PUBLISHER: The Business Research Company | PRODUCT CODE: 1712561
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712561
In the ship and boat building and repairing industry, ship and boat building involves the construction of new ships or boats from the ground up, following the required design, to their completion. On the other hand, ship repair services are provided after the sale of the product and involve the regular maintenance and servicing of ships to keep them in optimal condition.
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 from The Business Research Company 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 repairing market size has grown strongly in recent years. It will grow from $305.1 billion in 2024 to $327.11 billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. 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 $416.68 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. 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.
The ship and boat building and repair market is supported by stable economic growth projected for many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth is forecasted to reach 3.2% in 2024 and 3.3% in 2025. Recovering commodity prices, following a significant decline in previous years, are also anticipated to contribute to the market's expansion. Developed economies are expected to experience stable growth during the forecast period, while emerging markets are projected to grow at a slightly faster pace than developed markets. This stable economic growth is likely to drive increased investments in end-user markets, thereby fueling the market's growth over the forecast period.
The ship and boat building and repair market is expected to grow due to increasing global trade and shipping demand in the coming years. Trade refers to the exchange of goods and services between two or more parties, often in return for money or other commodities and services. Shipping involves the transportation of goods from one location to another, primarily by sea. Ships play a crucial role in global commerce and shipping by facilitating the movement of goods and commodities worldwide, enabling the production and export of affordable products, access to raw materials, and the development of advanced logistical networks. For example, in January 2023, the United Nations Conference on Trade and Development, a Switzerland-based UN organization that advocates for developing countries in global trade, reported a recovery in global marine trade. Shipments increased by an estimated 3.2% to reach 11 billion tons, marking a 7-percentage-point improvement from the 3.8% decline observed two years earlier. Thus, the rising demand for global trade and shipping is driving growth in the ship and boat building and repair market.
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 2024. 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.
Ship And Boat Building And Repairing Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ship and boat building and repairing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ship and boat building and repairing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ship and boat building and repairing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.