Analysts’ Viewpoint
Increase in seaborne trade, growth in economy, rise in energy consumption, surge in demand for environmentally-friendly ships and shipping services, and advent of robotics in the shipbuilding business are projected to fuel the North America shipbuilding market in the next few years. Increase in demand for traded commodities such as crude oil and gold is contributing to market development.
Rise in demand for fuel-efficient ships for international trade is also anticipated to drive market expansion in the region. Technological advancements in multi-fuel engines and increase in implementation of 3D printing, AI, and robotics technologies in shipbuilding are likely to create lucrative opportunities for market players in the near future.
The North America shipbuilding market size is expected to grow at a moderate pace during the forecast period, due to the rise in maritime transport in the region. Shipbuilding is the construction process of ships and floating vessels in shipyards. These ships or floating vessels are constructed for military and commercial applications.
Shipbuilding includes the construction of passenger, cargo, and naval vessels in addition to container and cargo ships. Shipbuilding, repair, conversion, and alteration; creation of prefabricated ship and barge components; and provision of specialist services such as ship scale models are part of ship building yard operations. Lucrative presence of key players in North America is positively impacting market statistics in the region.
Global trade and manufacturing supply chains are supported by marine transportation. Demand for maritime transportation has been rising in North America since the last few years. This is leading to an increase in volume of imports and exports in the region. Maritime transport is the backbone of global trade and manufacturing supply chain; more than four-fifth of the world's merchandise trade is carried through the sea route. This is estimated to fuel the North America shipbuilding market growth during the forecast period.
Several trade-related agreements have been executed between various countries for the movement of goods. As a result, suppliers have been shifting their preference to waterways since it is a better and more efficient mode of transportation. This increase in trend has prompted cargo ship manufacturers to develop better and more efficient container carriers of various sizes and capacities. This is anticipated to augment the shipbuilding market in North America in the near future.
Free trade agreements lead to a reduction in government duties and taxes. Countries in the trade bloc are lifting bans and making trade more flexible. Thus, rise in trade-related agreements has led to an increase in demand for stronger containers, thereby boosting the North America shipbuilding market share.
In terms of ship type segment, the shipbuilding business has been segmented into cargo, vessel, container, tanker, multi-purpose ship, car and passenger ferry, and others. The cargo segment is projected to register the highest CAGR during the forecast period due to the expansion of international seaborne trade.
Cargo refers to the delivery of goods or merchandise for commercial benefit. It is a highly economical transportation mode for goods and raw materials. Various types of cargo include liquid bulk, breakbulk, containerized cargo, dry bulk, and ro-ro. Rapid rise in import and export of goods, and increase in demand for low-cost and efficient cargo shipping are the key factors contributing to the segment growth.
Based on end-user, the market has been bifurcated into commercial and military. The commercial segment dominated the industry in 2021. It is expected to witness higher CAGR during the forecast period.
Commercial ships are used for movement of passengers and goods. Rapid growth in the maritime tourism sector and rise in trade activities are driving the commercial segment. Increase in foreign direct investments, growth in population in emerging countries, and surge in number of passenger cruise ships are also fueling the segment.
The U.S. is expected to lead the market in North America during the forecast period. It is a major country for shipping trade. Rise in operational efficiency and decrease in environmental impact are expected to boost the shipbuilding industry in the country during the forecast period.
Increase in risk of enemy interference in coastal areas is likely to drive the demand for energy vessels in the U.S. This is expected to augment the market growth in the country. Furthermore, surge in investments in the defense sector is estimated to fuel market expansion in the U.S.
Key players in the North America shipbuilding market are actively focusing on research and development activities to gain revenue benefits. Shipbuilding companies are primarily focusing on technological advancements, geographical expansion, capacity expansion, and strategic partnerships to create lucrative opportunities in the market. The North America shipbuilding market forecast report highlights major drivers, growth opportunities, and analysis of key market players.
