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Ship Building And Repairing Market 2024 Share, Demand, Size, Trends, Development, Growth Factors And Forecast 2033
Ship Building And Repairing Market
Ship Building And Repairing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $334.14 billion In 2028 At A CAGR Of 6.5% :
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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Ship Building And Repairing Market Major Segments
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
Key Driver - Stable Economic Growth Propels Shipbuilding And Repair Market Expansion
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.
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Prominent Trend - Adoption Of Eco-Friendly Shipbuilding Technologies Worldwide
Shipbuilding companies around the world are increasingly using green shipbuilding technologies to comply with environmental rules and regulations. Technologies being used for shipbuilding include ships with no ballast systems that block organisms entering the ship and eliminate the need for sterilisation equipment; sulphur scrubber systems; waste heat recovery systems; speed nozzles; exhaust gas recirculation systems; advanced rudder and propeller systems; fuel and solar cell propulsion systems; and the use of LNG fuels for propulsion and auxiliary engines. Ships built using these technologies have significant energy savings and low carbon emissions. For instance, Peace Boat, a Japanese non-profit NGO, has entered into an agreement with Finnish shipbuilding company Arctech Helsinki Shipyard for the construction of Ecoship, the world's greenest cruise vessel. The Dean Shipyards Group is also coordinating a green LeanShips project aimed at creating fewer polluting vessels.
Ship Building And Repairing Market 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
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Largest And Fastest Growing Region In The Market
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
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ship Building And Repairing Market Report Structure
3. Ship Building And Repairing Market Trends And Strategies
4. Ship Building And Repairing Market - Macro Economic Scenario
5. Ship Building And Repairing Market Size And Growth
…..
27. Ship Building And Repairing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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