The Europe Shipbuilding Market would witness market growth of 3.0% CAGR during the forecast period (2021-2027).
The shipping industry serves the shippers with comparatively low charges. Additionally, maritime transportation is way more efficient in terms of capacity. Shipping of smaller as well as large-sized cargo is possible with the help of ships. Smaller commodities are grouped along with other commodities whereas big-sized cargo is filled one or more than one container.
Also, ships are developed in order to carry sensitive and hazardous cargo. Thus, the workers in the shipbuilding industry are well-versed in managing such kind of cargo along with maintaining the safety of cargo as well as the vessel. Chances of losses due to unexpected incidents while transportation is lesser now due to increasing safety measures taken by the industry.
The European naval industry is among major providers of appropriate water weapons and thus the region ensures the safety of the region’s coastlines. The European government also invest a lot in naval defense of the region which would arise the demand for shipbuilding sector in upcoming years. Presently, the European region is witnessing a higher demand for autonomous cruises and ships. The countries like Germany, Italy, Russia, and France in the European region are leading shipbuilding countries and are among the major consumers of marine electronic equipment.
The Germany market dominated the Europe Shipbuilding Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $13.2 billion by 2027. The UK market would witness a CAGR of 2.3% during (2021 - 2027). Additionally, The France market is poised to grow a CAGR of 3.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Shipbuilding Market Size will Hit $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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