INDUSTRY REPORT
“ Decarbonisation; digitalisation; robotics; modular construction and smart / autonomous vessels are some of the key trends characterising global shipbuilding markets.”
Above: Cruise ship Royal Caribbean Icon of the Seas. Inset: A 13,000 TEU-class container ship built by HD Hyundai Heavy Industries and delivered in 2024.
Shipbuilding is an essential and strategic manufacturing activity that helps a country’ s economic growth and caters to the demands of various industries
INDUSTRY REPORT
FUTURE FLEET HORIZONS
We chart the evolution and future of global shipbuilding and outline global market trends, opportunities and challenges.
Shipbuilding refers to the manufacturing of large commercial and military vessels( typically made of steel), whereas boatbuilding focuses on smaller craft( under 50 metres in length) used for leisure or small-scale commercial activities. Shipbuilding is the process of designing and fabricating large marine vessels in a shipyard. It includes the construction of oil tankers; bulk carriers; container ships; general cargo vessels; cruise ships; ferries; tugs and military vessels. Maritime transport remains a critical backbone of global supply chains.
According to analyst, Research and Markets. com, the global shipbuilding market size reached US $ 161.6 billion in 2024. It projects the market to reach US $ 210.6 billion by 2033, exhibiting a growth rate( CAGR) of 3 % from 2025-2033. Rising international trade, the increasing construction of military vessels and the adoption of a modular construction approach are some of the key factors driving the market.
“ Shipbuilding utilises various raw materials such as steel; aluminium; alloys; wood; glass fibres; foam plastics and composites. It involves multiple manufacturing steps( such as panel construction; section assembly; block building; erection; launching; pre-outfitting; painting and slipway outfitting). Manufactured ships undergo several phases of testing( such as hydrostatic tests, sea trials and engine tests) to ensure hull integrity and optimum functioning of onboard equipment. Shipbuilding is an essential and strategic manufacturing activity that helps a country’ s economic growth and caters to the demands of various industries( such as transportation, energy, defence and fishing),” outlined the analyst.
16 | ismr. net | ISMR June 2026