Press release
Ship Building And Repairing Industry Set to Achieve $313.15 Billion Milestone by 2029 | Steady 6.3% CAGR
Ship Building And Repairing Market
What Is the Long-Term Growth Forecast for the Ship Building And Repairing Market Size 2025?
The market for ship construction and maintenance has seen marked growth in recent years. The market is projected to expand from $232.4 billion in 2024 to $245.34 billion in 2025, representing a compound annual growth rate (CAGR) of 5.6%. This progressing in the historical stretch can be traced back to factors such as population increase, higher demand for cruise vessels, and economic advancements in developing markets.
What CAGR is Forecasted for the Ship Building And Repairing Market Through 2029?
The market size for shipbuilding and repair work is predicted to experience significant growth in the coming years. By 2029, it is projected to have expanded to $313.15 billion, reflecting a compound annual growth rate (CAGR) of 6.3%. This growth during the forecasted period is linked to an increased demand due to e-commerce and advancements in technology. The forecasted period is set to see major trends like investments in AI-based operating systems to enhance efficiency and cut down on errors and waste, commitment to eco-friendly ship repair technologies for maintenance and repairing of ships, a focus on sustainable shipbuilding technologies for production of ships, and adherence to global emission standards for ship building and transportation firms along with investments in robotics to boost efficiency and lessen reliance on human labor.
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What Are the Critical Factors Driving Ship Building And Repairing Market Development?
The shipbuilding and repair sector is expected to benefit from the predicted steady economic growth in many developed and developing nations. The International Monetary Fund (IMF) projects that the worldwide economy will grow by 5.9 percent in 2021 and 4.9 percent in 2022. The market's expansion is also likely to be fueled by the rebound of commodity prices following a significant drop in the historical period. Stable growth is anticipated in developed economies during the forecast period, while emerging markets are predicted to see slightly accelerated growth compared to developed markets during the same timeframe. This steady economic growth is anticipated to spur increased investments in end-user markets, pushing the market forward during the forecast period.
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How Does the Ship Building And Repairing Market Break Down Across 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
Subsegments:
1) By Ship Building: New Vessel Construction, Specialized Shipbuilding
2) By Ship Repairing: Routine Maintenance And Inspections, Major Repairs And Refurbishments, Conversion Services
What Are the Major Trends Transforming the Ship Building And Repairing Industry?
Globally, shipbuilding firms are progressively adopting eco-friendly shipbuilding technologies to adhere to environmental regulations. The technologies employed in shipbuilding encompass ships without ballast systems that hinder organisms' entry into the ship and remove sterilization equipment requirement; Sulphur scrubper systems; waste heat recovery mechanisms; speed nozzles; exhaust gas recirculation systems; sophisticated rudder and propeller systems; fuel and solar cell propulsion systems; alongside the utilization of LNG fuels for propulsion and extra engines. Ships constructed with these technologies demonstrate substantial energy conservation and reduced carbon emissions. For example, Peace Boat, a non-profit Japanese NGO, has entered into a deal with the Finnish shipbuilding company Arctech Helsinki Shipyard to build Ecoship, regarded as the greenest cruise vessel worldwide. Additionally, The Dean Shipyards Group is managing a green LeanShips initiative aimed to produce less pollutant vessels.
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Which Players Are Driving Innovation 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.S, Southern Engineering Co. Ltd, West Atlantic Shipyard, Nigerdock FZE
Which Regions Are Driving Global Ship Building And Repairing Market Expansion?
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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