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, global shipbuilding market was worth USD 240.12 billion in 2020 and is projected to expand significantly over 2021-2026.
 

Since ships are the primary mode of transportation for various countries, it is one of the major factors driving the global shipbuilding market growth. Additionally, implementation of full-scale LNG, focus towards modernizing or replacing aging ships, reinforced environmental regulations, and ship efficiency optimizations are propelling demand for new container ships.
 

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Based on ship type, worldwide shipbuilding industry is segmented into tankers, bulkers, containers and others. Among these, bulker ships segment is likely to hold a major share in the overall market in the upcoming 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.
 

Speaking of application type, the marketplace is categorized into transportation, defense, and leisure & luxury, including others. As cited in the report, transportation segment is anticipated to acquire a credible share as compared to its counterparts during the analysis period. Also, the defense ship segment is growing lucratively as countries are strengthening their marine ship defense.
 

Considering the geographical analysis, shipbuilding industry dynamics spanning across Americas, Europe, and Asia-Pacific are thoroughly entailed in the report to enable readers to identify profitable prospects for investment. Many developed countries are taking efforts to maintain their competition in shipbuilding and offshore sector and governments are directly or indirectly backing their shipbuilding industries. The development of shipbuilding sector is important for rapid economic development in countries with long coastal boundaries.
 

Prominent players in global shipbuilding industry are JSC United Shipbuilding Corporation, STX Offshore & Shipbuilding Co. Ltd., Sumitomo Heavy Industries Ltd., Fincantieri S.p.A., Mitsubishi Heavy Industries Ltd., China State Shipbuilding Corporation, Samsung Heavy Industries Co. Ltd., Daewoo Shipbuilding & Marine Engineering Co. Ltd., and Hyundai Heavy Industries Co. Ltd. These major companies adopt mergers & acquisitions to expand their businesses globally.