The Shipbuilding Market Report is Segmented by Vessel Type (Bulk Carriers, Oil Tankers, and More), Propulsion Technology (Conventional, Dual-Fuel LNG, and More), End User (Commercial Shipping Companies, Offshore-Energy Operators, and More), Material (Steel, Aluminum, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

USD 156.47 Billion in 2024; projected USD 203.76 Billion by 2033; CAGR 2.93%.

The global shipbuilding market was sized at ****** billion U.S. dollars in 2024, and was projected to increase to ****** billion dollars the following year. It was further forecast to reach ****** billion in 2033.

In 2024, the Shipbuilding Market reached USD 163.66 Bn and is expected to register a revenue of USD 203.14 Bn by 2030 with a CAGR of 3.6% from 2025 to 2030.

The global shipbuilding market, valued at $145.67 billion in 2025, is projected to experience steady growth, driven by increasing global trade volumes necessitating larger and more efficient vessels, and rising demand for specialized ships in the offshore energy and cruise sectors. A Compound Annual Growth Rate (CAGR) of 4.84% from 2025 to 2033 indicates a substantial expansion of the market. Key drivers include advancements in shipbuilding technology, leading to improved fuel efficiency, reduced emissions, and enhanced safety features. Furthermore, government investments in port infrastructure and maritime security measures are stimulating market growth. The market is segmented by vessel type (vessel, container, passenger, other), and end-user (transport companies, military, others). Container ships, fueled by e-commerce growth and global supply chain expansion, represent a significant segment. The passenger vessel segment is also experiencing growth, propelled by the resurgence of cruise tourism and the construction of luxury liners. However, challenges remain, including fluctuating raw material prices, stringent environmental regulations demanding greener shipbuilding practices, and geopolitical uncertainties impacting global trade routes. Competition is intense amongst major players such as Samsung Heavy Industries, Hyundai Heavy Industries, and China State Shipbuilding Corporation, which are constantly innovating and expanding their capabilities to maintain their market share. Regional analysis reveals that Asia-Pacific dominates, owing to large-scale shipbuilding activities in countries like China, South Korea, and Japan. Europe and North America also contribute significantly, driven by robust maritime industries and demand for specialized vessels. The forecast period (2025-2033) anticipates a continued upward trajectory for the shipbuilding market, although the rate of growth might fluctuate year-on-year based on global economic conditions and technological advancements. The ongoing transition toward sustainable shipbuilding practices—incorporating environmentally friendly materials and energy-efficient designs—presents both opportunities and challenges for manufacturers. Companies are focusing on research and development to meet stricter environmental regulations while enhancing their competitiveness. The military segment offers a niche but stable market, driven by national defense budgets and modernization programs across various nations. Future market growth will likely be shaped by the adoption of automation and digital technologies, leading to improved operational efficiencies and reduced production costs in the shipbuilding sector. This will involve integrating AI, advanced simulation tools, and big data analytics to optimize shipbuilding processes. Recent developments include: August 2023: The Canadian government announced that it would invest CAD 463 million (USD 345 million) in shipbuilding infrastructure to move forward with the Surface Combatant (CSC) program. It calls for the construction of 15 new warships that will be a key component of the future Royal Canadian Navy. The funds will be used to prepare the Irving Shipyard and adjacent facilities in Nova Scotia for construction, which is now slated to begin next year for the program., May 2023: Vard Marine Inc., in collaboration with Team Vigilance partner firms Heddle Shipyards, Thales Canada, SH Defence, and Fincantieri, unveiled the Vigilance Offshore Patrol Vessel at CANSEC 2023. Team Vigilance partner firms collectively bring extensive and significant capabilities and expertise to bear in naval ship design, Canadian and worldwide construction, combat and offboard system integration, modular payload systems, and life-cycle solutions., May 2023: Garden Reach Shipbuilders and Engineers Ltd established the GRSE Accelerated Innovation Nurturing Scheme to find and stimulate the creation of new solutions as part of the shipyard's technological development activities. GAINS intends to address current and emerging ship design and construction issues while simultaneously accomplishing the goals of Atmanirbhar Bharat., March 2023: The Ministry of Ports, Shipping, and Waterways (MoPSW) in India launched the 'Green Tug Transition Programme' (GTTP) to make India a global hub for building green ships. The GTTP will convert all tugboats operating in the country into 'Green Hybrid Tugs' that run on non-fossil fuels such as Methanol, Ammonia, and Hydrogen.. Key drivers for this market are: Increasing Trade Activities Between Countries to Drive the Market. Potential restraints include: Fluctuation in Transportation and Inventory Cost May Hamper the Growth of the Market. Notable trends are: Increasing Trade and Naval Activities Between Countries to Drive the Market.

