              • Exhibit 64: Huntington Ingalls Industries Inc. – Key news
              • Exhibit 65: Huntington Ingalls Industries Inc. - Key offerings
              • Exhibit 66: Huntington Ingalls Industries Inc. - Segment focus
            • 10.8 Hyundai Heavy Industries Co. Ltd.
              • Exhibit 67: Hyundai Heavy Industries Co. Ltd. - Overview
              • Exhibit 68: Hyundai Heavy Industries Co. Ltd. - Product and service
              • Exhibit 69: Hyundai Heavy Industries Co. Ltd. – Key news
              • Exhibit 70: Hyundai Heavy Industries Co. Ltd. - Key offerings
            • 10.9 Mitsubishi Heavy Industries Ltd.
              • Exhibit 71: Mitsubishi Heavy Industries Ltd. - Overview
              • Exhibit 72: Mitsubishi Heavy Industries Ltd. - Business segments
              • Exhibit 73: Mitsubishi Heavy Industries Ltd. – Key news
              • Exhibit 74: Mitsubishi Heavy Industries Ltd. - Key offerings
              • Exhibit 75: Mitsubishi Heavy Industries Ltd. - Segment focus
            • 10.10 Oshima Shipbuilding Co. Ltd.
              • Exhibit 76: Oshima Shipbuilding Co. Ltd. - Overview
              • Exhibit 77: Oshima Shipbuilding Co. Ltd. - Product and service
              • Exhibit 78: Oshima Shipbuilding Co. Ltd. - Key offerings
            • 10.11 Samsung Heavy Industries Co. Ltd.
              • Exhibit 79: Samsung Heavy Industries Co. Ltd. - Overview
              • Exhibit 80: Samsung Heavy Industries Co. Ltd. - Business segments
              • Exhibit 81: Samsung Heavy Industries Co. Ltd. - Key offerings
              • Exhibit 82: Samsung Heavy Industries Co. Ltd. - Segment focus
            • 10.12 Sumitomo Heavy Industries Ltd.
              • Exhibit 83: Sumitomo Heavy Industries Ltd. - Overview
              • Exhibit 84: Sumitomo Heavy Industries Ltd. - Business segments
              • Exhibit 85: Sumitomo Heavy Industries Ltd. – Key news
              • Exhibit 86: Sumitomo Heavy Industries Ltd. - Key offerings
              • Exhibit 87: Sumitomo Heavy Industries Ltd. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 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.

              TechnavioINFORMATION SOURCES

              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
              Technavio

              TechnavioDATA ANALYSIS

              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
              Technavio

              TechnavioREPORT WRITING

              Qualitative

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

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The shipbuilding market market growth will increase by $$ 14.36 bn during 2021-2024.
              The shipbuilding market market is expected to grow at a CAGR of 2.62% during 2021-2024.
              Technavio has segmented the shipbuilding market market by application (Commercial and Defense) ,geography (APAC, Europe, South America, and North America) , and geographic (APAC, Europe, South America, North America, and General medical devices).
              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 market.
              APAC will register the highest growth rate of 83% among the other regions. Therefore, the shipbuilding market 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 market growth are:
              • Increasing seaborne trading
              • Increase in demand for eco-friendly ship
              The shipbuilding market 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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