Ship And Boat Building And Repairing Global Market Report 2024

The ship and boat building and repairing market size has grown strongly in recent years. It will grow from $284.22 billion in 2023 to $303.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historic period in the ship and boat building and repairing industry can be attributed to various factors, including economic cycles, global trade trends, and regulatory changes that have influenced the demand for new ship and boat construction, as well as maintenance and repair services. These factors have played a significant role in shaping the historical growth of the industry.

The ship and boat building and repairing market size is expected to see strong growth in the next few years. It will grow to $390.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. he anticipated growth in the forecast period in the ship and boat building and repairing industry can be attributed to several factors. These include an increasing focus on sustainability and adherence to environmental regulations, the ongoing transition towards cleaner energy sources, the implementation of digitalization and automation to enhance efficiency, significant infrastructure investments, and heightened concerns related to geopolitical stability and security. Major trends expected in the forecast period include the pursuit of electrification and lightweighting, advancements in materials and additive manufacturing, the continued development of digitalization and connectivity, and the fostering of collaboration and partnerships within the industry.

The ship and boat building and repair market is poised for growth, driven by the anticipation of stable economic growth in both developed and emerging countries. Projections from the International Monetary Fund (IMF) indicate a global GDP growth of 3.3% in 2020, with expectations of a further increase to 3.4% in 2021. Additionally, the recovery of commodity prices, following a significant decline in the past, is set to contribute to market growth. Developed economies are forecasted to maintain steady growth, and emerging markets are expected to outpace developed markets slightly during the forecast period. This sustained economic growth is likely to encourage investments in end-user markets, providing a boost to the ship and boat building and repair market.

The primary categories within this industry encompass shipbuilding and repairing, as well as boat building and repairing. Repairing, in this context, pertains to the maintenance and servicing of motor vehicles, including overhauling, component replacement, modification, and painting. The applications of these services span general maintenance, dockage, hull and engine parts, electrical work, and auxiliary services. They are utilized by various sectors, including transport companies, the military, and other end users.

The ship and boat building and repairing market research report is one of a series of new reports that provides ship and boat building and repairing market statistics, including ship and boat building and repairing industry global market size, regional shares, competitors with a ship and boat building and repairing market share, detailed ship and boat building and repairing market segments, market trends and opportunities, and any further data you may need to thrive in the ship and boat building and repairing industry. This ship and boat building and repairing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The ship and boat building and repair market is further expected to benefit from the growing global trade and shipping demand. International trade, involving the exchange of goods and services, relies heavily on shipping to transport products worldwide. Ships serve as essential vessels for the movement of goods, contributing to the creation and export of affordable products, access to raw materials, and the development of intricate logistical systems. Recent data from the United Nations Conference on Trade and Development in January 2023 indicates that global maritime trade saw a rebound in 2021, with shipments increasing by an estimated 3.2% to 11 billion tons. This reflects a substantial improvement compared to the 3.8% decline recorded two years earlier. As a result, the growth in global trade and shipping demand is a driving force for the ship and boat building and repair market.

The outbreak of COVID-19 had a significant impact on the ship and boat building and repair market in 2020. The pandemic led to disruptions in supply chains due to trade restrictions and a decrease in consumption owing to government-imposed lockdowns worldwide. COVID-19, characterized by symptoms such as fever, cough, and breathing difficulties, originated in Wuhan, China, in 2019, and rapidly spread across the globe, affecting regions including Western Europe, North America, and Asia. Transportation manufacturers rely on the supply of parts and components from various countries, and restrictions on the movement of goods among nations forced manufacturers to halt production due to parts shortages. The reduced consumer demand during lockdowns also resulted in a significant drop in new automobile sales. Although the outbreak's effects persisted into 2021, the ship and boat building and repair market is expected to recover over the forecast period, as the pandemic is considered a 'black swan' event unrelated to the market's inherent strengths or the global economy's fundamentals.

In response to environmental regulations and concerns, shipbuilding companies worldwide are increasingly adopting green shipbuilding technologies. These technologies include various innovations such as ballast systems that prevent the entry of organisms into the ship, reducing the need for sterilization equipment, as well as sulphur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, and the use of LNG fuels for propulsion and auxiliary engines. Ships constructed with these technologies exhibit significant energy savings and lower carbon emissions. For example, the development of the Ecoship by Peace Boat, a Japanese non-profit NGO, in collaboration with Arctech Helsinki Shipyard, highlights a commitment to creating the world's most environmentally friendly cruise vessel. Furthermore, the LeanShips project by the Dean Shipyards Group is focused on designing less polluting vessels.

Leading companies in the ship and boat building and repair market are concentrating on introducing innovative products such as ASAHI to cater to the evolving needs of their existing customers. ASAHI represents a pioneering vessel designed to reduce pollutants and enhance the shipping sector's sustainability. Powered by high-capacity lithium-ion batteries, ASAHI operates entirely on electricity, resulting in zero emissions of greenhouse gases (GHGs), sulfur oxides (SOx), or nitrogen oxides (NOx). For instance, in April 2022, Asahi Tanker Co. Ltd., in collaboration with Mitsui O.S.K. Lines Ltd., introduced ASAHI, the world's first 100% battery-powered tanker. This innovative vessel relies solely on electricity-bunkered gasoline and utilizes large-capacity lithium-ion batteries for all aspects of its operations, ranging from cargo handling to navigation. As a result, ASAHI demonstrates a strong environmental performance, reduces engine maintenance costs, and is expected to alleviate the workload of crew members. Mitsui O.S.K. Lines Ltd. is a Japanese cargo company.

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.

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.

The countries covered in the ship and boat building and repairing market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The ship and boat building and repairing market includes revenues earned by entities by construction of ships, their repair, conversion, and alteration. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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