The North America Shipbuilding Market would witness market growth of 3.2% CAGR during the forecast period (2021-2027).
The shipbuilding industry is a cyclical industry that involves a large amount of capital investment and directly affects the shipping line. The shipping line is classified into two categories viz. cruise line and freight line. The cruise line is for carrying passengers and the freight line is for cargo transportation. The shipbuilding industry plays an important role in trade as well as national defense in almost all countries.
The construction of ships and the technologies involved in the construction are continuously being modernized. The shipbuilding industry has adopted the latest technologies of 3D printing, virtual reality, and modern robotics to construct better ships with consideration of environmental regulations as well as sustainability. This recent advancement in shipbuilding activities would enhance the shipbuilding market across the North America.
North America has been a major region for ship-based trade. In addition, the region is witnessing higher demand for operational efficiencies while reducing the environmental impact. Moreover, the ruling government of the United State has increased the funding in defence due to the increasing demand for naval vessels and risk of interference of enemies in the coastal regions. Also, the rising demand for energy vessels related to the industries and several other private vessels is likely to increase.
The US market dominated the North America Shipbuilding Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $35.0 billion by 2027. The Canada market is expected to witness a CAGR of 5.5% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 4.6% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Shipbuilding Market is Estimated to reach $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.
By Type
By End Use
By Country
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