Shipbuilding Market size is expected to reach USD 205.89 Bn by 2032, from USD 160.74 Bn in 2025, exhibiting a CAGR of 3.6% during the forecast period.

According to Cognitive Market Research, the global Shipbuilding Industry market size is USD 148485.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 59394.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 44545.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 34151.67 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 7424.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 2969.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
The Oil tankers held the highest Shipbuilding Industry market revenue share in 2024.

Market Dynamics of Shipbuilding Industry Market

Key Drivers for Shipbuilding Industry Market

Rising Global Trade to Increase the Demand Globally

Rising worldwide trade is significantly boosting the call for efficient and massive-capability vessels. As globalization advances, the quantity of global seaborne alternate expands, requiring ships capable of transporting goods across massive distances efficaciously. This trend drives numerous new deliver creation tasks, as maritime organizations are looking to beautify their fleets to meet growing change needs. Advanced vessel designs and technology are increasingly crucial for optimizing shipment capacity, fuel performance, and environmental impact. Consequently, the delivery enterprise is investing in progressive shipbuilding strategies and larger, more capable vessels to live aggressively in the worldwide market and support the ongoing surge in global change.

Economic Growth to Propel Market Growth

Economic increase drives international trade and industrial interest, leading to a heightened demand for uncooked materials and finished merchandise. As the worldwide economic system strengthens, groups and countries increase their production and consumption, resulting in a surge of products that need transportation. This improved trade extent interprets right into a greater need for ships to transport these items across the world. Consequently, the shipbuilding enterprise stories a boost as shipbuilders work to meet the growing call for maritime transportation. The development of the latest vessels and the expansion of fleets are essential to aid global change, similarly stimulating the shipbuilding area and riding improvements in delivery layout and generation.

Restraint Factor for the Shipbuilding Industry Market

Overcapacity and Competition to Limit the Sales

The shipbuilding enterprise has encountered durations of overcapacity, wherein the quantity of shipyards exceeds the demand for brand-spanking new vessels. This surplus results in heightened opposition amongst shipbuilders as they vie for limited contracts. Intense contention drives down prices and pressures shipyards to reduce fees to stay competitive. Overcapacity can result in reduced income margins and economic strain for a few shipbuilders, prompting them to seek modern solutions or diversify their services. In response, shipyards can also focus on niche markets, invest in superior technology, or form strategic partnerships to differentiate themselves and maintain their business. Managing overcapacity effectively is vital for keeping industry stability and ensuring lengthy-time period profitability.

Impact of Covid-19 on the Shipbuilding Industry Market

The COVID-19 pandemic extensively impacted the shipbuilding industry by means of disrupting worldwide supply chains, delaying projects, and causing monetary instability. Lockdowns and tour restrictions affected shipyard operations, main to creation delays and elevated prices. The pandemic additionally brought about a sharp decline in global alternatives, lowering the call for new vessels and exacerbating overcapacity troubles. Many shipowners postponed or canceled orders because of unsur...

