The global shipbuilding market is projected to expand by USD 26.1 billion between 2025 and 2029, exhibiting a compound annual growth rate (CAGR) of 4.4%, according to a new report from Technavio. The firm cites increasing seaborne trade as a key driver, along with a trend toward eco-friendly ships.
Key players in the market include BAE Systems Plc, Cheoy Lee Shipyards Ltd., Conrad Industries Inc., Damen Shipyards Group, Derecktor Shipyards, Fincantieri Spa, Fr. Fassmer GmbH and Co. KG, General Dynamics Corp., Huntington Ingalls Industries Inc., Hyundai Heavy Industries Group, IHI Corp., Imabari Shipbuilding Co. Ltd., International Maritime Industries, Mitsubishi Heavy Industries Ltd., Oshima Shipbuilding Co. Ltd., Paramount Maritime Holdings, Samsung Heavy Industries Co. Ltd., Sumitomo Heavy Industries Ltd., Ulstein Group ASA, and Uzmar Shipbuilding and Trade Inc.
Technavio's report, "Global Shipbuilding Market 2025-2029," highlights the role of innovation and advancements in manufacturing and design technologies in market growth. The report notes a high demand for vessels used in trading and maintenance activities, with a focus on technical improvements and upgrades. International seaborne trade and industrialization are also contributing to the growth of the industry, driving demand for fuel-efficient and multi-fuel engine ships.
Technavio's market segmentation analysis covers application (commercial, defense), type (oil tankers, bulk carriers, cargo ships, others), and geography (APAC, Europe, South America, North America, Middle East and Africa). APAC is identified as the largest contributing region, holding a 61% share.