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 valued USD 240.12 billion in 2020 and is anticipated to register a healthy growth rate throughout 2021 to 2026.

A spike in new ship orders due to implementation of full-scale LNG projects, escalating demand for new very large crude carriers (VLCCs) due to environmental regulations, and replacement of aging ships are stimulating global shipbuilding market growth.

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Further, the industry is also backed by increasing support by offshore industries and governments as shipbuilding activities are pivotal to accelerated economic progress, claims the study.

Based on type, the market is split into containers, bulkers, tankers, and others. Of these, the bulker segment is anticipated to capture a big portion of the industry share. Rising penetration of digitalization in carriers along with the launch of digital platforms by mining companies that host bids to win cargo deals is anticipated to boost segmental expansion in the ensuing years.

With respect to application type, global shipbuilding industry size from the transportation segment is touted to continue garnering substantial revenue in the upcoming years on account of factors like increasing cross-border trade activities and the necessity of periodic repair & maintenance. Parallelly, the defense segment is also gaining traction as countries are focusing on strengthening their marine ship defense.

Elaborating on the competitive landscape, factors such as volatility in fuel prices, high number of small ship sizes, and low freight rates are compelling companies to pool resources together to compete with bigger players. On the other hand, major companies are focusing on mergers and acquisitions to expand their presence globally. Some notable M&A are Hapag-Lloyd (Wagner) and AP Moller-Maersk.

Apart from the aforementioned, The United Shipbuilding Corp., STX Offshore & Shipbuilding Co. Ltd., Sumitomo Heavy Industries Ltd., Fincantieri S.p.A., Mitsubishi Heavy Industries Ltd., China State Shipbuilding Corp. Ltd., China Shipbuilding Industry Corp., Samsung Heavy Industries Co. Ltd., Hyundai Heavy Industries Co. Ltd., and Daewoo Shipbuilding & Marine Engineering Co. Ltd. boast a strong presence in global shipbuilding business sphere.