ship and boat building and repairing trends

How Is the Ship And Boat Building And Repairing Market Expected To Grow Through 2023-2032?

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global ship and boat building and repairing market have charted an impressive trajectory, surging from $264.86 billion in 2022 to $287.14 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.4%. Looking ahead, the market is poised for continued expansion, with a projected growth to $389.37 billion in 2027, sustaining a steady CAGR of 7.9%.

  • Economic Stability: A Key Enabler
    • The ship and boat building and repairing market draw strength from the stable economic growth forecast across developed and developing nations.
    • The International Monetary Fund (IMF) predicts a global GDP growth of 3.3% in 2020, further strengthening to 3.4% in 2021.
    • Recovering commodity prices, particularly after a significant historical decline, contribute to the positive growth outlook.
    • Developed economies and emerging markets are both anticipated to exhibit stable growth during the forecast period.

Driving Forces: Economic Growth and Investments

The market’s trajectory is intricately tied to the stability and growth forecast in the global economy. Several factors drive this interconnection:

  • Investment Surge: Stable economic growth forecasts in developed and developing countries are expected to trigger increased investments in end-user markets.
  • Global GDP Outlook: The IMF’s prediction of a 3.4% global GDP growth in 2021 bodes well for market expansion.
  • Commodity Price Recovery: The recovery of commodity prices further fuels the ship and boat building and repairing market’s growth.

Industry Leaders: A Roster of Key Players

Major companies are steering the ship and boat building and repairing market, contributing to its growth and innovation. Key players in this dynamic sector include:

  • Samsung Heavy Industries Co Ltd.
  • Daewoo Shipbuilding & Marine Engineering
  • BRP Inc.
  • Fincantieri SpA
  • General Dynamics
  • Huntington Ingalls Industries
  • China Shipbuilding Industry Corp
  • China CSSC Holdings Limited
  • Berkshire Hathaway Inc.

Green Technologies: Sailing Towards Sustainability

In an era marked by environmental consciousness, shipbuilding companies are increasingly adopting green technologies to align with stringent environmental regulations. Noteworthy technologies transforming the landscape include:

  • No Ballast Systems: Preventing the entry of organisms into ships, eliminating the need for sterilization equipment.
  • Sulphur Scrubber Systems: Addressing emissions by removing sulfur from exhaust gases.
  • Waste Heat Recovery Systems: Harnessing and utilizing waste heat for enhanced energy efficiency.
  • Fuel and Solar Cell Propulsion Systems: Offering sustainable alternatives to traditional propulsion methods.

Exemplary Projects: A Glimpse into Green Shipbuilding

Several initiatives showcase the industry’s commitment to sustainable shipbuilding:

  • Ecoship by Peace Boat: In collaboration with Arctech Helsinki Shipyard, Peace Boat is constructing Ecoship, touted as the world’s greenest cruise vessel.
  • LeanShips Project by Dean Shipyards Group: This project focuses on developing less polluting vessels, aligning with environmental standards.

Segmentation Insights: Unveiling Market Dynamics

  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

Regional Dominance: Asia-Pacific Leading the Charge

In 2022, Asia-Pacific emerged as the largest region in the ship and boat building and repairing market, spearheading growth and innovation. The region’s strategic position and robust shipbuilding infrastructure played pivotal roles in this leadership.

View More On The Ship And Boat Building And Repairing Market Report 2023 –

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The Ship And Boat Building And Repairing Global Market Report 2023  provides comprehensive insights on the ship and boat building and repairing market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the ship and boat building and repairing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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