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/

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