An up-to-date research report has been disclosed by Market Research Hub highlighting the title “Global Shipbuilding Market Report: 2018 Edition” which provides an extensive research and detailed analysis of the present market along with future outlook. The report discusses the major growth drivers and challenges of the market, covering China, South Korea, Japan and Europe region along with the global market. The report profiles the key players of the market including Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering.
The shipbuilding industry is responsible for the design and construction of oceangoing vessels all around the world. Most of the global ship production today is concentrated in Asian countries such as China, Japan and South Korea, though large shipyards also exist in many other countries. The shipbuilding industry is involved in the construction and modification of ships and these operations are carried out in specialized facilities called shipyards. Commercial ships or vessels can be broadly segmented into segments that include tankers; bulkers; LNG carriers; LPG carriers; containers and others. Ships are built on custom made to order. Shipbuilding process starts with inquiries from customers, followed by completion of various processes until the vessel is completed. It takes at least 2 years to complete the manufacturing of a ship.
South Korea is a major contributor to the global shipbuilding market in terms of new shipbuilding orders whereas China has contributed a significant share in the global shipbuilding completions. Europe has experienced growth in its shipbuilding orderbook.
The global shipbuilding market is expected to grow in future due to increasing seaborne trade and economic growth, rising energy consumption, demand of eco-friendly ships and shipping services. Key trends of this market growing market segments, significant consumption of steel, average age of global fleet, advancements in container shipping, rising demand for LNG fueled engine. However, there are some factors which can hinder the market growth including associated risk of cyber breaches and environmental regulations.