Ship And Boat Building And Repairing Market Characteristics
The ship and boat building and repairing market consists of sales of ships and boats and ship and boat building and repairing 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.
Competitive Landscape of the Ship And Boat Building And Repairing Market
Major players in the global ship and boat building and repairing market include Daewoo Shipbuilding & Marine Engineering Co Ltd, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Samsung Heavy Industries, General Dynamics.
Ship And Boat Building And Repairing Market Size
The ship and boat building and repairing market size is expected to reach $250 billion by 2022, significantly growing at a CAGR of around 3% during the forecast period. The growth in the Ship and boat building and repairing market is due to the global economy growth, shift to eco-friendly ships, increased exports orders and container shipping are expected to drive the market in the forecast period.
However, the market for Ship and boat building and repairing is expected to face certain restraints from high investment involved in ship building and rising prices of fuel.
Ship And Boat Building And Repairing Market Segmentation
The global ship and boat building and repairing market is further segmented based on type and geography.
By Type - The ship and boat building and repairing market is segmented into Ship Building & Ship Repair, and Boat Building & Boat Repair among these segments, the ship building and repair market accounts for the largest share in the global Ship and boat building and repairing market.
By Geography - The global ship and boat building and repairing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the global ship and boat building and repairing market.
Trends in the Ship And Boat Building And Repairing Market
Shipbuilding companies are increasingly using robotics technology to streamline shipbuilding operations and increase efficiency. Robots make use of 3D camera sensor and system-on-chip (SoC) technologies to automate welding, blasting, heavy lifting, painting, pipe cleaning, inspection and other tasks in a shipyard. For instance, Geoje shipyard in South Korea adopted technologies that automated 68% of its production using robotic systems. In 2013, South Korea’s Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, introduced mini welding robots in its shipyards. Shipyard robots are being extensively used by ship building companies in Europe, South Korea, Brazil, Japan and China.
Potential Opportunities in the Ship And Boat Building And Repairing Market
With increase in overcapacity in shipping, low domestic and global economic growth and trade accompanied by record low oil and gas prices along the east and west coasts hampered the demand for ship and boat building and repairing market we expect growth in ship and boat building and repair market.