Global Shipbuilding Market to Grow 2% by 2023
Analysts forecast the global shipbuilding market to grow at a CAGR of over 2% during the 2019-2023 period.
According to Technavio analysts, one of the key factors contributing to the growth of the global shipbuilding market is the increasing seaborne trading.
"In the last couple of decades, the shipping industry has recorded an increase in the total trade volume. Rapid industrialization and the liberalization of economies are the prominent factors propelling trade volumes between two countries," said the market research report.
The increasing economic activities, such as foreign direct investments have heightened consumer purchasing power. This has increased the demand for consumer products, it said.
The use of 3D printing in shipbuilding is one of the major trends being witnessed in the market. The shipbuilding industry is adopting the 3D printing technology in order to improve efficiencies and quality of the manufactured part. This technology is also expected to improve the design standards.
According to a senior analyst at Technavio for research on automotive manufacturing, “Advances in technology is another factor contributing to the seaborne trading. Factors such as improved fuel efficiency and multi-fuel engine have made shipping an efficient method of transportation. Thus, shipping is one of the fuel-efficient and carbon-friendly forms of commercial transport.”
The commercial segment held the largest market share in 2018, accounting for nearly 63% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 43%. This region is expected to dominate the market through 2023.