Indian shipbuilding businesses will have an enormous market for business vessels from Europe, France, Greece and the Center East nations in the following five years, as per Ajitkumar Daggaonkar, Boss Director of Mazagon Moor Shipbuilders Ltd. (MDSL), a PSU under the Service of Guard, Mumbai.
There are 52 major shipbuilding industries in the country, including both public and private units. MDSL put up a stall at MILAN Technical Exposition besides MILAN Village as part of the Indian Navy’s international maritime exercise, MILAN-2024, that was inaugurated at the Eastern Naval Command (ENC) base, as per hindu.
“The demand for commercial vessels, which has been sluggish for the past few years due to various reasons, including COVID-19, is now on the rise,” Mr. Ajitkumar told The Hindu.
The prime explanations behind the circle back were the change of diesel ships into green fuel vessels and the developing incentive for the 'Make in India' brand, he said, and added that the Indian shipbuilding ventures were tapping the world's prerequisites.
“Currently, the country accounts for about 20% of the market demand for commercial vessels worldwide,” said Mr. Ajitkumar.
He said that MDSL had an order from Denmark for three commercial vessels worth ₹350 crore. “Only 28 of the 802 vessels built by us since 1960 are Defence-related, and the remaining are commercial ships,” he said.
It is discovered that the size of the worldwide shipbuilding market is ready to develop from the ongoing USD 150 billion to USD 180 billion by 2030.
