Press release
Ship And Boat Building And Repairing Industry Expected to Reach $380.32 Billion by 2029 at 6.4% CAGR
Ship And Boat Building And Repairing
Ship And Boat Building And Repairing Market Value Projection: How Much Will the Market Size by 2025?
In recent times, the market size for ship and boat building and repairing has seen significant growth. It is projected to escalate from $281.25 billion in 2024 to $297.05 billion in 2025, reporting a compound annual growth rate (CAGR) of 5.6%. Factors contributing to the growth during the historic period include economic cycles, global trade, and regulatory revisions.
What Will Be the Market Growth Forecat for Ship And Boat Building And Repairing in 2029?
The market size of ship and boat building and repair is anticipated to experience significant growth in the upcoming years, reaching a valuation of $380.32 billion by 2029 with a CAGR of 6.4%. This projected increase during the forecast period is largely due to factors such as adherence to sustainability, environmental guidelines, energy shifts, integration of digital and automated systems, investments in infrastructure, and geopolitical stability and security considerations. Notable emerging trends during this forecasted period encompass electrification and lightweighting, cutting-edge materials, 3D printing technologies, digital connectivity, and an emphasis on collaboration and partnerships.
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What Are the Core Competitive Drivers in the Ship And Boat Building And Repairing Industry?
The consistent economic growth forecast in several developed and developing nations supports the ship and boat building and repair market. The International Monetary Fund (IMF) has estimated that the global GDP growth will clock 3.2% by 2024 and 3.3% by 2025. The rebound in commodity prices that significantly dropped in the historical period is anticipated to bolster the market growth. Steady growth is projected in developed economies throughout the forecast period, and emergent markets are predicted to grow slightly quicker than developed ones in the same period. As a result of stable economic growth, an increase in investments in end-user markets is projected, which should serve to drive the market throughout the forecast period.
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Which Ship And Boat Building And Repairing Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Ship And Boat Building And Repairing Market?
An increasing number of shipbuilding corporations worldwide are turning to green shipbuilding technologies in order to meet environmental regulations and standards. These innovative shipbuilding technologies encompass ships with no ballast systems, which prevent marine species from entering the ship thereby eliminating sterilisation equipment, sulphur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, highly sophisticated rudder and propeller systems, fuel and solar cell propulsion systems, and the implementation of LNG fuels for propulsion and auxiliary engines. The employment of such technologies results in ships with substantial energy savings and reduced carbon emissions. For example, Peace Boat, a non-profit NGO from Japan, has signed a contract with Arctech Helsinki Shipyard, a Finnish firm, to construct Ecoship, which is to become the world's most eco-friendly cruise ship. In addition, Dean Shipyards Group is leading a green initiative named LeanShips, which focus is on the production of less polluting vessels.
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Who Are the 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 Regional Ship And Boat Building And Repairing Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the ship and boat building and repairing market in 2024. 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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