McKinsey on the Maritime Industry

Because 90 percent of the world’s traded goods, representing more than $14 trillion in commerce,1 travel by sea, the global shipbuilding industry plays a vital role in the global economy by constructing and maintaining both the commercial ships on which goods are transported and the naval ships that secure critical sea lanes. It is encouraging to see order books filling up for ships powered by alternative fuels, special-purpose vessels, and naval ships and submarines. Given this momentum, the industry is well positioned to navigate a course of innovation and growth.

While these developments provide reason for optimism, they also raise important questions about whether the industry is poised to meet demand and accelerate technological advances. Multiple factors are increasing uncertainty and complicating strategic decisions, including geopolitical tensions and the “gray to green” workforce transition that is under way. Additionally, the industry faces challenges such as raising significant capital investment, navigating the complexities of integrating Industry 4.0 technologies into aging infrastructure, and accelerating efforts to decarbonize global fleets.

This issue of McKinsey on the Maritime Industry provides a snapshot of the maritime industry’s prospects and strategies for keeping a competitive edge while navigating uncertainty. The topics covered include opportunities for shipyards to increase productivity and modernize operations, strategies for investing in shipyard infrastructure through brownfield development and the scaling of complex manufacturing, a perspective on aerospace and defense disruptors, and the role shipyards play in naval mission readiness. We also examine two issues that are crucial during this expansion period: the need to accelerate throughput in shipyards and strategies for attracting critical talent amid fierce competition for employees in skilled trade roles.

As you read these articles, we hope you will find novel approaches to your most pressing challenges, as well as new opportunities for innovation. We would be happy to elaborate on any topics covered in these articles, or on other areas of interest, as you chart your company’s path forward.