Shipbuilding Market Size, Share, Growth Analysis, By Type(Vessel, Container, Passenger), By End User(Transport Companies and Military), By Region - Industry Forecast 2024-2031

Shipbuilding Market size was valued at USD 143.34 Billion in 2022 and is poised to grow from USD 147.93 Billion in 2023 to USD 190.32 Billion by 2031, growing at a CAGR of 3.20% in the forecast period (2024-2031).

The competitive landscape in the shipbuilding industry is characterized by intense competition, technological advancements, and the ability to deliver vessels on time and within budget. Shipbuilders that can offer competitive pricing, advanced technologies, efficient production processes, and strong project management capabilities are better positioned to thrive in this highly competitive market. 'Hyundai Heavy Industries (South Korea)', 'Daewoo Shipbuilding & Marine Engineering (South Korea)', 'China State Shipbuilding Corporation (China)', 'China Shipbuilding Industry Corporation (China)', 'Mitsubishi Heavy Industries (Japan)', 'Samsung Heavy Industries (South Korea)', 'COSCO Shipyard Group (China)', 'Imabari Shipbuilding (Japan)', 'Tsuneishi Shipbuilding (Japan)', 'Jiangnan Shipyard (China)', 'Hudong-Zhonghua Shipbuilding (China)', 'Hyundai Mipo Dockyard (South Korea)', 'Kawasaki Heavy Industries (Japan)', 'China Merchants Industry Holdings (China)', 'Hanjin Heavy Industries (South Korea)', 'Fincantieri S.p.A. (Italy)', 'Meyer Werft (Germany)', 'STX Offshore & Shipbuilding (South Korea)', 'Mitsui E&S Holdings (Japan)', 'Shanghai Waigaoqiao Shipbuilding (China)', 'Oshima Shipbuilding (Japan)', 'Hyundai Samho Heavy Industries (South Korea)'

The fleet of ships continually ages, requiring replacement and modernization. Ships have a lifespan, and older vessels become less efficient and costlier to maintain. Shipowners and operators often opt to invest in new ships that offer improved fuel efficiency, advanced technologies, and compliance with updated environmental regulations. The need to replace aging vessels drives the demand for new ship construction.

Military modernization programs and the replacement of aging naval fleets contribute to the shipbuilding market. Nations invest in naval vessels, submarines, aircraft carriers, and other Défense ships to strengthen their maritime capabilities and ensure national security. Naval shipbuilding contracts play a significant role in supporting the shipbuilding industry, particularly in countries with robust Défense budgets.

The region that contributes the most money to the worldwide shipbuilding industry is Asia-Pacific, and it is projected that it will expand at a CAGR of 4.93% over the next few years. A total of 12 of India's main ports handle over 61% of the country's total cargo volume, while the country has about 28 shipyards scattered throughout many states. Additionally, over 60% of the navy budget is devoted to capital expenditures, and over 70% of the capital budget for the military has been spent on domestic purchases over the past five years. According to data from China's Ministry of Industry and Information Technology (MIIT), China accounts for a sizable chunk of the market in terms of delivery orders and order books, with corresponding shares of 43.1%, 48.8%, and 44.7%.