A recent market report shows that the global shipbuilding new orders totalled 42.74 million GT in 2019, while the global shipbuilding market size was valued around US$120.6 billion in 2019, and it is expected to exceed $175 billion by 2025, representing a strong CAGR of over 5.5% during the forecast period. Some of the major driving factors for the growth of the global shipbuilding industry include the increasing international seaborne trading, rapid industrialization and globalization, as well as advanced technology to offer energy-saving ships and shipping services.
Geographically, Asia Pacific is currently the largest shipbuilding market, account for over 82% of the global market share. China, South Korea, and Japan are the some of the largest shipbuilding countries in the world, mainly attributed to the increasing developments in the regional maritime transportation and naval shipbuilding sector will significantly influence shipbuilding market growth in this region.
In 2019, the shipbuilding industry in China accounted for over 37.2% of the global shipbuilding market by the amount of metric tons deadweight completed, making it the largest shipbuilder in the world. When it comes to the new shipbuilding orders, 44.5% of the new global orders for ship tonnage were placed in China in 2019. Its top position in the global shipbuilding industry is expected to be maintained in the new future.
One of the latest global shipbuilding industry trends that has been witnessed is the growing adoption of 3D printing technology in the ship manufacturing process to improve efficiencies and quality of the products. 3D printing technology allows shipbuilders to adopt computer-controlled process in which materials are layered consecutively to form a wide-ranging and voluminous number of ship components. This technology has effectively increased the speed and cost-effectiveness of the shipbuilding process. Thus, the growing adoption of 3D printing technology is projected to further fuel the growth of the global shipbuilding industry in the near future.
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