The shipbuilding industry is crucially responsible for the construction and designing of ocean going vessels across the globe. The global shipbuilding industry is currently involved in the modification and construction of ships. These construction and modification operations are carried out in shipyards with specialized facilities. The shipbuilding industry involves building ships to be used in military as well as commercial purposes across the globe. Most of the ship production in the world is witnessed in the developing Asian countries such as Japan, China, South Korea, and India but large shipyards are also present in various other countries. Shipbuilding market is considered as one of the most open, highly competitive and oldest markets in the world. Also, shipbuilding market has wide experience in surviving slumps and peaks of economy. Government support and strong political stability is of crucial importance for shipbuilding industry since the market is highly capital intensive. Some of the traditional shipbuilding companies in China, Korea, and Japan are focusing on enhancing their capabilities to provide a one stop marine solution for both off-shore and shipbuilding. During the years of the industry boom, there were huge new vessel orders across the globe. The shipbuilding companies repair and build cargo ships, barges, passenger ships, platforms and naval vessels which are used for gas and oil production and drilling.
Some of the key factors driving the global shipbuilding market include improved economic growth, global seaborne trade, increase in steel production across the globe and rising urbanization. Some of the noteworthy developments and trends in the global shipbuilding market include advanced outfitting, green shipbuilding technology, LNG fueled engines, wind and solar powered ships and ship launching airbag. However, rapid expansion of the global shipbuilding market can be influenced by environmental regulations, increased competition and financial and political instability. The weaker demand for shipbuilding was the result of rapid increase in cost of shipbuilding, and decline in bulk carrier and containership which contributed to the decline in demand. Some of the factors such as growth in shipping confidence level, seaborne trade and a rapid upsurge in the overall demand for eco-friendly ships are expected to support the growth of this industry. Apart from fact that global shipbuilding market is driven by various factors, there are several restraints such as ups and downs on the existing backlogs, volatile oil prices, delay in financial decisions, and increasing competition among shipbuilders in the commercial segment, financial and political instability, stringent environmental regulations and financial crisis.
The global shipbuilding market can be segmented on the basis of product type, end-user and geography. By product type, the global shipbuilding market can be segmented into tankers, bulkers, LPG & LNG containers and other special vessels. On the basis of end-user the global shipbuilding market can be segmented into commercial and military. By geography, the global shipbuolding market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.
Some of the players actively involved in the global shipbuilding market include Hyundai Heavy Industries, Samsung Heavy Industries,Mitsubishi Heavy Industries, Daewoo Shipbuilding and Marine Engineering among others.
Market by Product Type
· LPG & LNG containers
· other special vessels
Market by End-user
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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