According to a recent report published by Allied Market Research, titled, “Shipbuilding Market by Type and End use: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global shipbuilding market was valued at $142.52 billion in 2020, and is projected to reach $195.48 billion by 2030, registering a CAGR of 3.2%. Asia-Pacific was the highest revenue contributor, accounting for $120.09 billion in 2020, and is estimated to reach $159.35 million by 2030, with a CAGR of 2.9%
Presently, the global shipbuilding industry is dominated by Asia-Pacific followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain its dominance in the global market particularly by China, South Korea, and Japan, owing to few distinct advantages; such as cheaper wages, strong government backing, and strong forward & backward linkage industries. Shipbuilding is considered to be one of the most strategic, oldest, most open and highly competitive markets in the world. Although, the shipbuilding industry has vast experiences in surviving during peaks and slumps of economy, the current global economic and political crisis has hit the shipbuilding industry more severely. As shipbuilding is a highly capital-intensive industry, strong government support and political stability is prerequisite to survive this industry. The shipbuilding industry is accountable for design and construction of oceangoing vessels all around the globe.
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The key factors driving growth of the global shipbuilding market include GDP growth, improved economic growth, global seaborne trade, increase in demand for cargo transportation through ships and rise in trade-related agreements, technological advancements in marine vessel engines and trend of automation in marine transportation. However, fluctuations in transportation and inventory costs, coupled with environmental concerns associated with marine vessels are some noteworthy trends that could hamper growth of the market.
The COVID-19 pandemic outbreak has caused widespread economic downturn as several countries imposed strict lockdowns to contain the infection. This has affected diverse industries; manufacturing is one of the severely impacted sectors. There has been significant impact on supply chains globally. Manufacturing companies have faced huge losses during the first & second quarter of 2020, owing to disrupted supply chains and production schedules. Rapid spread of COVID-19 in the U.S., Europe, and Asian economies resulted in nationwide lockdowns and a temporary halt of production facilities to prevent further spread. Shipbuilding industry has witnessed decline in the pandemic, owing to disturbances in the supply chain. COVID-19 had a negative impact on the shipbuilding market and has affected the shipbuilding business in several countries. The shipbuilding market is currently hampered due to impact of virus on labor force. This has disrupted production and caused delays in the delivery of ships to buyers. Moreover, the delays in the delivery of ships are resulting in extra expenditures for shipbuilders. For instance, in 2020, In Mississippi, the delay in manufacturing of Virginia class submarines has been observed due to COVID-19 at Newport News shipbuilding.
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Key Findings Of The Study
- By Type, the bulk carrier segment is expected to register significant growth during the forecast period.
- By end use, transport segment is projected to lead the global market in terms of market share by the end of the forecast period.
- By region, Asia-Pacific dominated the global Shipbuilding market in 2020 in terms of market share.
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