According to the research report titled ‘Global Shipbuilding Market (Value, Volume): Analysis By Ship Type (Tankers, Containers, Bulkers, Others), Application Type, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global shipbuilding market was worth USD 240.12 billion in 2020 and is anticipated to record a strong CAGR during 2021-2026.

Report findings suggest that growing GDP of nations, rising global seaborne trade, increasing demand for cargo transportation, and escalating trade-related agreements are augmenting global shipbuilding market size. Also, trend of automation in marine transportation, and technological advancements in marine vessel engines will boost the market share.

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Moreover, setup of full-scale LNG plants, amplifying VLCC (very large crude carrier) sector, strengthened environmental laws, the replacement of aged ships, and ship efficiency optimizations are likely to boost demand for new container ships, which is expected to propel industry outlook.

For the record, shipbuilding is the process of manufacturing ships and other floating vessels. It usually takes place in a shipyard, which is a specialized facility. The shipbuilding sector is in charge of designing and producing oceangoing vessels all around the world.

However, volatility in transportation and inventory prices, as well as environmental concerns about maritime vessels are some notable factors that could stymie worldwide shipbuilding market expansion during the analysis timeframe.

Based on ship type, the market is divided into containers, tankers, bulkers, and others. In terms of application spectrum, the industry is branched into leisure & luxury, transportation, defense, and others.

Speaking of regions, the market spans across America (United States, Canada, Mexico, Brazil), Europe (Germany, France, Italy), and Asia Pacific (India, China, Vietnam, Indonesia).

Daewoo Shipbuilding & Marine Engineering Co. Ltd., China State Shipbuilding Corporation Ltd., JSC United Shipbuilding Corporation, China Shipbuilding Industry Corporation, STX Offshore & Shipbuilding Co. Ltd., Sumitomo Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Samsung Heavy Industries Co. Ltd., Fincantieri S.p.A., and Hyundai Heavy Industries Co. Ltd. are the leading players in global shipbuilding industry.

These companies are using new product releases, R&D spending, and increased manufacturing capacity to boost revenue inflow. Along with that, they are also commencing strategies like collaborations & partnerships, mergers & acquisitions, and innovative launches to reinforce their position in the market.