Korean shipbuilding is globally top ranked. Korea entered into the market sector in the 1960s with innovations that reduced costs and production time.
SEOUL, July 7 (Yonhap) -- South Korean shipbuilders are forecast to remain competitive for the next 20 years, eclipsing those from other nations on the back of Korean companies' advanced technology in design, production and equipment, a private think tank said Friday.
South Korea currently leads the world shipbuilding industry with the top seven companies. Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. are the three largest shipyards in the world.
Domestic shipbuilders keep developing new technologies that support the companies to increase the quality yet lower production costs, the Hana Institute of Finance said.
Cutting-edge technologies used by South Korean companies include onland shipbuilding facilities, automated welding and a mega-block transport system that enables the lifting of heavy ship hulls.
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