The Asia Pacific region would exhibit the highest CAGR during 2022-2030 owing to the evolving oil and gas industry, scarcity of water, and favorable government policies. The Asia Pacific region is home to a number of the largest and fastest-developing and developed economies in the global, such as China, India, South Korea, and Japan. These countries are also among the most important importers of oil and gas, with China importing over 10 million barrels of oil per day and India around 5 million barrels. The demand for oil and gas has been rising due to the increasing population and speedy industrialization in the region. As a result, the demand for shipbuilding has seen robust growth over the years. Moreover, the countries in the region such as South Korea, Japan, and China especially South Korea have emerged as a global leader in shipbuilding due to their highly skilled workforce and with an efficient infrastructure to support this industry. South Korean shipbuilders, which includes Hyundai Heavy Industries, Daewoo Shipbuilding, and Samsung Heavy Industries, are recognized for their technological advancements and potential to deliver high-quality vessels.
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The government has also provided huge support through policies and financial incentives, further boosting the industry’s growth. Additionally, countries in the Asia Pacific region, mainly China, have experienced massive growth in their domestic maritime industries. This growth is supported by factors that include coastal development projects, offshore oil exploration, and the expansion of the tourism quarter. The need for specialized vessels for offshore sports, cruise ships, and ferries has driven the demand for shipbuilding offerings in the region. China, Japan, and South Korea are major exporters of goods to various parts of the world. Consequently, there is an increased demand for containerships, which are essential for transporting cargo further creating the demand for shipbuilding.
Shipbuilding Market is expected to grow at a strong CAGR during the forecast period (2022-2030). Asia Pacific is anticipated to emerge as the fastest-growing shipbuilding market primarily owing to the growing oil & gas sector and increase inter-country trade. Furthermore, the rapid massive transformation of the automotive industry in China and India has increased the vehicle production that is being exported to other nations. Additionally, the government policies and initiatives in the region aim to promote the shipbuilding industry. This has further propelled the demand for the shipbuilding market.
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Based on type, the market is divided into container Ships, bulk carriers, oil tankers, passenger ships, and others (Naval ships, Tugboats, etc.). The container ships category has held the largest market share in the historic year and is expected to see the same trend in the forecast period. container ships are designed to transport huge quantities of goods in standardized containers. those vessels offer numerous benefits over different modes of transportation, along with trucks, trains, and planes, in terms of speed, cost, and efficiency. For example, an ordinary field ship can carry up to 20,000 containers, which is equal to about 200,000 tons of shipment. Such large capacity allows shipping businesses to gain economies of scale, reduce transportation costs, and perform more efficiently. The container shipping industry has also benefited from globalization, which has led to an increase in international trade. Moreover, another factor that has contributed to the growth of container shipping is the development of specialized ports and container terminals. These centers are designed to address huge volumes of packing containers efficiently, reducing turnaround times and increasing productivity. For instance, the Port of Shanghai in China is the world’s busiest container port, handling over forty million TEUs (twenty-foot equal devices) every year. In addition, the Port of Rotterdam in the Netherlands is Europe’s largest container port, managing over 14 million TEUs yearly.
Based on end-user, the market is bifurcated into transport, and military. The transport segment has dominated the market and is expected to dominate in the forecast period. In recent years, there has been a significant increase in demand for transport ships due to globalization and the growth of international trade. Shipping plays a significant role in the economies of many countries, facilitating the movement of goods and commodities across oceans and waterways. Furthermore, technological advancements play a great role in determining the dominance of the transport and military segments within the shipbuilding market. The development of advanced shipbuilding technology has enabled shipbuilders to assemble ships that can be faster, extra efficient, and more environmentally friendly. These technological advancements have enabled the transport segment to increase its performance and decrease its environmental impact.
Global Shipbuilding Market Segmentation
Market Insight, by Type
· Container Ships
· Bulk Carrier
· Oil Tanker
· Passenger Ships
· Others (Naval ships, Tugboats, etc.)
Market Insights, by End User
· Transport
· Military
Market Insight, by Region
· North America
o U.S.
o Canada
o Mexico
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o Japan
o India
o South Korea
o Rest of APAC
· Rest of the World
Top Company Profiles
· Hyundai Heavy Industries
· Daewoo Shipbuilding & Marine Engineering
· Samsung Heavy Industries
· China State Shipbuilding Corporation
· Mitsubishi Heavy Industries
· Sumitomo Heavy Industries
· Fincantieri S.p.A.
· Japan Marine United Corporation
· General Dynamics NASSCO
· STX Group
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