Press release
Surging Ship Building And Repairing Market: Poised to Reach $278.96 Billion in 2025, $354.45 Billion in 2029, and Bank on Green Technologies and AI Systems
Surging Ship Building And Repairing Market
Promising growth due to burgeoning population and demand for green technologies mark the global ship building and repairing market.
What Is The Projected Market Size Of The Global Ship Building And Repairing Market And Its Growth Rate?
The global ship building and repairing market size has witnessed steady growth in recent years and is expected to continue its progress:
- The market size is predicted to leap from $260.44 billion in 2024 to $278.96 billion in 2025 at a compound annual growth rate (CAGR) of 7.1%.
- The growth scenario through 2029 promises a market size of $354.45 billion with a CAGR of 6.2%.
This growth can be attributed to factors such as the surging population, increasing demand for cruise ships, growth in e-commerce, and technological advancements.
What Is Driving The Growth In The Ship Building And Repairing Market?
The growth in the shipbuilding and repair market is buoyed by favorable economic forecasts in several developed and developing countries. The International Monetary Fund (IMF) predicts a global economic expansion of 5.9 percent in 2021 and 4.9 percent in 2022, which are expected to bolster the market's growth. The recovery of commodity prices and the stable growth of developed economies during the forecast period are additional factors fuelling growth. Furthermore, emerging markets are projected to exhibit faster growth than developed markets, paving the way for increased investment in end-user markets and thus driving market growth in the forecast period.
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Who Are the Key Players Driving Ship Building And Repairing Market Growth?
Some of the major companies operating in the ship building and repairing market include:
- Hyundai Heavy Industries
- Samsung Heavy Industries Co., Ltd.
- Daewoo Shipbuilding & Marine Engineering Co Ltd
- Fincantieri S.p.A.
- General Dynamics Corporation
- China Shipbuilding Industry Co., Ltd.
- CSCC Offshore & Marine Engineering (Group) Company Ltd
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Sumitomo Heavy Industries, Ltd
- China State Shipbuilding Corporation
- Yangzijiang Shipbuilding (Holdings) Ltd.
What Are The Key Trends In The Ship Building And Repairing Market?
Key trends expected to shape the future of the ship building and repairing market include:
- Investing in AI-based operating systems to amplify efficiency and minimize errors and wastage.
- Prioritizing environmentally friendly ship repairing technologies to support repair and maintenance operations.
- Nurturing green shipbuilding technologies to manufacture ships and comply with global emission norms.
- Investing in robotics to heighten efficiency and reduce dependency on human laborers.
What Are The Segments Of The Global Ship Building And Repairing Market?
The global ship building and repairing market is categorized into the following segments:
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
Which Region Leads The Ship Building And Repairing Market?
Asia-Pacific held the most substantial fraction of the shipbuilding and repairing market in 2024. Western Europe occupied the subsequent largest share. Other regions integral to the market include Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Ship Building And Repairing Market Global Market Report?
- Market Size Analysis: Analyze the Ship Building And Repairing Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Ship Building And Repairing Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Ship Building And Repairing Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Ship Building And Repairing Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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