Northrop Grumman Newport News Inc, Huntington Ingalls Industries Inc., General Dynamics Corporation, Raytheon Technologies Corporation, Arcosa, Inc., Oceaneering International Inc, Trinity Industries, Inc., American Commercial Barge Lines Holding Corporation, Brp US Inc., and Vigor Industrial LLC are the top 10 shipbuilding companies in North America.
The North America shipbuilding market research report profiles key players in terms of parameters such as business strategies, company overview, recent developments, financial overview, business segments, and product portfolio.
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Attribute |
Detail |
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Market Value of Shipbuilding in 2021 |
US$ 46.3 Bn |
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Market Forecast Value in 2031 |
US$ 67.4 Bn |
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Growth Rate (CAGR) |
3.4% |
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Forecast Period |
2022–2031 |
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Historical Data Available for |
2017–2020 |
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Quantitative Units |
US$ Bn for Value and Units for Volume |
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Market Analysis |
It includes cross-segment analysis at North America as well as country levels. Furthermore, the qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
|
Competition Landscape |
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|
Format |
Electronic (PDF) + Excel |
|
Market Segmentation |
|
|
Countries Covered |
|
|
Companies Profiled |
|
|
Customization Scope |
Available upon request |
|
Pricing |
Available upon request |
It stood at US$ 46.3 Bn in 2021
It is expected to reach US$ 67.4 Bn by 2031
Expansion of international seaborne trade and rise in trade-related agreements
Cargo ship contributed the largest share in 2021
The U.S. is expected to hold major share in the near future
Raytheon Technologies Corporation, Huntington Ingalls Industries Inc., General Dynamics Corporation, Northrop Grumman Newport News Inc, Arcosa, Inc., Oceaneering International Inc, Trinity Industries, Inc., American Commercial Barge Lines Holding Corporation, Brp US Inc., and Vigor Industrial LLC
