Ship Building in Canada - Industry Market Research Report

Pier Pressure: The Anticipation of An Expected Economic Recovery Will Likely Support Industry Growth

The Canadian ship building industry will expand through the end of 2023. Ship builders build, modify, convert and repair ships, including warships, icebreakers, ferries and offshore platforms. Prior to the current period, this industry was troubled, competing with foreign builders while dealing with inconsistent domestic demand. In an effort to rebuild its navy and coast guard, the federal government launched the extensive National Shipbuilding Strategy (NSS) which effectively solved this problem. The industry was able to begin its expansion since most of these projects will take more than a decade. Still, the industry was not immune to the negative economic effects caused by the COVID-19 pandemic, but has since strongly recovered. Ship building revenue has been expanding at a CAGR of 3.9% over the past five years and is expected to total $2.9 billion in 2023, when revenue will jump by an estimated 3.0%. Profit also increased amid declining labour costs. Companies in the Ship Building industry in Canada build, repair, convert and alter ships in shipyards. Shipyards are fixed facilities with dry docks and fabrication equipment capable of building ships, defined as watercraft suitable or intended for purposes other than personal or recreational use. This does not include boat building activities. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.