Shipbuilders design, build and repair ships and other vessels for military and commercial clients. Long project lead times, primarily for defense contracts, have led to a consistent flow of revenue, keeping shipyard revenue stable despite supply chain disruptions, climbing interest rates, geopolitical uncertainty and other exogenous shocks. Major protectionist policies in both commercial and military markets also create steady domestic growth. In particular, rebounding defense spending, strong consumer markets, pent-up demand for travel and increased US oil and gas production have spurred demand from commercial and defense markets in the post-pandemic and post-inflationary economy. Additionally, major contract opportunities for nuclear-powered submarines, advanced aircraft carriers, destroyers and other ships have created healthy backlogs and revenue growth for leading defense contractors and subcontractors. Overall, revenue has climbed at an expected CAGR of 3.6% to $40.9 billion through the current period, including a 6.9% expansion in 2025, where profit settled at 5.9%. Leading shipbuilders, like General Dynamics and Huntington Ingalls, dominate the defense sector, largely holding a duopoly on the industry's major contracts. These companies operate the only shipyards large enough to produce certain platforms. Smaller businesses focus on less lucrative contracts, such as those for non-nuclear ship repairs and propulsion components. Non-military contracts, supported by the Jones Act, account for about 20% of the industry revenue but struggle to compete globally due to significantly higher costs compared to foreign-built counterparts. The implementation of the SHIPS for America Act and the South Korean-American shipbuilding partnership may help to revitalize US commercial shipbuilding capacity and create overall cost reduction, even with China's surging shipbuilding capacity. Supply chain disruptions posed an additional threat to the industry, especially military shipbuilders. Skyrocketing input costs pressured profit, leading to minor declines through the current period. However, climbing world tensions will drive growth through the outlook period, especially as the Department of Defense emphasizes maritime and amphibious operations to coincide with aircraft development. Contracts for next-generation submarines, aircraft carriers, destroyers and frigates will create hiring sprees and market entry, especially among smaller companies acting as subcontractors or as part of bidding consortia. Similarly, these innovations will create demand for upgrades, modifications, conversions and overhauls. Commercial shipbuilding markets will also improve alongside stronger consumer sentiment and travel and trade metrics. Furthermore, compliance with new environmental regulations, like the Energy Efficiency Existing Ship Index, is expected to drive innovations in energy-efficient shipbuilding materials and practices. Overall, shipbuilders will produce strong growth, with revenue surging at an expected CAGR of 8.0% to $60.1 billion through the outlook period. Profit will reach 7.8% of total revenue.

The number of commercial vessels sold to shipbreaking yards more than halved between 2013 and 2022. In 2022, some 443 vessels were dismantled worldwide, the majority of which were scrapped in the Indian subcontinent.

Global Shipbuilding industry research report providing future opportunities, challenges, trends and developments, market size and market share analysis.

European shipbuilding has contended with fierce international competition from Asian shipyards, which has siphoned sales away from cargo shipbuilders and restricted revenue growth over the past decade. Further adding to the industry’s woes, the COVID-19 pandemic weighed heavily on demand as travel came to a standstill. In 2020, contracting levels at European yards were extremely low, with only 0.9 million compensated gross tonnage (mCGT) ordered, down 64% from 2019. The three EU countries with the most significant order books – Italy (through Fincantieri SpA), Germany and Finland – have suffered from weaker order volumes post-pandemic compared to China and South Korea; figures from SWZ Maritime show that in spring 2023, China and South Korea's global shipbuilding output accounted for 48.7 mCGT and 38.7 mCGT, respectively, compared with EU, Norway and the UK's collective output of 8.5 mCGT. Over the five years through 2024, revenue is expected to tumble at a compound annual rate of 3.1% to €53.8 billion. Revenue tanked in 2020, predominately led by Germany, where shipbuilding revenue plummeted by 54.6%. Weak order volumes throughout the year had a lagged impact, weighing on the industry's recovery, given that ship construction can take up to 24 months. Similarly, the average profit margin has tumbled because of high costs for key inputs, like steel; world steel prices more than doubled in 2021 as global supply dropped and demand skyrocketed following the pandemic. Prices remain elevated in 2023, lowering the global competitiveness of European shipbuilding. Over 2024, revenue is forecast to contract by 2.1% as intense international competition limits demand. Over the five years through 2029, revenue is slated to climb at a compound annual rate of 3.6% to reach €64.3 billion. Asian shipyards will continue taking global market share away from Europe and pressure revenue growth. However, opportunities remain in the military segment of the market, with increased defence budgets causing an uptick in naval ship orders, benefitting the likes of BAE Systems. Similarly, ongoing support from European governments will fuel the development of shipbuilding and ship repair yards, offering tax incentives and other assistance to encourage investment in the sector.

