The Business Research Company’s report on the Ship Building And Repairing Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the ship building and repairing market further?
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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What are the key factors influencing the forecasted market size of the ship building and repairing industry?
The ship building and repairing market size has grown strongly in recent years. It will grow from $260.44 billion in 2024 to $278.96 billion in 2025 at a compound annual growth rate (CAGR) of 7.1%. 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 $354.45 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. 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 repairing technologies for repairing and maintaining ships, focusing on green shipbuilding technologies to manufacture ships, 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.
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Who are the leading competitors 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.Ş, Southern Engineering Co. Ltd, West Atlantic Shipyard, Nigerdock FZE
Which emerging trends are set to transform the ship building and repairing market landscape?
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 sterilization 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.
How do different geographies compare in terms of market share and growth potential in the ship building and repairing market?
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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Which major segments of the ship building and repairing market are experiencing the fastest growth?
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
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How is the ship building and repairing market defined, and what are its core characteristics?
Ship building refers to building a new ship from the ground up to completion based on the required design. Ship repair is the service provided after the sale of the product because it involves giving the ship regular maintenance.
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