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Market Dynamics
5.1.1. Drivers
5.1.2. Restraints
5.1.3. Opportunities
5.2. Key Trends Analysis
5.2.1. Demand Side Analysis
5.2.2. Supply Side Analysis
5.3. Key Market Indicators
5.4. Porter’s Five Forces Analysis
5.5. Value Chain Analysis
5.6. Industry SWOT Analysis
5.7. COVID-19 Impact Analysis
5.8. Technological Roadmap
5.9. North America Shipbuilding Market Analysis and Forecast, 2017 - 2031
5.9.1. Market Value Projections (US$ Bn)
5.9.2. Market Volume Projections (Units)
6. North America Shipbuilding Market Analysis and Forecast, By Ship Type
6.1. North America Shipbuilding Market Size (US$ Bn and Units), By Ship Type, 2017 - 2031
6.1.1. Cargo
6.1.2. Vessel
6.1.3. Container
6.1.4. Tanker
6.1.5. Multi-purpose Ship
6.1.6. Car and Passenger Ferry
6.1.7. Others
6.2. Incremental Opportunity, By Ship Type
7. North America Shipbuilding Market Analysis and Forecast, By End-user
7.1. North America Shipbuilding Market Size (US$ Bn and Units), By End-user, 2017 - 2031
7.1.1. Commercial
7.1.2. Military
7.2. Incremental Opportunity, By End-user
8. North America Shipbuilding Market Analysis and Forecast, By Country
8.1. North America Shipbuilding Market Size (US$ Bn and Units), By Country, 2017 - 2031
8.1.1. U.S.
8.1.2. Canada
8.1.3. Rest of North America
8.2. Incremental Opportunity, By Country
9. U.S. Shipbuilding Market Analysis and Forecast
9.1. Country Snapshot
9.2. Price Trend Analysis
9.2.1. Weighted Average Selling Price (US$)
9.3. Key Trends Analysis
9.3.1. Demand Side Analysis
9.3.2. Supply Side Analysis
9.4. Shipbuilding Market Size (US$ Bn and Units), By Ship Type, 2017 - 2031
9.4.1. Cargo
9.4.2. Vessel
9.4.3. Container
9.4.4. Tanker
9.4.5. Multi-purpose Ship
9.4.6. Car and Passenger Ferry
9.4.7. Others
9.5. Shipbuilding Market Size (US$ Bn and Units), By End-user, 2017 - 2031
9.5.1. Commercial
9.5.2. Military
9.6. Incremental Opportunity Analysis
10. Canada Shipbuilding Market Analysis and Forecast
10.1. Country Snapshot
10.2. Price Trend Analysis
10.2.1. Weighted Average Selling Price (US$)
10.3. Key Trends Analysis
10.3.1. Demand Side Analysis
10.3.2. Supply Side Analysis
10.4. Shipbuilding Market Size (US$ Bn and Units), By Ship Type, 2017 - 2031
10.4.1. Cargo
10.4.2. Vessel
10.4.3. Container
10.4.4. Tanker
10.4.5. Multi-purpose Ship
10.4.6. Car and Passenger Ferry
10.4.7. Others
10.5. Shipbuilding Market Size (US$ Bn and Units), By End-user, 2017 - 2031
10.5.1. Commercial
10.5.2. Military
10.6. Incremental Opportunity Analysis
11. Competition Landscape
11.1. Market Player – Competition Dashboard
11.2. Market Share Analysis (%), 2021
11.3. Company Profiles (Details – Company Overview, Sales Area/Geographical Presence, Financial/Revenue, Strategy & Business Overview, Sales Channel Analysis, Size Portfolio)
