Ship Building And Repairing Global Market To Reach Value Of About $226 Billion In 2025
21 Apr, 2021
The ship building and repairing market consists of sales of ships and ship building and repairing services and related services by entities (organizations, sole traders and partnerships) that operate shipyards. Shipyards are fixed facilities with drydocks and fabrication equipment capable of building a ship, defined as watercraft typically suitable or intended for other than personal or recreational use. The activities of shipyards include the construction of ships, their repair, conversion and alteration, the production of prefabricated ship and barge sections, and specialized services, such as ship scaling.
Global Ship Building And Repairing Market Size And Drivers:
The global ship building and repairing market is expected to grow from $178.14 billion in 2020 to $190.47 billion in 2021 at a compound annual growth rate (CAGR) of 6.9%. The market is expected to reach $225.64 billion in 2025 at a CAGR of 4%.
The ship building and repairing market is aided by stable economic growth forecasted in many developed and developing countries.
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Trends In The Global Ship Building And Repairing Market
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 use of LNG fuels for propulsion and auxiliary engines. Ships built using these technologies have significant energy savings and low carbon emissions.
Global Ship Building And Repairing Market Segments:
The global ship building and repairing market is further segmented based on type and geography.
By Type: Ship Building, Ship Repairing.
By Geography: The global ship building and repairing market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific is the largest region in the global ship building and repairing market, accounting for 52% of the total market.
Read More On The Report For The Global Ship Building And Repairing Market At:https://www.thebusinessresearchcompany.com/report/ship-building-and-repairing-global-market-report
Ship Building And Repairing Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides ship building and repairing market overviews, analyzes and forecasts market size and growth for the global ship building and repairing market, ship building and repairing market share, ship building and repairing market players, ship building and repairing market segments and geographies, ship building and repairing market’s leading competitors’ revenues, profiles and market shares. The ship building and repairing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.