LONDON--(BUSINESS WIRE)--The global shipbuilding market is expected to grow by USD 14.36 billion as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 3%.
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The market is driven by the increase in seaborne trade. In addition, the growing number of passenger cruises is anticipated to boost the growth of the shipbuilding market.
Factors such as the increase in FDI, improved purchasing power of consumers, and the rising population in emerging economies have augmented the demand for consumer products, goods, and raw materials. In addition, rapid industrialization and liberalization of economies have increased trade volume among countries. With the adoption of fuel-efficient and multi-fuel engines, shipping has emerged as a cost-effective and carbon-friendly form of commercial transport. These factors are increasing the need for building cargo ships, containers, and bulkers, which is driving the growth of the global shipbuilding market.
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Major Five shipbuilding market Companies:
BAE Systems Plc
BAE Systems Plc operates its business through segments such as Electronic Systems, Cyber and Intelligence, Platforms and Services, Air, and Maritime. The company designs and manufactures naval ships and submarines.
Daewoo Shipbuilding & Marine Engineering Co. Ltd.
Daewoo Shipbuilding & Marine Engineering Co. Ltd. operates its business through segments such as Commercial Ships, Offshore plants and special ships, and Others. The company manufactures commercial and specialty vessels.
Damen Shipyards Group
Damen Shipyards Group operates its business through segments such as Tugs and Workboats, Offshore vessels, Ferries, and Others. The company manufactures walk to work vessels, offshore accommodation barges, and others.
Fincantieri Spa operates its business through segments such as Shipbuilding, Offshore and Specialized Vessels, and Equipment, Systems and Services. The company offers a wide range of cruise ships.
General Dynamics Corp.
General Dynamics Corp. operates its business through segments such as Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The company designs and constructs auxiliary and support ships for the US Navy and oil tankers and dry cargo carriers for commercial markets under the brand, General Dynamics NASSCO.
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Shipbuilding Market Application Outlook (Revenue, USD Billion, 2020-2024)
Shipbuilding Market Geographic Landscape Outlook (Revenue, USD Billion, 2020-2024)
- South America
- North America
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