11.3.1. Raytheon Technologies Corporation
11.3.1.1. Company Overview
11.3.1.2. Sales Area/Geographical Presence
11.3.1.3. Financial/Revenue
11.3.1.4. Strategy & Business Overview
11.3.1.5. Sales Channel Analysis
11.3.1.6. Size Portfolio
11.3.2. Huntington Ingalls Industries Inc.
11.3.2.1. Company Overview
11.3.2.2. Sales Area/Geographical Presence
11.3.2.3. Financial/Revenue
11.3.2.4. Strategy & Business Overview
11.3.2.5. Sales Channel Analysis
11.3.2.6. Size Portfolio
11.3.3. General Dynamics Corporation
11.3.3.1. Company Overview
11.3.3.2. Sales Area/Geographical Presence
11.3.3.3. Financial/Revenue
11.3.3.4. Strategy & Business Overview
11.3.3.5. Sales Channel Analysis
11.3.3.6. Size Portfolio
11.3.4. Northrop Grumman Newport News Inc
11.3.4.1. Company Overview
11.3.4.2. Sales Area/Geographical Presence
11.3.4.3. Financial/Revenue
11.3.4.4. Strategy & Business Overview
11.3.4.5. Sales Channel Analysis
11.3.4.6. Size Portfolio
11.3.5. Arcosa, Inc.
11.3.5.1. Company Overview
11.3.5.2. Sales Area/Geographical Presence
11.3.5.3. Financial/Revenue
11.3.5.4. Strategy & Business Overview
11.3.5.5. Sales Channel Analysis
11.3.5.6. Size Portfolio
11.3.6. Oceaneering International Inc
11.3.6.1. Company Overview
11.3.6.2. Sales Area/Geographical Presence
11.3.6.3. Financial/Revenue
11.3.6.4. Strategy & Business Overview
11.3.6.5. Sales Channel Analysis
11.3.6.6. Size Portfolio
11.3.7. Trinity Industries, Inc.
11.3.7.1. Company Overview
11.3.7.2. Sales Area/Geographical Presence
11.3.7.3. Financial/Revenue
11.3.7.4. Strategy & Business Overview
11.3.7.5. Sales Channel Analysis
11.3.7.6. Size Portfolio
11.3.8. American Commercial Barge Lines Holding Corporation
11.3.8.1. Company Overview
11.3.8.2. Sales Area/Geographical Presence
11.3.8.3. Financial/Revenue
11.3.8.4. Strategy & Business Overview
11.3.8.5. Sales Channel Analysis
11.3.8.6. Size Portfolio
11.3.9. Brp US Inc.
11.3.9.1. Company Overview
11.3.9.2. Sales Area/Geographical Presence
11.3.9.3. Financial/Revenue
11.3.9.4. Strategy & Business Overview
11.3.9.5. Sales Channel Analysis
11.3.9.6. Size Portfolio
11.3.10. Vigor Industrial LLC
11.3.10.1. Company Overview
11.3.10.2. Sales Area/Geographical Presence
11.3.10.3. Financial/Revenue
11.3.10.4. Strategy & Business Overview
11.3.10.5. Sales Channel Analysis
11.3.10.6. Size Portfolio
12. Key Takeaway
12.1. Identification of Potential Market Spaces
12.1.1. Ship Type
12.1.2. End-user
12.1.3. Country
12.2. Understanding the Buying Process of Customers
12.3. Preferred Sales & Marketing Strategy
List of Tables
Table 1: North America Shipbuilding Market, By Ship Type, Units, 2017-2031
Table 2: North America Shipbuilding Market, By Ship Type, US$ Bn, 2017-2031
Table 3: North America Shipbuilding Market, By End-user, Units, 2017-2031
Table 4: North America Shipbuilding Market, By End-user, US$ Bn, 2017-2031
Table 5: U.S. Shipbuilding Market, By Country, Units, 2017-2031
Table 6: U.S. Shipbuilding Market, By Country, US$ Bn, 2017-2031
Table 7: U.S. Shipbuilding Market, By Ship Type, Units, 2017-2031
Table 8: U.S. Shipbuilding Market, By Ship Type, US$ Bn, 2017-2031
Table 9: U.S. Shipbuilding Market, By End-user, Units, 2017-2031
Table 10: U.S. Shipbuilding Market, By End-user, US$ Bn, 2017-2031
Table 11: Canada Shipbuilding Market, By Ship Type, Units, 2017-2031
Table 12: Canada Shipbuilding Market, By Ship Type, US$ Bn, 2017-2031
Table 13: Canada Shipbuilding Market, By End-user, Units, 2017-2031
Table 14: Canada Shipbuilding Market, By End-user, US$ Bn, 2017-2031
List of Figures
Figure 1: North America Shipbuilding Market, By Ship Type, Units, 2017-2031
Figure 2: North America Shipbuilding Market, By Ship Type, US$ Bn, 2017-2031
Figure 3: North America Shipbuilding Market Incremental Opportunity, By Ship Type, US$ Bn, 2022-2031
Figure 4: North America Shipbuilding Market, By End-user, Units, 2017-2031
Figure 5: North America Shipbuilding Market, By End-user, US$ Bn, 2017-2031
Figure 6: North America Shipbuilding Market Incremental Opportunity, By End-user, US$ Bn, 2022-2031
Figure 7: U.S. Shipbuilding Market, By Country, Units, 2017-2031
Figure 8: U.S. Shipbuilding Market, By Country, US$ Bn, 2017-2031
Figure 9: U.S. Shipbuilding Market Incremental Opportunity, By Country, US$ Bn, 2022-2031
Figure 10: U.S. Shipbuilding Market, By Ship Type, Units, 2017-2031
Figure 11: U.S. Shipbuilding Market, By Ship Type, US$ Bn, 2017-2031
Figure 12: U.S. Shipbuilding Market Incremental Opportunity, By Ship Type, US$ Bn, 2022-2031
Figure 13: U.S. Shipbuilding Market, By End-user, Units, 2017-2031
Figure 14: U.S. Shipbuilding Market, By End-user, US$ Bn, 2017-2031
Figure 15: U.S. Shipbuilding Market Incremental Opportunity, By End-user, US$ Bn, 2022-2031
Figure 16: Canada Shipbuilding Market, By Ship Type, Units, 2017-2031
Figure 17: Canada Shipbuilding Market, By Ship Type, US$ Bn, 2017-2031
Figure 18: Canada Shipbuilding Market Incremental Opportunity, By Ship Type, US$ Bn, 2022-2031
Figure 19: Canada Shipbuilding Market, By End-user, Units, 2017-2031
Figure 20: Canada Shipbuilding Market, By End-user, US$ Bn, 2017-2031
Figure 21: Canada Shipbuilding Market Incremental Opportunity, By End-user, US$ Bn, 2022-2031
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North America Shipbuilding Market
