The domestic shipbuilding industry is focusing on strengthening its market position by capitalizing on India's large domestic market and the growth potential of the shipbuilding sector. As India plans to place large-scale ship orders and foster its shipbuilding industry, South Korean shipbuilders are carefully monitoring market trends with an eye on potential partnership opportunities.

According to industry sources on the 15th, the size of the Indian shipbuilding industry is expected to grow from $90 million in 2022 to $8.12 billion by 2033.

In particular, Clarkson Research, a British shipbuilding and shipping market analysis firm, reported that India plans to place orders for more than 1,000 new ships. Currently, India has a fleet of approximately 1,500 vessels and plans to expand it to 2,500 ships in the future.

However, there are currently only 28 shipyards in India, so expanding construction capacity is essential to secure 1,000 new vessels. Additionally, while India relies on shipping for about 95% of its total trade volume, its domestic shipbuilding industry remains vulnerable.

As a result, it is reported that India spends approximately 110 trillion won annually on renting foreign vessels. To reduce these costs, there is an analysis suggesting that India needs to be able to build large container ships, very large crude carriers, and car carriers domestically.

The Indian government is also making concerted efforts to foster its shipbuilding industry. The government has outlined a roadmap to raise India's shipbuilding capacity, which currently holds less than a 1% share of the global shipbuilding market, to become one of the top five shipbuilding nations by 2047.

In particular, it has been reported that Indian government officials have visited the facilities of South Korea's three major shipbuilders (HD Hyundai Heavy Industries, Samsung Heavy Industries, and Hanwha Ocean) and are placing significant emphasis on the potential for technological cooperation.

Indian government officials visited the Hanwha Ocean Geoje facility, Samsung Heavy Industries Geoje Shipyard, and HD Hyundai Heavy Industries Ulsan Shipyard at the end of last year. During these visits, they received briefings on shipbuilding capabilities, shipyard operation systems, and eco-friendly ship technologies, leading industry experts to believe that India is considering South Korea as a potential partner.

Following the visit of Indian government officials to South Korean shipbuilders, it has also been confirmed that officials from Hanwha Ocean visited local shipyards in India. This has drawn attention to the growing possibility of cooperation between the two countries in the shipbuilding sector.

On the 14th, Hindustan Shipyard Limited (HSL) in India posted on the social media platform X, stating that a delegation from Hanwha Ocean visited their shipyard on the 13th. The visit was described as an assessment of potential cooperation for shipbuilding. HSL is located in Visakhapatnam, Andhra Pradesh, in eastern India.

As a result, industry experts believe that the two countries are in discussions to explore opportunities for business collaboration in the shipbuilding sector.

Some experts argue that the long-standing border disputes between India and China could play a positive role in strengthening cooperation between South Korea and India. Given India's anti-China sentiment, building advanced shipbuilding capabilities through technological cooperation with South Korean shipyards, rather than China, is seen as a crucial strategy for India.

An industry insider stated, "Indian government officials visited South Korean shipbuilding facilities with the intention of increasing the number of vessels in operation, seeking support and cooperation." They added, "Domestic shipbuilders are also actively exploring cooperation strategies, considering the large scale of the Indian market."

The insider continued, "However, since India is not a country with a developed shipbuilding industry, utilizing its abundant labor force to grow the industry will be a key challenge." They added, "While the potential of the Indian market is clear, it is still too early to expect short-term results. Therefore, ongoing discussions and the exploration of long-term cooperation strategies are necessary."

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