Shipbuilding Market to Perceive Substantial Growth During 2026 by omkartmr · January 28 Jeff Petry Jersey Youth , 2019
The shipbuilding industry primarily includes design and construction of oceangoing vessels across the globe. Ships are custom made. Shipbuilding involves construction and modification of ships and these operations are carried out in facilities known as shipyards. Commercial ships or vessels can be broadly classified into tankers, bulkers, LNG carriers, LPG carriers, containers, and others. It takes two to five years to manufacture a ship.
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Shipbuilding Market: Drivers & Restraints
Increase in popularity of cruises is a major factor driving the shipbuilding market. Moreover, high demand for cargo ships due to the rise in trade-related agreements between countries also fuels the shipbuilding market. Seaborne trade continues to increase internationally Phillip Danault Jersey Youth , as shipping is pivotal for the global economy. International trade, bulk transport of raw materials, and import and export of food and manufactured goods are essential for any economy. The international shipping industry is responsible for carrying out around 90% of world trade. According to the United Nations Conference on Trade and Development (UNCTAD), merchant ship operations contribute to approximately US$ 380 Bn in freight rates within the global economy, which is equivalent to nearly 5% of the total world trade. Rise in seaborne trade has increased opportunities in the global shipbuilding market. However, high capital investment is likely to hamper the market.
Shipbuilding Market: Key Segments
The global shipbuilding market can be segmented based on type, capacity Max Domi Jersey Youth , end-user, and region. In terms of type, the shipbuilding market can be segregated into passenger ships, cargo ships, tankers, naval ships, and others. The cargo ships segment is projected to expand at a substantial CAGR during the forecast period due to the rise in import and export activities between countries. The passenger ships segment is anticipated to expand at a significant pace during the forecast period.
Based on capacity Jonathan Drouin Jersey Youth , the shipbuilding market can be bifurcated into up to 100,000 DWT and above 100,000 DWT. Most of the passenger ships such as cruise have capacity of more than 100,000 DWT. In terms of end-user, the shipbuilding market can be divided into defense, Third-party logistics (3PL), tourism companies Carey Price Jersey Youth , and others.
Shipbuilding Market: Regional Outlook
Based on region, the global shipbuilding market can be categorized into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to account for a leading share of the shipbuilding market. The shipbuilding market in the region is anticipated to expand at a considerable pace during the forecast period. Most of the global ship production is concentrated in countries such as China, Japan Shea Weber Jersey Youth , and South Korea in Asia. China was maintained its position as the world鈥檚 leading shipbuilder in 2017, with 36.4m DWT of new building orders. In 2017, its total tonnage output is 38.3m DWT. South Korea the world鈥檚 second largest shipbuilder in 2017, with new building orders of 35m DWT. Its total tonnage output is 30.8m DWT in 2017. The shipbuilding market in North America and Europe is projected to expand at significant pace during the forecast period due to growing popularity of cruises. The Caribbean, the Mediterranean, and Northern Europe are pointing out as the main cruise destinations.
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Shipbuilding Market: Key Players
Key companies operating in the shipbuilding market include FINCANTIERI S.p.A., Hyundai Heavy Industries (HHI) Tomas Tatar Jersey Womens , Samsung HI (SHI), STX Offshore & Shipbuilding (STX), Sungdong Shipbuilding & Marine Engineering, The United Shipbuilding Corporation, Horizon Shipbuilding, Inc., Fujian Shipbuilding Artturi Lehkonen Jersey Womens , Mitsubishi Shipbuilding Co., Ltd., and Daewoo Shipbuilding and Marine Engineering (DSME).
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