Aerospace Industry Today
Shipbuilding Market Valued at USD 155.91 Billion in 2023, Forecast to Reach USD 197.94 Billion by 2030 at a CAGR of 2.67% Forecast 2024–2030
Market Growth Overview
Shipbuilding Market was estimated at USD 155.91 billion in 2023 and is predicted to increase to USD 197.94 billion by 2030, with a CAGR of 2.67% from 2024 to 2030.
As global economies rebound, trade volumes climb, and environmental and security priorities reshape maritime policies, shipbuilders worldwide are navigating toward new opportunities.
Shipbuilding’s projected expansion reflects multiple converging forces. Rising international seaborne trade — buoyed by globalization, expanded supply chains, and increasing demand for raw materials and consumer goods — is one of the core growth engines. This heightened trade activity necessitates new cargo vessels, container ships, tankers, and multipurpose ships. MRFR’s data points to the “cargo segment” as a key driver, with cargo vessels expected to witness the highest growth during the forecast period.
At the same time, the shipbuilding industry is modernizing: shipyards are increasingly adopting advanced design, production, and outfitting processes to meet demand for faster delivery, greater efficiency, and more technologically complex vessels. This modernization — spanning traditional commercial builds to specialized and defense‑grade ships — is fueling steady capital investment and growth
Competitive Landscape
Raytheon Technologies Corporation (US), Huntington Ingalls Industries, Inc. (US), General Dynamics Corporation (US), Damen Shipyards Group (Netherlands), BAE Systems (UK), STX Offshore & Shipbuilding Co., Ltd. (South Korea), Sumitomo Heavy Industries, Ltd. (Japan), FINCANTIERI S.p.A. (Italy), China State Shipbuilding Corporation Limited (China), DSME Co., Ltd. (South Korea), China Shipbuilding Industry Corporation (China), United Shipbuilding Corporation (Russia), LARSEN & TOUBRO LIMITED (India), Northstar Shipbuilding Pvt. Ltd. (India), TSUNEISHI SHIPBUILDING Co., Ltd. (Japan).
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Market Drivers & Emerging Trends
Several core drivers and trends underpin the growth trajectory of the shipbuilding market:
- Surging Global Trade & Maritime Demand: With global trade volumes rising steadily, demand for freight transport — via container ships, tankers, and bulk carriers — has surged. This drives demand for new builds across commercial ship types.
- Rise of Eco‑Friendly & Fuel-Efficient Vessels: Environmental regulations and a growing global emphasis on sustainability have pushed builders toward LNG-powered, hybrid, or low-emission vessel designs. The shift to greener propulsion and fuel systems is beginning to reshape shipbuilding standards globally.
- Defense and Naval Demand: Geopolitical uncertainties and naval modernization efforts in multiple countries are driving demand for warships, support vessels, and specialized naval builds — offering a steady source of orders beyond commercial shipping.
- Technological Advancements & Digital Shipyards: New technologies — including automation, advanced design tools, 3D printing, digital planning, and modern outfitting processes — are streamlining ship construction, cutting lead times, improving precision, and lowering production costs — trends that support the market’s resilience and growth.
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Regional & Segment Insights
By geography and vessel type, trends are emerging that suggest where the most growth opportunities lie. According to MRFR’s segmentation, the demand for cargo vessels — ships carrying bulk goods, containers, and general freight — is expected to register the highest growth through 2030.
Meanwhile, the market segmentation by process (designing, production planning, cutting, assembling, outfitting) and end-user (commercial vs. military) shows healthy diversification. Increasingly, shipyards are not merely building standard commercial vessels — they are expanding into specialized vessels, defense builds, multipurpose ships, and retrofits, driven by demand for flexible capabilities across maritime, logistics, defense, and energy sectors.
Regions such as Asia‑Pacific — historically dominant in shipbuilding — continue to hold a strong position owing to lower labor costs, large shipyard capacities, and rising orders from global shipping and energy markets. Meanwhile, traditional shipbuilding hubs in Europe, North America, Japan, and South Korea remain significant, particularly in defense, specialized builds, and advanced technology integration.
Future Outlook
Looking ahead to 2030 and beyond, the shipbuilding market is positioned for steady, sustained growth. As global trade expands, supply chains diversify, and maritime commerce continues to rely on seaborne transport, demand for new vessels — and replacements of older fleets — remains robust. In parallel, increasing environmental regulation and a push for sustainability will encourage more orders of eco‑friendly, fuel-efficient ships.
Table of Contents
SECTION I: EXECUTIVE SUMMARY AND KEY HIGHLIGHTS
SECTION II: SCOPING, METHODOLOGY AND MARKET STRUCTURE
SECTION III: QUALITATIVE ANALYSIS
SECTION IV: QUANTITATIVE ANALYSIS
SECTION V: COMPETITIVE ANALYSIS ........
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