General Cargo Vessels to Surpass at 6.1% CAGR
Allied Market Research recently published a report titled, “Shipbuilding Market by Type (Oil Carriers, Bulk Carriers, General Cargo Carriers, Container Ships, Passenger Ships, and Others) and End-Use (Transportation and Military): Global Opportunities Analysis and Forecast of industry, 2021-2030”. According to the report, the global shipbuilding industry was estimated at $142.52 billion in 2020 and is expected to reach $195.48 billion by 2030, growing at a 2021 CAGR of 3.2%. to 2030.
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Drivers, constraints and opportunities
Rising demand for transportation of goods by ship, technological development of marine vessel engines, and gradual increase in international maritime trade have boosted the growth of the global shipbuilding market. However, environmental concerns regarding vessels and fluctuating transportation and inventory costs are hampering the growth of the market. On the contrary, the rise of maritime safety standards and the trend towards automation of maritime transport are expected to open up new opportunities in the future.
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The Covid-19 pandemic and prolonged lockdown in several countries have hampered the manufacturing sector. Shipbuilding companies suffered heavy losses in the first and second quarters of 2020, due to disrupted supply chains and production schedules.
The pandemic has caused disruptions to shipyard operations, such as the development of new buildings and repair and conversion projects.
The bulk carrier segment dominates the market
By type, the bulk carrier segment held the largest share in 2020, accounting for more than a third of the market. However, the general cargo vessel segment is expected to register the highest CAGR of 6.1% during the forecast period.
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Military Segment to Show Highest CAGR through 2030
By end use, the military segment would exhibit the highest CAGR of 7.1% from 2021 to 2030, due to increased investment and tilt towards the maritime defense sector. However, the transportation segment held the largest share in 2020, contributing more than 90% of the market, owing to the increase in trade activities between different countries.
Asia-Pacific, followed by Europe and North America, held the largest share
By region, the Asia-Pacific market, followed by Europe and North America, held the lion’s share in 2020, accounting for more than four-fifths of the market, driven by cheaper wages, growth in maritime trade and strong government support. However, the market across Europe would exhibit the highest CAGR of 5.4% from 2021 to 2030.
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Main market players
BAE Systems API
Damen Shipyards Group
Huntington Ingalls Industries
General Dynamics Company
Mitsubishi Heavy Industries
Korea Shipbuilding and Offshore Engineering
Samsung Heavy Industries
Oshima shipbuilding co. ltd
Sumitomo Heavy Industries.
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