Ship Building And Repairing Global Market Estimated to Reach $334.14 Billion in 2028 with CAGR of 6.5% | Fincantieri S.p.A., BAE Systems, Dammam Shipyard, Zamil Offshore, Damen Shipyards Group

Ship Building And Repairing Market

The Ship Building And Repairing by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Ship Building And Repairing, The ship building and repairing market size has grown strongly in recent years. It will grow from $243.35 billion in 2023 to $259.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to rising population, increasing demand for cruise ships, and economic growth in emerging markets.

The ship building and repairing market size is expected to see strong growth in the next few years. It will grow to $334.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing demand for e-commerce, and technological advances. Major trends in the forecast period include investing on ai based operating systems to increase efficiency and reduce errors and wastage, investing in environmentally friendly Ship Building And Repairing technologies for repairing and maintaining ships to curb the release of unnecessary hazardous material in the environment, focusing on green shipbuilding technologies to manufacture ships that conform to new carbon emission norms, manufacturing ships with lng-fueled engines to minimize carbon emissions and enable ship building and transportation companies to meet global emission norms and investing in robotics to increase efficiency and reduce the dependency on human laborers.

The shipbuilding and repair market is aided by stable economic growth forecast in many developed and developing countries. The International Monetary Fund (IMF) estimates that the global economy will expand by 5.9 percent in 2021 and 4.9 percent in 2022. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.

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The ship building and repairing market covered in this report is segmented –
1) By Type: Ship Building, Ship Building And 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

Shipbuilding companies around the world are increasingly using green shipbuilding technologies to comply with environmental rules and regulations. Technologies being used for shipbuilding include ships with no ballast systems that block organisms entering the ship and eliminate the need for sterilisation equipment; sulphur scrubber systems; waste heat recovery systems; speed nozzles; exhaust gas recirculation systems; advanced rudder and propeller systems; fuel and solar cell propulsion systems; and the use of LNG fuels for propulsion and auxiliary engines. Ships built using these technologies have significant energy savings and low carbon emissions. For instance, Peace Boat, a Japanese non-profit NGO, has entered into an agreement with Finnish shipbuilding company Arctech Helsinki Shipyard for the construction of Ecoship, the world’s greenest cruise vessel. The Dean Shipyards Group is also coordinating a green LeanShips project aimed at creating fewer polluting vessels.

The ship building and repairing market report table of contents includes:
1. Executive Summary