Press release
Stable Economic Growth Propels Shipbuilding And Repair Market Expansion: A Significant Driver Propelling The Ship Building And Repairing Market In 2025
Ship Building And Repairing
What Is the Current Ship Building And Repairing Market Size and Its Estimated Growth Rate?
The market size of ship construction and restoration has witnessed robust growth in the past few years. The market which stands at $260.44 billion in 2024 is forecasted to expand to $278.96 billion in 2025, marking a compound annual growth rate (CAGR) of 7.1%. The growth during the historic period is primarily due to rising population, escalating demand for cruise ships, and the economic expansion in up-and-coming markets.
It is projected that the market size of ship building and repairing will experience robust growth within the next few years, with estimates showing a surge to $354.45 billion in 2029, boasting a 6.2% compound annual growth rate (CAGR). This predicted expansion during the forecast period could be attributed to the rising demand for e-commerce and technological advancements. Notable trends within this period encompass investment in AI based operating systems to bolster efficiency and decrease mistakes and waste, commitment to green technologies for ship repairing to fix and maintain vessels, emphasis on green shipbuilding methods for ship production, and meeting international emission standards through investments in robotic systems to amplify efficiency and decrease reliance on human labor.
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How Are Emerging Segments Shaping the Ship Building And Repairing Market Landscape?
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
Subsegments:
1) By Ship Building: New Vessel Construction, Specialized Shipbuilding
2) By Ship Repairing: Routine Maintenance And Inspections, Major Repairs And Refurbishments, Conversion Services
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Which Growth Factors Are Influencing Ship Building And Repairing Market Expansion?
Economic growth stability in numerous developed and developing nations is playing a significant role in bolstering the shipbuilding and repair market. The International Monetary Fund (IMF) has projected a global economic expansion of 5.9 percent in 2021 and 4.9 percent in 2022. The recovery of commodity prices following a stark drop in the historical period will also likely contribute to the growth of the market. Further, anticipated steady growth in developed economies during the projection period is also anticipated to positively impact the market. Moreover, it's expected that emerging markets will maintain a slightly higher growth rate compared to developed markets in the coming years. With stable economic growth, there will likely be an escalation in investments in end-user markets, which would consequently fuel market growth in the forecast timeframe.
Who Are the Dominant Players Across Different Ship Building And Repairing Market Segments?
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, Imabari Shipbuilding Co., Ltd., 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., 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.S, Southern Engineering Co. Ltd, West Atlantic Shipyard, Nigerdock FZE
What Are the Latest Developing Trends in the Ship Building And Repairing Market?
Worldwide, shipbuilding firms are increasingly adopting eco-friendly shipbuilding technologies to adhere to environmental regulations and policies. This includes the use of ballast-free ships which prevent organism intrusion and obviate the necessity for sterilization equipment, Sulphur scrubber systems, waste heat recovery mechanisms, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, fuel, solar cell propulsion systems, and the employment of LNG fuels for propulsion and auxiliary engines. Ships constructed with these technologies offer substantial energy savings and decreased carbon emissions. For example, the Japanese non-profit NGO, Peace Boat, has formed a partnership with Arctech Helsinki Shipyard, a Finnish shipbuilding company, to construct the Ecoship, touted as the globe's most environmentally friendly cruise vessel. Moreover, the Dean Shipyards Group is supervising a green LeanShips project intended to produce less polluting ships.
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Which Geographic Regions Are Expected to Dominate the Ship Building And Repairing Market in the Coming Years?
Asia-Pacific was the largest region in the shipbuilding and repairing market in 2024. 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Ship Building And Repairing Market?
2. What is the CAGR expected in the Ship Building And Repairing Market?
3. What Are the Key Innovations Transforming the Ship Building And Repairing Industry?
4. Which Region Is Leading the Ship Building And Repairing Market?
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