Navigating the Seas: Ship and Boat Building Market Insights 2024-2033

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 in the historic period can be attributed to economic cycles, global trade, regulatory changes.

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%. The growth in the forecast period can be attributed to sustainability and environmental regulations, energy transition, digitalization and automation, infrastructure investment, geopolitical stability and security concerns. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .

Market Overview -
Ship and boat building refers to building a new ship or boat 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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Stable Economic Growth And Global Gdp Projections Boost Ship And Boat Building And Repair Market
The ship and boat building and repair market is aided by stable economic growth forecast in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. 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.

Competitive Landscape -
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.

Innovative Technologies In The Ship And Boat Building And Repair Market With Green Shipbuilding Technologies To Comply With Environmental Rules And Regulations
Ship building 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 a 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 less polluting vessels.

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Key Segments -
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 Covered: Ship Building, Ship Repairing, Boat Building, Boat Repairing

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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