The Asia Pacific Shipbuilding Market would witness market growth of 3.4% CAGR during the forecast period (2021-2027).
The shipbuilding and vessel maintaining activities need skilled and qualified human resources who are well-versed in dealing with the latest and complex technological processes. Shipbuilding makes the transportation of commodities easy by providing various kinds of ships. Ships are the major transporters for various commodities such as salt, electricity, electronic goods, cereal, drinks, oil, soap, and many more.
Besides the transportation of goods, the shipbuilding industry also plays a crucial role in the defense forces of countries. Many warships are also designed by the shipbuilding industry to protect from the movement in the water in coastal areas that can be done strategically by enemies. Naval ships are comparatively faster in speed and advanced in terms of technology than merchant ships and are also capable enough to carry weapons for wars.
APAC has been a crucial region for shipyards and water-based transportation of goods. Moreover, the shipbuilding industry of China is highly modernized and geographically expanded. The shipbuilding industry of China is responsible for serving China’s navy with well efficient and advanced ships with the capability to defeat enemy ships. The shipbuilding industry is responsible for the use of electronic goods in China all over the world.
The China market dominated the Asia Pacific Shipbuilding Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $18,570.8 million by 2027. The Japan market is experiencing a CAGR of 2.8% during (2021 - 2027). Additionally, The India market would showcase a CAGR of 4% during (2021 - 2027).
Based on Type, the market is segmented into Bulk Carriers, Oil Tankers, Container Ships, General Cargo Ships, Passenger Ships and Others. Based on End Use, the market is segmented into Transport and Military. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Shipbuilding Market is Projected to reach USD 176.1 Billion by 2027, at a CAGR of 3.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Huntington Ingalls Industries, Inc., Samsung Heavy Industries Co., Ltd. (Samsung Group), Sumitomo Heavy Industries, Ltd., BAE Systems PLC, Damen Shipyards Group, China State Shipbuilding Corporation, Fincantieri S.p.A (CDP Industria S.p.A.), Korea Shipbuilding & Offshore Engineering Co., Ltd., General Dynamics Corporation, and Mitsubishi Heavy Industries Ltd.
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