The Business Research Company’s Ship And Boat Building And Repairing Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, May 31, 2021 /EINPresswire.com/ — 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, 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 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 a 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 low polluting vessels.
The global ship and boat building and repairing market is segmented by type into ship building, ship repairing, boat building, and boat repairing.
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The global ship and boat building and repairing market is expected to grow from $219.3 billion in 2020 to $234.1 billion in 2021 at a compound annual growth rate (CAGR) of about 6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $282.5 billion in 2025 at a CAGR of 5%.
Asia Pacific is the largest region in the global ship and boat building and repairing market, accounting for 49% of the market in 2020. North America is the second largest region, accounting for 21% of the global market. Africa is the smallest region in the boat and shipbuilding and repairing market.
Major companies in the shipbuilding industry analysis report include Daewoo Shipbuilding & Marine Engineering Co Ltd, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Samsung Heavy Industries, General Dynamics.
Ship And Boat Building And Repairing Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides ship and boat building and repairing market overview, forecast ship and boat building and repairing market size and growth for the whole market, ship and boat building and repairing market segments, and geographies, ship and boat building and repairing market trends, ship and boat building and repairing market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire