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Global Shipbuilding Market: Size & Forecast with Impact Analysis of COVID-19 (2021-2025)
The key players of the shipbuilding market are Mitsubishi Heavy Industries (MHI), Hyundai Heavy Industries (HHI), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) are also profiled in this report.
By: Daedal Research
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall shipbuilding market has also been forecasted for the period 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Mitsubishi Heavy Industries (MHI)
Hyundai Heavy Industries (HHI)
Daewoo Shipbuilding & Marine Engineering (DSME)
Samsung Heavy Industries (SHI)
The shipbuilding process involves the construction of various kinds of ships and vessels, the manufacturing process happens at a shipyard. The history of shipbuilding goes back to thousands of decades and can be experienced just across the globe. Shipbuilding and repairs, either military or commercial, are mentioned in the classification of 'naval engineering,' with ship restoration being an essential process that should be undertaken under the supervision of a categorized society. Maintenance activities can take place while at ocean or in port, but larger restoration work can only take place at ship dry docks or repair yards.
Global shipbuilding market has increased significantly during the years 2016-2019 and projections are made that the market would rise in the next four years i.e. 2021-2025 tremendously. The shipbuilding market is expected to increase due to growing gross national income, growing urbanization, rising efficient fuel trade, rising seaborne trade, increased use of artificial intelligence (AI) and accelerating marine tourism. Yet, the market faces some challenges such as economic slowdown and regulations & policies related to environment control.
The COVID-19 pandemic had a negative impact on global shipbuilding market. It negatively affected the market owing to the halt in manufacturing and disrupting supply chains.
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