Significance of modern shipbuilding for the world economy Shipbuilding is a complex and multifaceted industry that plays an important role in world trade and transportation. The process involves the design, construction and launching of ships, from small boats to large ocean liners. The global shipbuilding market was valued at $138.
9 billion in 2021 and is projected to reach $181.6 billion by 2030, growing at an average CAGR of 3% during the forecast period (2022-2030). Modern shipbuilding is the backbone of international trade.
It provides cargo transportation across oceans and connects markets from all over the world. Maritime transport takes a significant share in the cargo turnover of most countries. Its share has gradually increased and has hardly decreased from 52% to 62%, which emphasizes the key role of this sphere.
Growing international trade and the need for efficient transportation of goods are driving demand for cargo ships and container vessels. Increasing offshore oil and gas exploration and production activities are also increasing the need for marine transportation. Apart from commercial shipping, shipbuilding supports important industries such as defense and tourism.
Naval vessels provide security at sea, and demand for waterborne tourism drives the construction of luxury cruise ships. Shipyards where ships are built or repaired create many jobs for professionals ranging from welders to design engineers, managers and logisticians. The importance of shipbuilding extends far beyond creating jobs and revenue for nations – it has an impact on global supply chains.
A comprehensive analysis of the industry's impact can be determined along several dimensions: 1. Economic: according to the United Nations Conference on Trade and Development (UNCTAD), the value of the world's fleet in 2019 was estimated at $1.2 trillion.
The industry drives commerce and contributes to a country's GDP. 2- Environmental: the shipping industry has an impact on the..
. Ben Williams.
