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Stable Economic Growth Propels Shipbuilding And Repair Market Expansion Emerges as a Core Driver of the Ship Building And Repairing Market in 2025
Ship Building And Repairing
What Is the Expected CAGR for the Ship Building And Repairing Market Through 2025?
The market size of ship construction and maintenance has seen significant growth in recent years. The forecast suggests an increase from $260.44 billion in 2024 to $278.96 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 7.1%. The substantial growth during the historical period is due to a surge in population, the escalating demand for cruise ships, and the economic expansion in burgeoning markets.
What's the Projected Size of the Global Ship Building And Repairing Market by 2029?
In the coming years, predictions indicate robust growth for the ship building and repairing market, which is projected to reach a valuation of $354.45 billion in 2029, with a compound annual growth rate (CAGR) of 6.2%. The growth for the forecasted period is said to be driven by an increasing demand for e-commerce and technological breakthroughs. Some notable trends for this period include investments in AI-based operating systems to enhance efficiency and minimize wastage, commitment to eco-friendly ship repairing technologies for the upkeep and repair of vessels, emphasis on green shipbuilding technologies for the production of ships, and efforts to align with global emission standards for ship building and transportation companies, along with investments in robotics to augment efficiency and lessen the reliance on human workers.
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Top Growth Drivers in the Ship Building And Repairing Industry: What's Accelerating the Market?
Predictions of consistent economic development in numerous developed and developing nations are set to boost the shipbuilding and repair market. The International Monetary Fund (IMF) predicts that the global economy will grow by 5.9 percent in 2021 and 4.9 percent in 2022. This growth outlook, along with the recovery of commodity prices after a considerable decrease in previous years, is anticipated to further support the growth of this market. Developed economies are projected to maintain steady growth during the forecast period, whilst emerging markets are expected to grow slightly more rapidly. This consistent economic development will likely stimulate investments in end-user markets, propelling the market during the predicted period.
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What Trends Will Shape the Ship Building And Repairing Market Through 2029 and Beyond?
Globally, shipbuilding firms are progressively adopting eco-friendly shipbuilding techniques to adhere to environmental laws and regulations. The technologies implemented for constructing ships include ships without ballast systems that prevent entry of organisms, hence eradicating the requirement for sterilisation apparatus; Sulphur scrubber setups; waste heat salvage systems; speed spouts; exhaust gas re-circulation setups; innovative rudder and propeller setups; fuel and solar cell drive systems, and the incorporation of LNG fuels for propelling and assisting engines. Vessels constructed utilising these techniques offer considerable energy efficiencies and reduced carbon emissions. For instance, Peace Boat, an NGO from Japan, has sealed an agreement with Arctech Helsinki Shipyard, a Finnish shipbuilding firm, to construct Ecoship, the world's most environmentally-friendly cruise vessel. Simultaneously, The Dean Shipyards Group is managing a green LeanShips Initiative aimed at constructing less polluting vessels.
What Are the Main Segments in the Ship Building And Repairing Market?
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 Top Companies are Driving Growth in the Ship Building And Repairing Market?
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.Ş, Southern Engineering Co. Ltd, West Atlantic Shipyard, Nigerdock FZE
Which Regions Will Dominate the Ship Building And Repairing Market Through 2029?
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
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