Shipbuilding Market Size, Trends and Its Emerging Opportunities Through 2027

Posted by aartimurkute on September 7th, 2022

Globally, over 80% of trade is dependent on waterways and seaports. Ships are used to transport all types of goods in the world. With such a drastic dependence on the smooth functioning of transportation and cargo activities through ships, the global shipbuilding market is projected to be brimming with economic opportunities in the future. Maritime transport is the backbone of global supply chains, international trade, and overall globalisation and industrialisation. Accelerated demand for important resources such as crude oil, steel, and ores in developing economies is prolonging the growth curve. Furthermore, as the population and disposable incomes increase, the consumer base for several consumer products goes up. All these factors are translating into exponential growth for the global shipbuilding market.

For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/shipbuilding-market

Soaring International Supply through Sea Routes to Create Sound Business Opportunities

Globally, a large proportion of economic activities depends on cargo ships. During the forecast period, trade activities from sea routes are projected to stay high, becoming one of the leading factors behind the growth in the global shipbuilding market. Seaborne trade creates a diverse demand for ships including tankers, cargo ships, and bulk carriers. Developing economies are increasing their investments in the marine trade to bolster their export and import capabilities. Historically, seaborne trade has been under scrutiny due to environmental concerns. Market players are actively making efforts to develop sustainable and environment-friendly ships. Such market trends are projected to create favourable business outcomes for the global shipbuilding market.

Thriving Global Trade to Sustain Promising Growth Trajectory

The global shipping business is broadly bifurcated into two major sectors - shipbuilding and maritime transportation. Despite being two separate, the shipbuilding and maritime transportation sectors are significantly intertwined. This interdependence is to such an extent that depression in one sector can hamper the other sector considerably. With the flourishing global trade, the transportation segment is poised to create tremendous headways for the global shipbuilding market in the forecast period. Rapid globalisation and foreign direct investment activities across economies are also boding well for the market. The boom in the e-commerce industry is skyrocketing cargo activities across the globe. All these factors are cumulatively leading the global shipbuilding market to maturity.

Asia Pacific to Lead Global Shipbuilding Market Amidst Paced Manufacturing Activities

Robust manufacturing activities in economies such as China, Japan, and South Korea are propelling Asia Pacific to a leadership position in the shipbuilding market. Thriving import and export activities in the region are also cementing the status of global leadership. Meanwhile, Southeast Asia is a powerhouse in terms of ship destruction. Economies such as India, Bangladesh, and Pakistan are contributing to over 90% of ship scrapping activities, globally. The e-commerce industry in the region is flourishing which majorly depends on sea routes in its supply chain, consequently factoring into Asia Pacific’s fruitful shipbuilding market.

Major Market Entities

Some of the most competitive players in the global shipbuilding market include Fincantieri Group, Hyundai Heavy Industries Co., Ltd., Mitsubishi Heavy Industries, Ltd., General Dynamics Corporation, Bae Systems Plc, Sumitomo Heavy Industries, Ltd, Korea Shipbuilding & Offshore Engineering Co., Ltd., Huntington Ingalls Industries, Inc., Oshima Shipbuilding Co., Ltd., Samsung Heavy Industries Co., Ltd, and Damen Shipyards Group.

For More Information Visit: https://www.fairfieldmarketresearch.com/report/shipbuilding-market

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.