Ship Building Global Market Report 2020-30: COVID 19 Growth And Change
The Business Research Company’s Ship Building Market Report – Opportunities And Strategies – Global Forecast To 2030
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The use of 3D printing technology really seems to have no limits – it is being observed as a leading trend in the shipbuilding industry in recent years. 3D printing, also known as additive manufacturing, is gaining popularity in every sector connected to manufacturing and engineering, including ship building. The companies operating in the ship building market are collaborating with other players in the industry to adopt advanced manufacturing technologies including 3D printing to enhance their manufacturing capabilities. For instance, in November 2018, a US-based ship building company, Huntington Ingalls Industries and 3D Systems collaborated to develop additive manufacturing technologies to facilitate the adoption of metal 3D printing in the ship building industry.
The global ship building market size is expected to decline from $162.52 billion in 2019 to $150.42 billion in 2020 at a compound annual growth rate (CAGR) of -7.44%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The shipbuilding market growth is then expected to recover and reach $161.83 billion in 2023 at a CAGR of 2.47%.The countries covered in the global shipbuilding market share are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
A factor of the growth in the forecast period is the increasing seaborne trade. The rising population, surging purchasing power of consumers, and improving standards of living are increasing the demand for consumer goods leading to high production and rapid industrialization. According to the United Nations Conference on Trade and Development (UNCTAD), international seaborne trade volume increased from 10.7 billion tons in 2017 to 11.0 billion tons in 2018 and is projected to expand at an average annual growth rate of 3.5% during 2019-2024. The manufacturing of eco-friendly and advanced ships is supported by the increasing requirement for efficient and cost-effective transport alternatives for the movement of goods. According to Alliance Experts, transport by sea allows shipping large volumes with lesser cost than that through road, rail, and air transport. This scenario is expected to drive the demand for the ship building market.
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