Shipbuilding Market Overview
The shipbuilding market was valued at USD 132.52 billion in 2021, and it is anticipated to reach USD 175.98 billion by 2027, at a CAGR of 4.84% during the forecast period (2022– 2027). The shipbuilding market is expected to grow over the forecast period due to increasing seaborne trade and economic growth, rising energy consumption, the demand for eco-friendly ships and shipping services, and the advent of robotics in shipbuilding.
Marine transport is the backbone of globalized trade and the manufacturing supply chain, as more than four-fifths of the world’s merchandise trade by volume is carried out through the marine route. The trade volume has increased, with a growth rate of almost 10% during the last decade. The relatively larger increase in the volume of imports can be explained by the increase in consumer demand in developing countries.
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Key Highlights of the Shipbuilding Market
Shipbuilding Market – Geographical Overview
China obtained over half of all shipbuilding orders in 2021, establishing it as a worldwide shipbuilding powerhouse. Ship destruction is similarly concentrated in Southeast Asia, with Bangladesh, India, and Pakistan accounting for almost 90% of worldwide ship scrapping activities. According to the data issued by Clarksons, in 2021, China surpassed South Korea in terms of yearly order volume by the compensated gross ton (CGT). Over the period, Chinese shipbuilders received orders totaling over 22.8 million CGT, accounting for nearly half of the global total of 45.7 million. South Korean builders received orders totaling 17.5 million CGT or around 38% of the total. China dominated purchases of new container ships, a market that has exploded due to an increase in consumer goods traffic.
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Recent Developments in the Shipbuilding Market
Related Research and Links
List of Key Players in the Shipbuilding Market
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Mordor Intelligence has segmented the Shipbuilding Market based on type, end-user, and geography:
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