Ship Building And Repairing Market Characteristics
The ship building and repairing market consists of sales of ships and ship 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 Building And Repairing Market
Major players in the global Ship building and repairing market include Hyundai Heavy Industry Ulsan South Korea, Daewoo Shipbuilding Okpo South Korea, Samsung Heavy Industry Geoje South Korea, Hyundai Samho Samho South Korea, Mitsubishi Heavy Industry Nagasaki Japan.
Ship Building And Repairing Market Size
The ship building and repairing market size is expected to increase by 2022, significantly growing at a CAGR of around 2.5% during the forecast period. The growth in the Ship building and repairing market is due to increase in demand for ships in recent years, and rising demand for sea travel.
However, the market for Ship building and repairing is expected to face certain restraints from several factors such as rising costs in ship building and uncertainty in market.
Ship Building And Repairing Market Segmentation
The global ship building and repairing market is further segmented based on type and geography.
By Type - The ship building and repairing market is segmented into ship building, ship repairing among these segments, the ship building market accounts for the largest share in the global Ship building and repairing market.
By Geography - The global ship 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 building and repairing market.
Trends in the Ship Building And Repairing Market
Robotics is being used in the shipbuilding industry to lift heavy metal parts and provide automated services such as welding, blasting, painting, and other related tasks in shipyards. Usage of robotics also leads to increased efficiency and reduced accidents. In South Korea’s Geoje shipyard which launched 30 ships a year, 68% of its production processes were carried out by robotic systems.
Potential Opportunities in the Ship Building And Repairing Market
With increase in demand of sea-based tourism and increasing demand for overseas shipping the scope and potential for the global ship building and repairing market is expected to significantly rise in the forecast period.