Global Ship Building and Repairing Market 2020 Potential Growth, Competitive Landscape and Development of Industry

The Business Research Company’s Ship Building And Repairing Market Report - Opportunities And Strategies - Global Forecast To 2030

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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 of the Ship Building And Repairing market include:-
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:-
By Type of Service
1. Ship Building
2. 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
1. Passenger
2. Offshore
3. Containerships
4. Tankers
5. Refrigerated Vessels
6. Bulkers
7. 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

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Some of the major key players involved in the Ship Building And Repairing market are
1.Hyundai Heavy Industries
2.Samsung Heavy Industries Co., Ltd.
3.Daewoo Shipbuilding & Marine Engineering Co Ltd.
4.Fincantieri S.p.A.
5.General Dynamics Corporation

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.