Shipbuilding Market Connected with Global Trend of Expanding Ocean Economy

 
Shipbuilding Market


Market Overview:

The shipbuilding market consists of companies engaged in shipbuilding and repairing activities. Shipbuilding involves the construction of ships and floating vessels at specialized shipyards. Ships and floating vessels produced through shipbuilding are used for purposes such as cargo transportation, cruising, naval purposes, research, and offshore oil and gas exploration. Demand for ships from the cargo transportation and cruise industries is driving the need for frequent new ship orders and repair of existing ships, benefitting shipbuilding companies.

Market key trends:
One of the key trends in the shipbuilding market is the global trend of expanding ocean economy. Many nations are focusing on developing ocean industries such as coastal tourism, marine biotechnology, seabed mining, ocean renewable energy and more. This is generating demand for specialized marine vessels and offshore structures. Additionally, global trade is growing significantly and most cargo transportation happens through sea routes. Growing international trade volumes are increasing the demand for cargo ships and tankers. Another major trend is increasing repair and maintenance activities of the existing fleet of ships. With ships plying global routes for longer periods of time, there is a rising need for periodic repair, maintenance and retrofitting services. This is benefiting ship repair divisions of major shipbuilding companies.

Porter's Analysis

Threat of new entrants: The Shipbuilding Market Share requires massive capital investments and has significant economies of scale advantages. These factors pose high barriers to entry for new companies.

Bargaining power of buyers: The buyers in the shipbuilding market include cargo vessels, oil tankers, bulk carriers and container ship owners. Their bargaining power is moderate as they have limited alternatives for specialized vessels.

Bargaining power of suppliers: The suppliers of raw materials like steel have moderate bargaining power due to consolidated supply chain and availability of substitutes.

Threat of new substitutes: There are limited alternatives to water transportation. Emerging technologies may pose threat in long run but barriers are high presently.

Competitive rivalry: The shipbuilding market is highly competitive with presence of major global players. Intense competition keeps profit margins low.

Key Takeaways

The global shipbuilding market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing maritime trade globally.

The Asia Pacific region dominates the shipbuilding market, with majority of share contributed by China, South Korea and Japan. These regions have strategic locations and a large talent pool involved in shipbuilding.

Key players operating in the shipbuilding market include Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, China State Shipbuilding Corporation, Mitsubishi Heavy Industries, Samsung Heavy Industries, Imabari Shipbuilding Co., Ltd., Tsuneishi Group, China Shipbuilding Industry Corporation, General Dynamics Corporation, Fincantieri S.p.A., Meyer Werft GmbH & Co. KG, Navantia, Damen Shipyards Group, and STX Offshore & Shipbuilding Co., Ltd. Major players are focusing on new contracts and enhancing service offerings to strengthen market presence.

Read More:

https://www.marketwebjournal.com/shipbuilding-market-contributing-large-share/

Comments

Post a Comment

Popular posts from this blog

The Global Electric Powertrain Market Poised for Growth Driven by Sustainable Transportation

Image
  Electric Powertrain Market The global electric powertrain market is seeing rapid adoption as consumers seek more environmentally friendly transportation options. Electric powertrains offer much lower operating costs than internal combustion engines while also being more energy efficient with fewer moving parts. Battery electric vehicles and hybrids containing electric motors and batteries are able to deliver torque instantly for smooth acceleration and regenerative braking that captures kinetic energy to charge the batteries while slowing down. Automakers are developing advanced powertrain technologies that combine smaller, lighter electric motors with improved batteries capable of longer ranges between charges. The global Electric Powertrain Market is estimated to be valued at US$ 94.12 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the ...
Read more

The Bladder Liners Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Urinary Incontinence

Image
  Bladder Liners Market Market Overview: Benzodiazepines are a class of psychoactive drugs belonging to the benzodiazepine family. These drugs are prescribed for various medical conditions such as anxiety disorders, panic disorders, insomnia, seizures, alcohol withdrawal syndrome, muscle spasms, and as an anesthesia aid. Some common examples of benzodiazepines include alprazolam, clonazepam, diazepam, and lorazepam. These drugs work by increasing the action of gamma-aminobutyric acid (GABA), a major inhibitory neurotransmitter in the central nervous system. Due to their calming properties, they are widely used to treat insomnia, anxiety, panic attacks, agitation, seizures, muscle spasms, and alcohol withdrawal. Market Dynamics: The Benzodiazepine Drugs Market is primarily driven by the rising prevalence of anxiety disorders worldwide. As per Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S., affecting nearly 40 million ...
Read more

Poultry Market is Expected to be Flourished by Growing Demand for Protein-Rich Food

Image
Poultry Market The poultry market comprises farming of domesticated birds such as chickens, ducks, turkeys, and geese, primarily for their meat and eggs. Poultry meat is one of the most consumed meats globally owing to its high protein content. Chicken is the most commonly produced meat worldwide, with over 95 million tons produced annually. Poultry farming provides affordable animal protein to consumers while generating income and employment for farmers and allied industries. The global poultry industry includes large integrated production facilities, small commercial farms, and backyard flock operations. Technological advancements have increased efficiency in breeding, hatching, feeding, housing, and disease control. The global poultry market is estimated to be valued at US$ 15.88 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: One of the key driv...
Read more