DUBLIN, Jan. 18, 2024 /PRNewswire/ — The “Ship And Boat Building And Repairing Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The ship and boat building and repairing market size has grown strongly in recent years. It will grow from $284.22 billion in 2023 to $303.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The ship and boat building and repairing market size is expected to see strong growth in the next few years. It will grow to $390.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
The anticipated growth in the forecast period in the ship and boat building and repairing industry can be attributed to several factors. These include an increasing focus on sustainability and adherence to environmental regulations, the ongoing transition towards cleaner energy sources, the implementation of digitalization and automation to enhance efficiency, significant infrastructure investments, and heightened concerns related to geopolitical stability and security. Major trends expected in the forecast period include the pursuit of electrification and lightweighting, advancements in materials and additive manufacturing, the continued development of digitalization and connectivity, and the fostering of collaboration and partnerships within the industry.
The ship and boat building and repair market is poised for growth, driven by the anticipation of stable economic growth in both developed and emerging countries. Projections from the International Monetary Fund (IMF) indicate a global GDP growth of 3.3% in 2020, with expectations of a further increase to 3.4% in 2021.
Additionally, the recovery of commodity prices, following a significant decline in the past, is set to contribute to market growth. Developed economies are forecasted to maintain steady growth, and emerging markets are expected to outpace developed markets slightly during the forecast period. This sustained economic growth is likely to encourage investments in end-user markets, providing a boost to the ship and boat building and repair market.
The primary categories within this industry encompass shipbuilding and repairing, as well as boat building and repairing. Repairing, in this context, pertains to the maintenance and servicing of motor vehicles, including overhauling, component replacement, modification, and painting. The applications of these services span general maintenance, dockage, hull and engine parts, electrical work, and auxiliary services. They are utilized by various sectors, including transport companies, the military, and other end users.
The ship and boat building and repair market is further expected to benefit from the growing global trade and shipping demand. International trade, involving the exchange of goods and services, relies heavily on shipping to transport products worldwide. Ships serve as essential vessels for the movement of goods, contributing to the creation and export of affordable products, access to raw materials, and the development of intricate logistical systems.
Recent data from the United Nations Conference on Trade and Development in January 2023 indicates that global maritime trade saw a rebound in 2021, with shipments increasing by an estimated 3.2% to 11 billion tons. This reflects a substantial improvement compared to the 3.8% decline recorded two years earlier. As a result, the growth in global trade and shipping demand is a driving force for the ship and boat building and repair market.
In response to environmental regulations and concerns, shipbuilding companies worldwide are increasingly adopting green shipbuilding technologies. These technologies include various innovations such as ballast systems that prevent the entry of organisms into the ship, reducing the need for sterilization equipment, as well as sulphur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, and the use of LNG fuels for propulsion and auxiliary engines.
Ships constructed with these technologies exhibit significant energy savings and lower carbon emissions. For example, the development of the Ecoship by Peace Boat, a Japanese non-profit NGO, in collaboration with Arctech Helsinki Shipyard, highlights a commitment to creating the world’s most environmentally friendly cruise vessel. Furthermore, the LeanShips project by the Dean Shipyards Group is focused on designing less polluting vessels.
Leading companies in the ship and boat building and repair market are concentrating on introducing innovative products such as ASAHI to cater to the evolving needs of their existing customers. ASAHI represents a pioneering vessel designed to reduce pollutants and enhance the shipping sector’s sustainability. Powered by high-capacity lithium-ion batteries, ASAHI operates entirely on electricity, resulting in zero emissions of greenhouse gases (GHGs), sulfur oxides (SOx), or nitrogen oxides (NOx).
Asia-Pacific was the largest region in the ship and boat building and repairing market in 2023. Western Europe was the second largest market in ship and boat building and repairing market.
Scope
- Markets Covered: 1) By Type: Ship Building And Repairing; Boat Building And Repairing; 2) By Application: General Services; Dockage; Hull Part; Engine Parts; Electric Works; Auxiliary Services; 3) By End-User: Transport Companies; Military; Other End Users
- Subsegments Covered: Ship Building; Ship Repairing; Boat Building; Boat Repairing
- Companies Mentioned: Samsung Heavy Industries Co. Ltd.; Daewoo shipbuilding & marine engineering; BRP Inc.; Brunswick Corporation; Fincantieri SpA
- Countries: Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
A selection of companies mentioned in this report includes
- Samsung Heavy Industries Co. Ltd.
- Daewoo shipbuilding & marine engineering
- BRP Inc.
- Brunswick Corporation
- Fincantieri SpA
- Huntington Ingalls Industries Inc.
- China Shipbuilding Industry Corporation
- China CSSC Holdings Limited
- Berkshire Hathaway Inc.
- General Dynamics Corp.
- Mitsubishi Heavy Industries Ltd.
- Austal Limited
- Hyundai Mipo Dockyard Co Ltd.
- Damen Shipyards Group
- Sembcorp Marine Ltd.
- Oman Drydock Company
- Cochin Shipyard Limited
- United Shipbuilding Corporation
- Arab Shipbuilding and Repair Yard
- Bae Systems Norfolk Ship Repair Inc.
- Conrad Shipyard L.L.C.
- Irving Shipbuilding
- Seaspan ULC
- Toronto Drydock Company
- James Marine Inc.
- Trident Maritime Systems Inc.
- Reliance Naval and Engineering Limited
- Bharati Defence And Infrastructure Limited
- ABG Shipyard Limited
- Western India Shipyard Limited
- Titagarh Marine Limited
For more information about this report visit https://www.researchandmarkets.com/r/1aq90c
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