Ship Building and Repairing Global Market Report 2024

The ship building and repairing market size has grown strongly in recent years. It will grow from $243.35 billion in 2023 to $259.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The rise observed in the historical period can be ascribed to an increasing population, a growing demand for cruise ships, and economic expansion in emerging markets.

The ship building and repairing market size is expected to see strong growth in the next few years. It will grow to $334.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to the increasing demand for e-commerce and advancements in technology. Major trends expected in the forecast period include investments in AI-based operating systems to enhance efficiency and reduce errors and wastage, the allocation of resources towards environmentally friendly ship repairing technologies to minimize the release of hazardous materials into the environment during ship maintenance, a focus on green shipbuilding technologies to manufacture ships complying with new carbon emission standards, the production of ships with LNG-fueled engines to reduce carbon emissions and help shipbuilding and transportation companies meet global emission norms, and investments in robotics to improve efficiency and reduce reliance on human laborers.

The shipbuilding and repair market is supported by the outlook of stable economic growth in numerous developed and developing countries. As per the International Monetary Fund (IMF), global economic expansion is projected at 5.9 percent in 2021 and 4.9 percent in 2022. The recovery of commodity prices, following a significant decline in the historical period, is expected to further contribute to the market's growth. Developed economies are anticipated to exhibit steady growth, and emerging markets are projected to grow slightly faster than developed markets in the forecast period. This stable economic growth is foreseen to lead to increased investments in the end-user markets, consequently propelling the shipbuilding and repair market during the forecast period.

The rise in global trade is poised to enhance the growth of the shipbuilding and repairing market in the coming years. Global trade encompasses the exchange of goods, services, and capital across international borders or territories. The expansion of global trade necessitates shipping capacity to transport commodities across borders. The growing demand for cargo ships, container ships, and bulk carriers stimulates the development of new vessels, fostering the shipbuilding and repair sector. For instance, in September 2023, as reported by the United Nations Conference on Trade and Development, the maritime trade is expected to witness a 2.4% increase in 2023 and a growth of over 2% from 2024 to 2028. Hence, the upsurge in global trade is a driving force behind the growth of the shipbuilding and repairing market.


Shipbuilding firms worldwide are increasingly adopting green shipbuilding technologies to adhere to environmental regulations. These technologies include ships incorporating ballast systems that prevent the entry of organisms, eliminating 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 the utilization of LNG fuels for propulsion and auxiliary engines. Vessels constructed with these technologies offer significant energy savings and exhibit low carbon emissions. For instance, Japanese non-profit NGO Peace Boat has collaborated with Finnish shipbuilding company Arctech Helsinki Shipyard to construct Ecoship, recognized as the world’s greenest cruise vessel. The Dean Shipyards Group is leading the green LeanShips project, aiming to create vessels with reduced pollution.

Key companies in the shipbuilding and repairing market are introducing innovative products such as green container ships to cater to broader customer bases, increase sales, and enhance revenue. Green container ships are designed to minimize their environmental impact and carbon footprint. In April 2023, Denmark-based shipping company Maersk A/S launched a green methanol-powered container ship. Notably, it is a feeder ship with a 2,100 TEU capacity, representing the first of nineteen carbon-neutral vessels fueled by green methanol. Maersk has actively secured suppliers for the roughly 1 million metric tons of green methanol fuel required annually to power its methanol-fueled fleet. This initiative is anticipated to prevent atmospheric emissions of approximately 2.3 million metric tons of CO2 per year compared to conventional fuel-powered ships.


Major companies operating in the ship building and repairing market report are Hyundai Heavy Industries, Samsung Heavy Industries Co., Ltd., Daewoo Shipbuilding & Marine Engineering Co Ltd., Fincantieri S.p.A., General Dynamics Corporation, Imabari Shipbuilding Co., Ltd., China Shipbuilding Industry Co., Ltd., CSCC Offshore & Marine Engineering (Group) Company Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Sumitomo Heavy Industries, Ltd., Imabari Shipbuilding, China State Shipbuilding Corporation, Yangzijiang Shipbuilding (Holdings) Ltd., New Times Shipbuilding Co. Ltd., Hudong- Zhonghua Shipbuilding, Tsuneishi Holdings, Oshima Shipbuilding Company, Cochin Shipyard Limited, Hindustan Shipyard Limited, Garden Reach Shipbuilders and Engineers, Lloyd Werft Bremerhaven, Neptune Werft GmbH, Schiffswerft Hermann Barthel GmbH, Meyer Werft, STX, PIRIOU, SOCARENAM, CMN, Chantiers naval de Normandie, Naval Group, A&P Group Tyne Shipyard, Cammell Laird, Parkol Marine Engineering, Yarrow Shipbuilders, NAUTA, Remontowa, Seatech Engineering, CRIST S A, Marine Projects Ltd SP, PO SEVMASH, AO, OSK, Admiralteiskie Verfi, Severnaya Verf, Pella, NEVSKI SSZ, Vard Tulcea, Santierul Naval Damen Galati, Shipyard ATG Giurgiu, Huntington Ingalls Industries Inc., BAE Systems, Dammam Shipyard, Zamil Offshore, Damen Shipyards Group, Israel Shipyards Ltd., Gemak Group of Companies, Sefine Shipyard, Kuzey Star Shipyard, Desan Shipyard, Southern African Shipyards, Dormac Marine & Engineering, DCD Enerji Çevre ve Teknoloji A.Ş, Southern Engineering Co. Ltd., West Atlantic Shipyard, Nigerdock FZE.

Asia-Pacific was the largest region in the shipbuilding and repairing market in 2023. Western Europe was the second largest region in the shipbuilding and repairing market. The regions covered in the ship building and repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the ship 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 shipbuilding and repairing market include 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 primary categories in the shipbuilding and repairing market comprise shipbuilding and ship repairing. Shipbuilding pertains to the construction of floating vessels and ships. Various applications within this market include general services, dockage, hull parts, engine parts, electrical works, and auxiliary services. These services find applications across transport companies, military entities, and other end-users.

The shipbuilding and repairing market research report is one of a series of new reports that provides shipbuilding and repairing market statistics, including shipbuilding and repairing industry global market size, regional shares, competitors with a shipbuilding and repairing market share, detailed shipbuilding and repair market segments, market trends and opportunities, and any further data you may need to thrive in the shipbuilding and repair industry. This shipbuilding and repairing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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.


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