Ship Building And Repairing Market 2020-2030: Top Key Players Hyundai Heavy Industries, Samsung Heavy Industries Co., Ltd., Daewoo Shipbuilding & Marine Engineering Co Ltd., Fincantieri S.p.A., General Dynamics Corporation

Ship Building And Repairing Market - By Type Of Service (Ship Building, Ship Repairing), By Type Of Vessel (Passenger, Offshore, Containerships, Tankers, Refrigerated Vessels, Bulkers, Others), By End-Use (Goods Transportation, Passenger Transportation), And By Region, Opportunities And Strategies - Global Forecast To 2030

The global ship building and repairing market reached a value of nearly $191,913.3 million in 2019, having increased at a compound annual growth rate (CAGR) of 0.9% since 2015. The market is expected to decrease from $191,913.3 million in 2019 to $177,809.0 million in 2020 at a rate of -0.01%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 3.06% from 2021 and reach $191,891.1 million in 2023.

The key drivers on the ship building and repairing market include:
Growing Demand For E-Commerce:
The ship building and repairing market is expected to be driven in the forecast period by the growing demand for e-commerce. Several factors such as urbanization, increased mobile and internet penetration, availability of a wide range of products online, and a rise in online marketing increased the market for e-commerce, thus driving the market for ship building and repairing. According to a 2018 survey by Walker Sands, around 41% of US consumers receive 1-2 packages from Amazon per week, which drives the demand for shipping, including maritime shipping. Global e-commerce giants such as Alibaba and Amazon are increasingly investing in the maritime shipping business, thus driving the ship building and repair business.

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Ship Building And Repairing Market Segmentation:
The ship building and repairing market is segmented by type of service, by type of vessel, by end-user and by geography.
By Type Of Service - The ship building and repairing market can be segmented by type of service into
a. Ship Building
b. Ship Repairing
The ship building market was the largest segment of the ship building and repairing market segmented by service, accounting for 83.1% of the total in 2019. Going forward ship repairing segment is expected to be the fastest growing segment in the ship building and repairing market, at a CAGR of 0.2% during 2019-2023.

By Type Of Vessel - The ship building and repairing market can be segmented by type of vessel into
a. Passenger
b. Offshore
c. Containerships
d. Tankers
e. Refrigerated Vessels
f. Bulkers
g. Others
The bulkers segment was the largest segment of the ship building and repairing market segmented by vessels, accounting for 25.7% of the total in 2019. Going forward, refrigerated vessels segment is expected to be the fastest growing segment in the ship building and repairing market, at a CAGR of 2.9% during 2019-2023.

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By Geography - The ship building and repairing market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in ship building and repairing market are
• Hyundai Heavy Industries
• Samsung Heavy Industries Co., Ltd.
• Daewoo Shipbuilding & Marine Engineering Co Ltd.
• Fincantieri S.p.A.
• General Dynamics Corporation

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