INDUSTRY REPORT
“ The shipbuilding market is expected to reach US $ 184.5 billion by 2029 , growing at a CAGR of 4.84 % from 2024-2029 .”
INDUSTRY REPORT
MAKING WAVES
Ferry ( image : Fincantieri Group ).
The maritime industry plays a crucial role in global trade by enabling the movement of goods , people and resources across vast oceans and waterways . Maritime industries include both shipbuilding and recreational craft . The recreational craft sector refers to boats with a hull length of 2.5-24m intended for leisure or sport .
The shipbuilding sector includes larger vessels such as commercial or military vessels . It also includes products and services for the building , conversion and maintenance of these ships ( both seagoing and inland ). The marine industry includes shipbuilding , repair and offshore yards , as well as component and turnkey suppliers in the marine technological industry . In addition , the marine industry includes consultants and ship design companies , as well as system and equipment suppliers .
These are key industries for manufacturers and have developed their own specialised international supply chains . In this article , we analyse trends , growth patterns and drivers in global shipbuilding and marine markets for manufacturers .
Shipbuilding in focus
We analyse trends , growth patterns and drivers in global shipbuilding and marine markets for manufacturers .
Damen Shipyards Group and shipping group , CMA CGM , are beginning a cooperation that will ultimately result in around ten of the latter ’ s vessels receiving significant modifications this year .
According to analyst Mordor Intelligence , the market size of the shipbuilding industry is expected to expand due to factors such as increasing seaborne trade and economic growth , rising energy consumption , the demand for eco-friendly ships and shipping services ; and the introduction of robotics in shipbuilding .
It estimates the size of the shipbuilding market as US $ 145.67 billion in 2024 and expects it to reach US $ 184.5 billion by 2029 , growing at a CAGR of 4.84 % from 2024-2029 .
“ Despite facing challenges , key players within the market are striving for growth , with support from governmental initiatives in certain regions . Recent trends indicate a shift towards the adoption of 3D printing technologies to enhance manufacturing capacities . The East Asian region , particularly China , Japan and South Korea , dominates the market with a significant concentration of shipbuilding activities . Conversely , Southeast Asia leads in ship scrapping activities ,” said the analyst .
The shipbuilding industry assembles hundreds of types of equipment and materials . The proportion of equipment and materials in the total cost of shipbuilding varies depending on the type and size of a ship , but reportedly ranges between 55 and 60 per cent .
22 | ismr . net | ISMR June 2024