LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global shipbuilding market to grow at a CAGR of over 2% during the forecast period, according to their latest market research report.
The use of 3D printing in shipbuilding is one of the major trends being witnessed in the global shipbuilding market 2019-2023. Three-dimensional printing is a computer-controlled process in which materials are layered consecutively to form objects. The shipbuilding industry is adopting the 3D printing technology in order to improve efficiencies and quality of the manufactured part. This technology is also expected to improve the design standards.
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According to Technavio analysts, one of the key factors contributing to the growth of the global shipbuilding market is the increasing seaborne trading:
Global shipbuilding market: Increasing seaborne trading
In the last couple of decades, the shipping industry has recorded an increase in the total trade volume. Rapid industrialization and the liberalization of economies are the prominent factors propelling trade volumes between two countries. The increasing economic activities, such as foreign direct investments have heightened consumer purchasing power. This has increased the demand for consumer products.
According to a senior analyst at Technavio for research on automotive manufacturing, “Advances in technology is another factor contributing to the seaborne trading. Factors such as improved fuel efficiency and multi-fuel engine have made shipping an efficient method of transportation. Thus, shipping is one of the fuel-efficient and carbon-friendly forms of commercial transport.”
Global shipbuilding market: Segmentation analysis
The global shipbuilding market research report provides market segmentation by the application (commercial and defense), by end-user (hospitals and clinics, ASCs, dialysis centers, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The commercial segment held the largest market share in 2018, accounting for nearly 63% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 43%. This region is expected to dominate the market through 2023.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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