Rockville, MD , Jan. 09, 2025 (GLOBE NEWSWIRE) — As stated in the recently published report by Fact.MR, a market research and competitive intelligence provider, the global Ship & Boat Building Market is analyzed to reach US$ 183.69 billion in 2024. The market is further forecasted to advance at a CAGR of 11.1% between 2024 and 2034.
The shipbuilding industry is experiencing unprecedented growth as multiple maritime sectors witness rising demand for new vessels. The post-pandemic recovery of global trade has sparked a surge in orders for container ships, while the energy sector’s transformation is driving demand for specialized vessels supporting offshore wind farms and LNG transportation.
Cruise lines are aggressively renovating their fleets and commissioning new ships as tourism rebounds. Meanwhile, naval defense spending worldwide has increased, leading to more military vessel contracts. The fishing industry is modernizing its fleets to meet sustainable fishing requirements and improve efficiency.
Shipyards across Asia, particularly in China, South Korea, and Japan, are reporting full order books extending into 2026. European shipbuilders are also seeing increased demand for specialized vessels and luxury yachts. This boom has created substantial job opportunities and is driving technological innovation in shipbuilding, particularly in areas of automation and environmental sustainability. This industry growth reflects the vital role maritime transport plays in global commerce and several economic sectors.
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Key Takeaways from Market Study:
- The global ship & boat building market is forecasted to attain a valuation of US$ 527.61 billion by the end of 2034.
- The market in South Korea is analyzed to expand at a CAGR of 12.9% from 2024 to 2034.
- The East Asian market is projected to reach US$ 446.42 billion by 2034-end.
- The market in Mexico is analyzed to advance at a CAGR of 5.6% in the North American region by 2034.
- Based on the products and services, bulk carrier sales are projected to rise at a CAGR of 10.3% from 2024 to 2034.
- The Oceania market is forecasted to expand at a CAGR of 7.2% through 2034.
“International cooperation through shared marine time helping businesses to boom leading to rising sales for ship manufacturers,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Ship & Boat Building Market:
Mitsubishi Heavy Industries Ltd; Hyundai Heavy Industries Co. Ltd; China State Shipbuilding Corporation; Daewoo Shipbuilding & Marine Engineering Co. Ltd.; Samsung Heavy Industries; Sumitomo Heavy Industries; Hanjin Heavy Industries and Construction Co.; Yangzijiang Shipbuilding Ltd; United Shipbuilding Corporation; STX Group.
Manufacturers Introducing Plethora of Facilities and Features Making the Business Escalate Quickly:
Autonomous navigation systems, powered by AI and advanced sensors, are enhancing safety and efficiency while reducing crew requirements. Smart cargo management systems using IoT sensors now enable real-time tracking and monitoring of container conditions, significantly improving logistics management.
For passenger vessels, digital twins create virtual replicas of ships, enabling predictive maintenance and optimizing operations. New propulsion systems, including hybrid and hydrogen fuel cells, are reducing environmental impact while cutting operational costs. Advanced stabilization systems are making journeys smoother, while dynamic positioning systems allow precise maneuvering in challenging conditions.
Vessels now feature improved connectivity through satellite internet and 5G networks, enabling better crew communication and passenger experience. Smart ballast water management systems help prevent marine ecosystem disruption. Moreover, automated mooring systems are speeding up port operations, while advanced weather routing systems optimize fuel efficiency and journey times by selecting the most efficient routes.
Ship & Boat Building Industry News:
- China Merchants Energy Shipping has ordered several newcastlemax bulk ships from New Times Shipbuilding for June 2024. The Hong Kong-based company has commissioned the Jiangsu shipyard to build eight new structures with a total capacity of 210,000 dwt for conventional marine fuel. The facilities are planned to be completed in 2028.
- In June 2024, Damen Shipyards inked a deal with the Portland Harbour Authority (PHA) in the United Kingdom to supply one of its newest tugs, Damen ASD Tug 2111. The extraordinarily nimble and 21-meter-long ASD Tug 2111 can pull 50 tonnes of bollards.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the ship & boat building market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (bulk carriers, dry cargo ships, tankers, others), and major market (commodity carriers, containers & other cargo lines, passenger companies), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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