Global Shipbuilding Projects See Wave of Investments

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Researched by Industrial Info Resources (Sugar Land, Texas)--The shipbuilding industry plays a vital role in global logistics and involves the construction of various types of ships such as cruise ships, cargo ships, tankers and naval vessels. Despite facing a slump in global shipbuilding orders due to economic slowdown and a downsizing ship-financing market in past years, rising seaborne trade, economic growth and increasing oil consumption have been driving the demand for container cargoes and tanker ships globally.

According to the United Nations Conference on Trade and Development (UNCAD), the world's commercial fleet grew by 70 million dead weight tons (dwt) between 2022-2023, reaching a carrying capacity of 2.3 billion dwt in January 2023. Oil tankers, container ships and bulk carriers accounted for 85% of the total capacity, with more than half of the world's tonnage being owned by Asian shipbuilding companies in China and South Korea.

The shipbuilding industry around the world saw robust growth throughout 2023, with about 66 million gallon tonnes booked at global shipyards, as reported by SeaTrade Maritime News. Innovations in the sector such as advanced robotics (such as 3D printing and surface preparation robots, immersive technologies (virtual reality) and augmented reality processes used in ship designing) and the construction of green ships (such as electric ships and those using cleaner fuels) are anticipated to propel investments in shipbuilding with the future seeing light and eco-friendly vessels.

Industrial Info Resources (IIR) is presently tracking 607 operational shipyards and ship repairing plants globally, the majority of which operate in Asia, Europe and North America. Industrial Info is also tracking 256 active capital spending projects worth more than US$13 billion that are geared toward shipbuilding and repair. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can view related project reports.

Asia is the biggest driver of investment, owning about 42% of the market with a massive investment value of more than US$5 billion across 132 projects. It is followed by North America, with an investment of about US$4 billion and Africa with around US$2 billion.

With 42% of the investment in the initial planning stages, 40% already under construction and 10% in the latter engineering stages, most of these projects are anticipated to be completed between June 2026 and December 2026, while the rest will reach fruition by October 2030.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).