The global shipbuilding market is charting a steady uphill course. According to the report, the market was valued at USD 155.91 billion in 2023 and is projected to reach USD 197.94 billion by 2030, achieving a CAGR of 2.67% during 2024–2030.
Key Growth Drivers
- Rising global trade and shipping demand: The interconnected global economy continues to hinge on maritime transport for moving bulk cargo, container shipments, and energy goods. As trade volumes rebound and expand, new vessel orders follow.
- Technological adoption & efficiency: Shipbuilders are investing in advanced design tools, automation, and modern materials, lowering cost and lead times, which in turn permit expansion.
- Sustainability and regulation: Stricter environmental regulations push demand for greener, low-emission vessels—creating new demand for replacement and retrofit.
- Defense & naval investments: Growing geo-political tension and focus on maritime security prompt governments to commission new naval vessels.
Outlook
Between 2024 and 2030, the modest but sustained CAGR (2.67%) suggests the industry is maturing, with growth driven less by boom cycles and more by structural demand. As the market evolves, sectors like eco-vessels, autonomous ships, and retrofits may pull ahead.
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