Global Shipbuilding Market Projected to Reach US $175 Bn by the End of 2025
Los Angeles, CA -- (SBWire) -- 09/20/2019 --QY Research announced the publication of a new research report, titled "Global Shipbuilding Market Research Report 2019." The research report provides a detailed description of the factors that are influencing the overall market. Analysts have also provided valuable insight into the drivers and restraints that are impacting the trajectory of the global market. The report has been compiled using primary and secondary research methodologies to provide the users with a detailed understanding. Furthermore, the report also includes an evaluation of the ever-changing dynamics that are projected to shape the future of the market.
The global shipbuilding market is valued at US$114 bn in 2018 and is expected to reach US$175 bn by the end of 2025. During the forecast period between 2019 and 2025, the market is expected to exhibit a CAGR of 5.56%.
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Global Shipbuilding Market: Drivers and Opportunities
The global shipbuilding industry is expected to witness a significant surge in the coming years as Asian countries undergo massive developments. Improving economic activities and trade has given impetus to the seaborne transportation, which, in turn, has been driving the overall market. Improving steel industry, better shipbuilding methods, and introduction of LNG-fuelled engines are expected to boost the shipbuilding market in the coming years. The growing number of government initiatives to improve the economy in Japan and China are also expected to give an impetus to the global shipbuilding market.
Global Shipbuilding Market: Segments
The global shipbuilding market is segmented on the basis of type and application. The type segment includes bulkers, tankers, containers, cruise and ferry, and others. On the basis of application, the market is segmented into passenger transportation and goods transportation. Analysts project that the transportation segment will lead the market as business and trade are poised to improve across the globe.
Global Shipbuilding Market: Regional Segments
On the basis of geography, the global shipbuilding market is segmented into North America, Asia Pacific, Europe, Central and South America, and the Middle East and Africa. Analysts project that the Asia Pacific shipbuilding market is projected to rise at a phenomenal pace in the coming years as South Korea, Japan, and China have flourishing markets. The report pointed out that Korea held a share of 34% while China and Japan stood at 33% and 17% respectively. Increasing shipbuilding orders in these countries is expected to keep Asia Pacific in the lead during the forecast period.
Global Shipbuilding Market: Competitive Landscape
Some of the leading players operating in the global shipbuilding market are Hyundai, Daewoo Shipbuilding & Marine Engineering, CSIC, Imabari Shipbuilding, Japan Marine United, CSSC, Samsung, Fincantieri, Oshima Shipbuilding, Yangzijiang Shipbuilding, and COSCO. In a latest news, Hyundai Heavy Industries Group intends to merge with Daewoo Shipbuilding & Marine Engineering (DSME). The news comes as Hyundai submitted an application with the State Administration for Market Regulation of China. Companies are expected to focus on mergers and acquisition and development of innovative technologies to make better vessels in the coming years.
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