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As the population worldwide is continuously increasing, especially in the emerging economies, the demand for efficient maritime transport (ships) with cost efficiency plays an important role in the growth and sustainable development. Ships also help to ensure the benefits of commerce and trade are more evenly spread around the globe. The ship building is the process of construction of ships and other major water-moving vessels. The ship building market utilizes the latest technologies and trends to construct new ships in the market so as to satisfy the increased demand, especially for the commercial ships. Factors such as the increase in seaborne trade and growth in the economy, and rise in energy consumption are responsible for the surge in demand for eco-friendly ships in the market, which eventually drives the growth of ship building market. However, the high capital cost required to set up the shipbuilding industry is one of the major factors hampering the growth of the market. Additionally, the COVID-19 outbreak has resulted in the delay in the development of new ships, increasing the shipbuilders' total expenditure. Hence, the decrease in production rates of ships due to the pandemic is expected to hamper the growth of the market.
Key Market Driver -
Increased production and sales of ships globally, the rise in international seaborne trade and rapid growth in use of ships in defense are expected to drive the growth of the market
Key Market Restraint -
the high capital cost required to setup the shipbuilding industry and the delay caused by covid-19 pandemic are expected to hamper the growth of the market.
The global ship building market is segmented by type, by end-user, and by region. Based on type, the market is further sub-segmented into cruise ships, cargo ships, military vessels, tugs, fishing vessels, bunker tankers, small passenger ships, small general cargo carriers. Commercial ships majorly consist of bulkers, containerships, cruise ships, tankers, and ferries. Cruise ships and containerships are expected to account for the largest market share during the forecast period. The increase of international trade through waterways and the rise of new seaports in developing countries, especially in the APAC region, are driving the growth of the global shipbuilding market. Based on end-user, the market is sub-segmented into transport and military. The transport segment is estimated to account for the largest market share during the forecast period. The rise of globalization and increased global trade is expected to drive the growth of the market. Also, due to increased safety and combat concerns, the military segment is expected to experience rapid growth during the forecast period.
Major players operating in the global ship building market include Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding, and Marine Engineering, TSUNEISHI SHIPBUILDING Co. Ltd., Mitsubishi Heavy Industry, Northstar Shipbuilding Private Limited, Imabari Shipbuilding, United Shipbuilding Corporation, and L&T India, among others.
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Geographically, the global ship building market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific held the largest share of the market in 2020. This can be attributed to the presence of primary manufacturing powerhouses in the region, such as China, Japan, and South Korea. These companies are heavily dependent on external trade carried out majorly by ships, hence increasing the demand for ships in the market. Europe is estimated to account for a considerable market share during the forecast period. The European ship building industry leads the market in constructing complex vessels, such as ferries, cruise ships, dredgers, and mega yachts. The shipbuilding industries contribute considerably to national security interests and regional industrial infrastructure. These are some of the major factors driving the growth of the market in this region. North America is expected to exhibit significant growth in the market during the forecast period. The high federal funding for defense vessels by the United States Navy and increased demand for energy vessels and other private vessels are expected to drive the growth of the market.
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