As cited by 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 Market Study Report LLC, global shipbuilding market was worth USD 240.12 billion in 2020 and is estimated to expand significantly over 2021-2026.
 

Rising shipping activities, implementation of full-scale LNG projects, reinforced environmental regulations, growing demand for shipping containers, and focus towards modernizing or replacing aging ships are some of the key factors driving the growth of global shipbuilding market.
 

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Many developed nations are striving to maintain their competition in shipbuilding and offshore sector and governments are supporting the shipbuilding industries. The development of shipbuilding sector is important for rapid economic development in countries with long coastal boundaries.
 

On the basis of ship type, worldwide shipbuilding industry is segmented into tankers, containers, bulkers, and others. Among these, bulker ships segment is poised to hold a major share in the overall market in the forthcoming years. The larger dry bulk carriers are getting digitized, as various mining companies have been launching digital platforms for shippers to compete to win cargo contracts, which in turn is fueling the segmental share.
 

Considering application type, the marketplace is divided into defense, transportation, and leisure & luxury, among others. As cited in the report, the transportation segment is anticipated to acquire a credible share during the analysis period. The defense ship segment is also likely to generate lucrative returns as various countries are strengthening their marine ship defense capabilities.
 

Considering the geographical analysis, shipbuilding industry dynamics ranging across Americas, Europe, and Asia Pacific are extensively entailed in the report to enable readers to determine profitable prospects for investment.
 

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