Overview and Scope
Ship building refers to building a new ship from the ground up to completion based on the required design. Ship repair is the service provided after the sale of the product because it involves giving the ship regular maintenance.
Sizing and Forecast
The ship building and repairing market size has grown strongly in recent years. It will grow from $243.35 billion in 2023 to $259.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to rising population, increasing demand for cruise ships, and economic growth in emerging markets.
The ship building and repairing market size is expected to see strong growth in the next few years. It will grow to $334.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing demand for e-commerce, and technological advances. Major trends in the forecast period include investing on ai based operating systems to increase efficiency and reduce errors and wastage, investing in environmentally friendly ship repairing technologies for repairing and maintaining ships to curb the release of unnecessary hazardous material in the environment, focusing on green shipbuilding technologies to manufacture ships that conform to new carbon emission norms, manufacturing ships with lng-fueled engines to minimize carbon emissions and enable ship building and transportation companies to meet global emission norms and investing in robotics to increase efficiency and reduce the dependency on human laborers.
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Segmentation & Regional Insights
The ship building and repairing market covered in this report is segmented –
1) By Type: Ship Building, Ship Repairing
2) By Type Of Vessel: Tankers, Bulkers, Containerships, Offshore, Refrigerated Vessels, Passenger, Other Type Of vehicles
3) By End-User: Passenger Transportation, Goods Transportation
Asia-Pacific was the largest region in the shipbuilding and repairing market in 2023. Western Europe was the second largest region in the shipbuilding and repairing market. The regions covered in the ship building and repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The shipbuilding and repair market is aided by stable economic growth forecast in many developed and developing countries. The International Monetary Fund (IMF) estimates that the global economy will expand by 5.9 percent in 2021 and 4.9 percent in 2022. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
Key Industry Players
Major companies operating in the ship building and repairing market report are Hyundai Heavy Industries, Samsung Heavy Industries Co., Ltd., Daewoo Shipbuilding & Marine Engineering Co Ltd, Fincantieri S.p.A., General Dynamics Corporation, Imabari Shipbuilding Co., Ltd., China Shipbuilding Industry Co., Ltd., CSCC Offshore & Marine Engineering (Group) Company Ltd, MITSUBISHI HEAVY INDUSTRIES, LTD., Sumitomo Heavy Industries, Ltd, Imabari Shipbuilding, China State Shipbuilding Corporation, Yangzijiang Shipbuilding (Holdings) Ltd., New Times Shipbuilding Co. Ltd., Hudong- Zhonghua Shipbuilding, Tsuneishi Holdings, Oshima Shipbuilding Company, Cochin Shipyard Limited, Hindustan Shipyard Limited, Garden Reach Shipbuilders and Engineers, Lloyd Werft Bremerhaven, Neptune Werft GmbH, Schiffswerft Hermann Barthel GmbH, Meyer Werft, STX, PIRIOU, SOCARENAM, CMN: Chantiers naval de Normandie, Naval Group, A&P Group Tyne Shipyard, Cammell Laird, Parkol Marine Engineering, Yarrow Shipbuilders, NAUTA, Remontowa, Seatech Engineering, CRIST S A, Marine Projects Ltd SP, PO SEVMASH, AO, OSK, Admiralteiskie Verfi, Severnaya Verf, Pella, NEVSKI SSZ, Vard Tulcea, Santierul Naval Damen Galati, Shipyard ATG Giurgiu, Huntington Ingalls Industries Inc., BAE Systems, Dammam Shipyard, Zamil Offshore, Damen Shipyards Group, Israel Shipyards Ltd., Gemak Group of Companies, Sefine Shipyard, Kuzey Star Shipyard, Desan Shipyard, Southern African Shipyards, Dormac Marine & Engineering, DCD Enerji Çevre ve Teknoloji A.Ş, Southern Engineering Co. Ltd, West Atlantic Shipyard, Nigerdock FZE
The ship building and repairing market report table of contents includes:
1. Executive Summary
2. Ship Building And Repairing Market Characteristics
3. Ship Building And Repairing Product/Service Analysis -Product/Service Examples
4. Ship Building And Repairing Market Trends And Strategies
5. Ship Building And Repairing Market – Macro Economic Scenario
…
68. Global Ship Building And Repairing Market Competitive Benchmarking
69. Global Ship Building And Repairing Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Ship Building And Repairing Market
71. Ship Building And Repairing Market Future Outlook and Potential Analysis
72. Appendix
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