South Korea in recent decades has built a reputation as one of the most advanced and important shipbuilding countries in the world. South Korea has recorded the best year in the global shipbuilding market in 2021, the ship orders totalling at 17.4 million CGT won, which is a 112% increase from 2020’s figures before the start of the pandemic.

South Korea has recently made significant investments in digitalisation and decarbonisation in the maritime sectors of shipbuilding, ports, and offshore energy. The new Korean government stated its policy goal of expanding support for technology development for the future of the shipbuilding industry, as well as promising active support for a faster transition to eco-friendly ships due to stricter environmental regulations imposed by the International Maritime Organization. Hyundai Heavy Industries Group has said that it will invest £13.5 billion over the next five years in R&D initiatives for fuel cells and other future development drivers, as well as in greening and digitising its shipyards.

South Korean shipyards are actively supporting advances in the sectors of decarbonisation, autonomous ships, and smart yards in order to lead global paradigm shifts, and these investments create significant prospects for British companies with innovative technologies.