The global shipbuilding market, valued at approximately $40.98 billion in 2025, is projected to experience robust growth, driven by increasing global trade, expanding containerization, and the demand for energy-efficient vessels. A Compound Annual Growth Rate (CAGR) of 5.5% from 2025 to 2033 indicates a significant market expansion, reaching an estimated value exceeding $65 billion by 2033. Key drivers include the ongoing need for fleet modernization across various shipping segments – goods transportation (bulk carriers, tankers, and containers) and passenger transportation – fueled by stricter environmental regulations and the need for enhanced vessel efficiency. Technological advancements, such as the integration of automation and digitalization in shipbuilding and ship operations, also contribute to market growth. However, fluctuations in raw material prices, geopolitical instability, and potential supply chain disruptions present challenges to sustained growth. The market is segmented by application (goods transportation holding the largest share, followed by passenger transportation and others), and by vessel type (with bulk carriers, tankers, and containers dominating the market). Leading players like China Shipbuilding Group Corporation, Hyundai Heavy Industries (KSOE), and Daewoo Shipbuilding are fiercely competitive, engaging in technological innovation and strategic partnerships to maintain market share. Regional analysis reveals strong growth in Asia-Pacific, driven by China and other rapidly developing economies. The geographical distribution of the market demonstrates a concentration of activity in Asia-Pacific, followed by Europe and North America. Strong governmental support for shipbuilding industries in certain regions, coupled with an expanding global maritime trade network, contributes to the upward trajectory. The increasing demand for specialized vessels, such as LNG carriers and cruise ships, signifies a trend towards diversification within the market. While growth is anticipated across all segments, the container ship segment is projected to exhibit particularly strong growth, fueled by the continuous rise in global e-commerce and containerized freight transportation. The long-term forecast suggests the shipbuilding market will remain dynamic, influenced by ongoing technological innovation, economic shifts, and evolving environmental regulations. Companies are focusing on research and development to create more sustainable and technologically advanced ships, addressing environmental concerns and increasing efficiency.

Shipbuilding Market Outlook

According to our latest research, the global shipbuilding market size reached USD 148.7 billion in 2024, driven by robust demand across both commercial and defense sectors. The industry is expected to grow at a CAGR of 4.6% from 2025 to 2033, reaching a forecasted market size of USD 219.6 billion by 2033. This sustained growth is underpinned by increasing international trade, ongoing fleet modernization, and significant technological advancements in ship design and propulsion systems. As per our comprehensive analysis, the shipbuilding market is poised for steady expansion, reflecting both the cyclical nature of the industry and the structural shifts toward sustainability and digitalization.

One of the primary growth factors for the shipbuilding market is the surge in global seaborne trade volumes. As international trade continues to expand, there is a heightened demand for new, larger, and more efficient vessels, particularly in the container ship and bulk carrier segments. The globalization of supply chains and the rise of e-commerce have further accelerated the need for advanced shipping solutions, prompting shipping companies to invest in state-of-the-art vessels. Additionally, the replacement of aging fleets with modern, fuel-efficient ships is driving new orders, as regulatory pressures mount to reduce emissions and enhance operational efficiency. This shift is further bolstered by strategic government initiatives and subsidies in major shipbuilding nations, which aim to strengthen domestic industries and maintain global competitiveness.

Technological innovation is another significant driver shaping the shipbuilding market landscape. The integration of digital technologies, such as autonomous navigation, smart sensors, and predictive maintenance systems, is transforming traditional shipbuilding practices. The move toward hybrid and fully electric propulsion systems, in response to stringent environmental regulations, is fostering a new era of sustainable shipbuilding. Shipyards are increasingly adopting advanced manufacturing techniques, including modular construction and robotics, to streamline production processes, reduce costs, and enhance safety. These technological advancements not only increase shipyard productivity but also enable the development of highly customized vessels tailored to specific end-user requirements, thereby expanding the addressable market for shipbuilders.

