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

Global 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).

Large seagoing vessels are constructed utilising steel or other materials, such as wood and composites, in the shipbuilding industry. Shipbuilding and boatbuilding both involve the production of auxiliary nautical equipment, such as sails, motors, electronics, and other fittings. In terms of compensated gross tonnage (CGT) of annual order volume, China has surpassed South Korea. The demand for cost-effective maritime transport (ships) is significant for growth and sustainable development since global population increase, particularly in emerging nations, is a constant. Additionally, ships contribute to a fairer distribution of the advantages of global trade and commerce. Over the course of the year, Chinese shipbuilders got orders for more than 22.8 million CGT, or 45.7 million CGT in total. Shipbuilding, which is frequently carried out in a location called a shipyard, is the process of making ships and other floating boats. Modern shipbuilding makes extensive use of prefabricated components. Large, multi-deck sections of the hull or superstructure are constructed, carried to the dock or slipway for assembly, and then lifted into place. The most recent shipyards pre-install machinery, pipelines, electrical cables, and other components to lessen the amount of labour needed to build or install elements deep within the hull once it has been welded together. Around 15% of the global commerce in goods is conducted within the EU, and import tonnage has constantly climbed by 5%. Currently, the European Union imports goods from 211 different non-EU trade partners on average each year, which represents a 22% rise in the value of goods valued at USD 227 billion. 75% of commodities entering Europe come by water from external partners, making shipping still the most economical method of moving goods from source to buyer.

US Shipbuilding Market is poised to grow at a sustainable CAGR for the next forecast year.