Japan Targets Shipbuilding Revival
Japan is stepping up efforts to revive its shipbuilding industry, aiming to double annual construction volume by 2035 through government-backed investment in next-generation vessels, ship repair facilities and liquefied natural gas carriers, while Japanese manufacturers accelerate the development of hydrogen-powered engines and other advanced maritime technologies. (News On Japan)
Japan is taking measures to rejuvenate its shipbuilding sector, with the goal of doubling construction volume by 2035 compared to 2024 levels. This plan, part of a government-backed strategy, aims to boost the domestic industry's market size to 5 trillion yen. Japan once led the global shipbuilding market in the 1970s, but its share has dwindled to around 10% due to price competition from China and South Korea.
The country relies heavily on maritime transport, with over 99.6% of its international trade volume carried by ships. The government's support program targets next-generation ships, ship maintenance, and liquefied natural gas (LNG) carriers. Zero-emission vessels are a key focus, requiring innovative designs to eliminate greenhouse gas emissions.
The government has approved equipment investment plans for three major shipbuilding groups, totaling approximately 600 billion yen in subsidies over the next decade. This action aims to increase their combined shipbuilding capacity by around 50% from current levels, addressing labor shortages and enhancing the industry's competitiveness.
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