The defense sector also plays a critical role in the growth trajectory of the shipbuilding market. Heightened geopolitical tensions and increasing maritime security concerns have led to substantial investments in naval fleets worldwide. Governments are allocating significant budgets to modernize their naval capabilities, resulting in a steady pipeline of orders for frigates, submarines, and other specialized military vessels. In addition to traditional defense contracts, there is rising demand for multi-functional ships capable of supporting humanitarian missions, surveillance, and disaster response. This broadening of the defense shipbuilding segment is providing shipyards with greater business resilience, helping to offset the cyclical nature of commercial ship orders and contributing to the overall stability of the market.

Regionally, the Asia Pacific dominates the shipbuilding market, accounting for the majority of global production, with countries like China, South Korea, and Japan leading the charge. This regional concentration is supported by well-established supply chains, skilled labor, and significant government support. However, other regions such as Europe and North America are also witnessing a resurgence, driven by niche market demands, technological innovation, and renewed investments in defense and commercial shipbuilding. The Middle East & Africa and Latin America are emerging as new frontiers, leveraging strategic geographic locations and investments in port infrastructure. This regional diversification is expected to create new growth opportunities while intensifying global competition within the shipbuilding industry.

According to Cognitive Market Research, the global Commercial Shipbuilding Market size was USD XX million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD XX million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The tanker category is the fastest growing segment of the Commercial Shipbuilding industry

Market Dynamics of Commercial Shipbuilding Market

Key Drivers for Commercial Shipbuilding Market

Growth in the Use of Very Economical and Effective Cargo Ships for International Trade

The expansion of trade has been one of the main features of the world economy in recent years, and maritime transportation is the foundation of global trade. The naval commerce has a major impact on the ship market. Global economic progress has been spurred by the opening of new markets and the extension of supply chains made feasible by maritime transport. Roughly 90% of all freight is said to be moved by sea. Consequently, countries with a high reliance on ships stimulate the shipbuilding industry. Cargo ships are the most often used marine vessels in trading activities. With globalization deeply entrenched in the foundation of numerous economies, chances for international commerce of goods are rising, delivering a superior range of items at varied price points. Throughout the anticipated period, the need for shipbuilding would probably be driven by the growing maritime trade between nations

Expansion of the Agreements Affecting Trade to Drive Market Growth

Growth in trade agreements between developed and developing nations is driving the worldwide shipbuilding business. These agreements make it easier to transfer commodities, which causes suppliers to favor more effective canal transportation. The global market is growing as a result of cargo vessel manufacturers' innovation and production of more effective container carriers in a range of sizes and capacities. Furthermore, the execution of free trade agreements has resulted in lower tariffs and taxes, which has encouraged a rise in commercial activity. Exporters and importers are therefore excused from paying specific taxes to the government. As a result, more trade agreements have raised the need for sturdy containers, which is supporting the expansion of the worldwide shipbuilding market.

Restraint Factor for the Commercial Shipbuilding Market

Rules pertaining to the environment, will Limit Market Growth

The shipbuilding industry has significant challenges because to strict environmental rules that require expensive modifications in design and technology to comply with efficiency and emissions standards. Shipbuilders need to be dedicated to funding environmentally friendly inventions and R&D projects in order to successfully manage this constraint. Developing cleaner propulsion systems, cutting-edge hull designs, and more effective operational procedures are some examples of this. In order to help the shipbuilding sector adapt to more environmentally friendly and sustainable methods, governments may simultaneously play a critical role by funding research projects and offering grants or tax exemptions. This industry-wide collaborative strategy promotes environmental stewardship and helps guarantee regulatory compliance.

Impact of Covid-19 on the Commercial Shipbuilding Market

Covid-19 had a significant impact on the Commercial Shipbuilding Market. Supply chain disruptions during COVID-19 hindered trade, resulting in a shortage of raw materials for manufacturers and a delay in delivering completed goods to consumers in the ...

In 2022, some 443 ocean-going vessels were dismantled worldwide. Of these, 298 were broken down in India, Bangladesh, and Turkey. Loose environmental regulations in these countries have given rise to concern.

