Latest News- Shipbuilding Market: Commercial is expected to lead the Application segment during 2025-2029

The Shipbuilding Market is being driven by Increasing seaborne trading

The Shipbuilding Market is expected to grow at a CAGR of 4.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 26.1 billion. In the shipping industry, there is growing concern over the environmental impact of vessels, specifically in relation to greenhouse gas emissions and oil pollution. To mitigate these issues, governments and international organizations are implementing regulations. For instance, the Ballast Water Treatment Convention (BWTC) aims to prevent the transfer of harmful aquatic organisms between regions, primarily through ships' discharge of ballast water and sediments. The International Maritime Organization (IMO) has set a deadline of 8 September 2024 for vessels operating beyond domestic waters to install Ballast Water Management Systems. Furthermore, during the 72nd session on 13 April 2018, the Marine Environment Protection Committee adopted the initial IMO strategy to reduce greenhouse gas emissions from ships. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Commercial
  • Defense
• Type
  • Oil tankers
  • Bulk carriers
  • Cargo ships
  • Others
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • Europe
    • UK
    • France
  • South America
    • Brazil
  • North America
    • US
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing seaborne trading
• Rising energy consumption
• Growth of shipping industry

However, the market also witnesses some limitations, which are as follows:

• Fluctuations in raw material prices
• Uncertainties associated with crude oil prices
• Oversupply of ships

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Market Scope in Shipbuilding Market Research Report

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Research Analysis Overview

The shipbuilding market encompasses the manufacturing process of designing and constructing floating vessels for trading activities, including maintenance purposes. Technical improvements and upgradations are crucial for staying competitive in this industry. Important factors driving growth include international seaborne trade, industrialization, and fuel efficiency. Multi-fuel engines and shipping companies' fleet deployment are key trends. Overcapacity is a challenge, with various vessel types like container ships, LNG carriers, and specialized carriers impacted by aging oil tankers and commodity ship types. Trade-related agreements also influence the market dynamics.

Market Research Overview

The global shipbuilding market encompasses a complex value chain, consisting of various stages such as designing, manufacturing, trading activities, and maintenance. In the manufacturing process, key inputs include skilled labor, raw materials, and advanced technology for constructing floating vessels. Designing involves the creation of technical plans and specifications for the construction of new ships. Trading activities include the buying and selling of vessels, either new or used, for various purposes, such as transportation of goods and passengers. Maintenance is crucial for ensuring the longevity and efficiency of vessels, and includes routine checks, repairs, and upgrades. Technical improvement and upgradation are ongoing priorities in the shipbuilding industry, driven by advancements in technology and evolving customer demands.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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