Global shipbuilding market will reach 175 billion US$ by the end of 2025

Publisher: QYResearch

Published Date: 2019/7/25

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.

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.

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%.

Click to view the full report: https://www.qyresearch.com/index/detail/1220723/global-shipbuilding-market

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