Global shipbuilding has seen geographical shifts with China continuing to be a dominant force. The country has leveraged government subsidies to modernize its shipyards and bolstered its technological capabilities. This has allowed Chinese shipbuilders to expand production volumes to compete for international contracts, especially in high-value segments like LNG carriers and cruise ships. While other North Asian powerhouses like South Korea and Japan remain competitive they continue to face more pressure from China's rapid expansion and lower production costs. Nonetheless, global shipbuilding has remained mostly stagnant, falling at a CAGR of 0.1% through 2025, reaching $214.2 billion, including a 0.3% uptick in 2025 alone. Profit has also pushed up slightly during the same period, thanks to lower wage costs. Another pivotal trend is the industry's move towards consolidation and technological advancements. Intense global competition and the rising demand for specialized, technologically advanced vessels have pushed many smaller firms to merge with larger entities, resulting in fewer but more robust players in the market. The most prominent case of consolidation has been China's latest merger with China State Shipbuilding Corporation and China Shipbuilding Industry Corporation, strengthening its place amongst global leaders. Innovations in materials and automation technology have also revolutionized the shipbuilding process. The use of corrosion-resistant alloys and composites has improved vessel durability and fuel efficiency, while automation and digitalization, including robotic welding and automated assembly lines, have bolstered production efficiency and reduced cost, setting new industry standards. Rising geopolitical tensions and conflicts in regions like Middle East, Russia, and East Asia are driving higher global demand for military vessels, particularly among major buyers including Poland, Saudi Arabia, and India. Non-NATO defense budgets are set to continue rising, providing steady business for shipbuilders. At the same time, navies are shifting their focus from building larger fleets to acquiring advanced, specialized vessels, which is fueling innovation in shipbuilding and driving up wages for skilled workers. Overall, global shipbuilding revenue is set to grow at a CAGR of 2.1%, reaching $237.1 billion by 2030.

Dive deep into the dynamics of Global Shipbuilding Market, size at USD 150 bn in 2023, showcasing growth opportunities, and strategic insights.

Shipbuilding revenue is forecast to expand at a compound annual rate of 0.7% to £7.2 billion over the five years through 2025-26, including forecast growth of 1.2% in 2025-26. Large shipbuilders like BAE Systems and Babcock International produce military vessels for the Royal Navy and foreign governments, providing a steady revenue stream. Import competition in the passenger and cargo ship segment is intensifying due to lower production costs in Europe and Asia, leading to the demise of this segment. Despite this, exports account for a large share of revenue thanks to warships built for foreign militaries. In August 2025, BAE Systems strengthened its order book after securing a £10 billion contract to supply the Norwegian navy with five new Type 26 frigates, cementing the company’s market position. Contracts to build the Type 26 and Type 31e General Purpose Frigates awarded to BAE Systems and Babcock International are elevating revenue growth because these contracts ensure a steady revenue stream. The ongoing Russia-Ukraine and Israel-Hamas conflicts are raising defence spending in Europe and North America. As tensions rise, the UK government has committed to increasing defence spending to 2.5% of GDP, with a portion set aside for warships. Rising spending on warships strengthens revenue for shipbuilders as defence equipment is provided for Ukraine to fight Russia, and the UK shores up its defences. Shipbuilding revenue is anticipated to expand at a compound annual rate of 1.6% to £7.8 billion over the five years through 2030-31, with more pressure on profitability due to high input costs. More naval orders will boost revenue for the industry's two most prominent manufacturers in the coming years, and defence spending is set to rise to ensure the Royal Navy is prepared for future challenges. The construction of the Type 31e General Purpose Frigates designed by Babcock International to attract orders from foreign navies is set to boost export revenue between 2025 and 2028. These ships will replace the Royal Navy's existing fleet and have generated orders from Poland and Indonesia. The National Shipbuilding Strategy will herald in a new way of building ships, enhancing capabilities and workforce and boosting regional economies.

In 2024, China's shipbuilding industry held a **** percent share of the global shipbuilding market, based on the metric tons of deadweight completed in that year. In addition, new orders received and orders in hand held **** percent and **** percent of global share in 2021, respectively.