High-Tech Shipbuilding Industry Report - Growth, Trends, Forecasts, Technology, Vessel Type and Company Analysis

High-Tech Shipbuilding Industry Report - Growth, Trends, Forecasts, Technology, Vessel Type and Company Analysis

This report examines the high-tech shipbuilding industry, including its leading companies. The report aims to give a general picture of the current environment as well as global and regional affairs that influence the development of the various segments of the industry, using available data. The report examines regulatory scenario, various government initiatives, emergence of China in high-tech shipbuilding, and the way forward for the industry.

High-tech vessels cover a broad range of ship types, from battery-powered fishing boats to advanced offshore support vessels and massive floating LNG production units. Any ship employing cutting-edge technology can be considered high-tech. These vessels include bulk carriers, tankers, container ships, luxury yachts, offshore support ships, and more. High-tech ships are used for various purposes, such as transporting goods and people, exploring offshore energy resources, installing wind turbines, laying undersea cables, and providing leisure experiences. Their applications are vast and diverse across industries.

Of the leading shipbuilders examined in this report that produce high-tech ships, all of them are based in OECD countries. Four are based in Asia, including three in South Korea and one in Japan, one in the US, one in Australia, and the remainder in Europe. In Europe, six are in Norway, three in Germany, one each in Italy, the Netherlands, and the United Kingdom.

China and South Korea continue to dominate the new order intake in 2024. Global shipbuilding orders in September 2024 reached 2.89 million CGT, down 25% from a year ago. China led the orderbook accounting for 86% of total orders (or 2.48 CGT) in September 2024. South Korean shipbuilders only booked fourteen ships in September 2024 (340,000 CGT) which amounted to 12% of the global orders.

China leads in the overall order backlog with 55% of the global backlog amounting to 82.79 million CGT as of the end of September 2024. South Koreas was second with 26% of the total backlog at 38.21 million CGT.

From January to August 2024, cumulative global orders reached 40.20 million CGT (1,454 vessels), a 30% year-over-year increase. China led with 28.22 million CGT (1,115 ships, a 67% share), significantly outpacing South Korea's 8.22 million CGT (181 ships, a 20% share).