Press release
Stable Economic Growth And Global Gdp Projections Boost Ship And Boat Building And Repair Market: Strategic Insights Driving Ship And Boat Building And Repairing Market Momentum in 2025
Ship And Boat Building And Repairing
How Large Will the Ship And Boat Building And Repairing Market Size By 2025?
The market size for ship and boat building and repairing has seen significant growth in the past few years. Its value is projected to increase from $305.1 billion in 2024 to $327.11 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.2%. This growth during the historical period is thanks to factors such as economic cycles, international trade, and regulatory modifications.
How Big Is the Ship And Boat Building And Repairing Market Size Expected to Grow by 2029?
The market size for ship and boat building and repairing is anticipated to witness robust expansion in the upcoming years, with a forecasted growth to $416.68 billion in 2029 at a compounded annual growth rate (CAGR) of 6.2%. The predicted expansion during the forecast period is a result of various factors like sustainable and environmental regulations, energy transition, digitization and automation, infrastructure investment, geopolitical stability, and security-oriented concerns. Key trends during this forecast period encompass electrification and lightweighting, utilization of advanced materials, additive manufacturing, digital connectivity, as well as collaboration and partnerships.
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Which Key Market Drivers Powering Ship And Boat Building And Repairing Market Expansion and Growth?
Steady economic growth projected in numerous developed and developing nations bolsters the ship and boat building and repair market. The International Monetary Fund (IMF) forecasts a global GDP growth of 3.2% in 2024, ramping up to 3.3% in 2025. The market's growth is set to be augmented by the rebound of commodity prices following their significant drop in the historical period. The forecast period will see mature economies maintaining a steady growth rate. Moreover, emerging markets are slated to outpace developed markets marginally during the projected period. Consistent economic growth is likely to amplify investments in end-user markets, propelling the market in the forecast period.
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Which Fast-Growing Trends Are Poised to Disrupt the Ship And Boat Building And Repairing Market?
The global shipbuilding sector is gradually adopting eco-friendly shipbuilding technologies to adhere to environmental laws and regulations. Ship construction technologies now incorporate vessels without ballast systems that prevent the entry of organisms, eradicating the requirement for sterilisation apparatus, and the introduction of sulphur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, innovative rudder and propeller systems, fuel and solar cell propulsion systems, along with the application of LNG fuels for propulsion and auxiliary engines. These technologies result in notable energy efficiencies and reduced carbon emissions in ships. For example, Peace Boat, a non-profit NGO from Japan, has signed a deal with Arctech Helsinki Shipyard, a Finnish shipbuilding firm, for the fabrication of Ecoship, labelled as the world's most eco-friendly cruise vessel. Concurrently, The Dean Shipyards Group is also managing a green LeanShips project with the purpose of developing vessels that emit less pollution.
What Are the Emerging Segments in the Ship And Boat Building And Repairing Market?
The ship and boat building and repairing market covered in this report is segmented -
1) By Type: Ship Building And Repairing, Boat Building And Repairing
2) By Application: General Services, Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary Services
3) By End-User: Transport Companies, Military, Other End Users
Subsegments:
1) By Ship Building And Repairing: Commercial Ship Building, Military Ship Building, Ship Repair And Maintenance Services, Ship Modification And Conversion
2) By Boat Building And Repairing: Recreational Boat Building, Fishing Boat Building, Yacht Building, Boat Repair And Maintenance Services, Custom Boat Building
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Who Are the Global Leaders in the Ship And Boat Building And Repairing Market?
Major companies operating in the ship and boat building and repairing market include Samsung Heavy Industries Co. Ltd., Daewoo shipbuilding & marine engineering, BRP Inc., Brunswick Corporation, Fincantieri SpA, Huntington Ingalls Industries Inc., China Shipbuilding Industry Corporation, China CSSC Holdings Limited, Berkshire Hathaway Inc., General Dynamics Corp., Mitsubishi Heavy Industries Ltd., Austal Limited, Hyundai Mipo Dockyard Co Ltd., Damen Shipyards Group, Sembcorp Marine Ltd., Oman Drydock Company, Cochin Shipyard Limited, United Shipbuilding Corporation, Arab Shipbuilding and Repair Yard, Bae Systems Norfolk Ship Repair Inc., Conrad Shipyard L.L.C., Irving Shipbuilding, Seaspan ULC, Toronto Drydock Company, James Marine Inc., Trident Maritime Systems Inc., Reliance Naval and Engineering Limited, Bharati Defence And Infrastructure Limited, ABG Shipyard Limited, Western India Shipyard Limited, Titagarh Marine Limited.
Which are the Top Profitable Regional Markets for the Ship And Boat Building And Repairing Industry?
Asia-Pacific was the largest region in the ship and boat building and repairing market in 2023. Western Europe was the second largest market in ship and boat building and repairing market. The regions covered in the ship and boat building and repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
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