Ship Building And Repairing Global Market Report 2022

Major companies in the shipbuilding and repairing market include Samsung Heavy Industries Co Ltd, Daewoo shipbuilding & marine engineering, General Dynamics, Huntington Ingalls Industries, China Shipbuilding Industry Corp, China CSSC Holdings Limited, Fincantieri SpA, BRUNSWICK CORPORATION, Mitsubishi Heavy Industries Ltd, and Austal.

The global ship building and repairing market is expected to grow from $208.25 billion in 2021 to $227.54 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The market is expected to grow to $316.84 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%.

The shipbuilding and repairing market consists of sales of ships and shipbuilding 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 the prefabricated ship and barge sections, and specialized services, such as ship scaling.

The main types in the shipbuilding and repairing market are shipbuilding and ship repairing.Shipbuilding refers to the construction of floating vessels and ships.

The various applications include general services, dockage, hull part, engine parts, electric works, auxiliary services. These are used in transport companies, the military, other end-user.

Asia Pacific was the largest region in the shipbuilding and repairing market in 2021.Western Europe was the second largest region in the shipbuilding and repairing market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The shipbuilding and repairing market is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth is 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments at the end-user markets, thereby driving the market during the forecast period.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the shipbuilding and repairing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe.

As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components.Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries impose lockdowns.

The outbreak harmed businesses throughout 2020 and into 2021.However, it is expected that the shipbuilding and repairing market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.

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, sulfur 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.For instance, Peace Boat, a Japanese non-profit NGO has entered into an agreement with Finnish shipbuilding company Arctech Helsinki Shipyard for the construction of Ecoship, the world’s greenest cruise vessel.

Dean Shipyards Group is also coordinating a green LeanShips project aimed at creating fewer polluting vessels.

The countries covered in the shipbuilding and repairing market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.