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(MoneyNewsWire.Net, July 13, 2018 ) The ship and boat building and repairing market in this report is segmented into ship building and repair and boat building and repair. Ship building and repairing establishments operate a shipyard. They build barges, cargo ships, submarines, passenger ships and cruise liners, container ships and large fishing boats, and also provide ship dismantling, repairing and scaling services. A ship is a mode of water transport that weighs 500 tonnes or above. Ships are large vessels intended for deep-water passenger or cargo transport. They are complicated structures, with a variety of machinery and complex designs. Ships have dedicated engines to propel them and are generally operated in oceanic areas and high seas. Boat building and repairing establishments manufacture and repairs dinghies, hovercrafts, motorboats, rowboats, yachts, sailboats and inflatable rubber boats.
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The substantial reason for the growth of the ship and boat building and repairing market from $220 billion in 2017 to $250 in 2021 due to the global economy growth, shift to eco-friendly ships, increased exports orders and container shipping are expected to drive the market in the forecast period.
The market can easily be split into ship building & repairing and boat building & repair out of which ship building & repair comprises of three-fourth of the market share and rest of the market is shared by boat building & repair.
Asia Pacific was the largest region in the ship and boat building and repairing market in 2017, accounting for more than half market share. This region has a large number of shipbuilding companies in countries such as China, South Korea and India. Major Asia-Pacific countries have technologically advanced infrastructure to facilitate exports and imports, low-cost communications and access to potential new customers.
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Asia Pacific was the largest region in the ship and boat building and repairing market in 2017, accounting for 55% market share. This region has a large number of shipbuilding companies in countries such as China, South Korea and India, this is mainly due to a large number of shipyards in the country. Low short-term interest rates in the country have created good financing opportunities and private foreign direct investments for the shipping industry, followed by India and Japan.
The top five competitors in the market made up nearly one-fifth of the total market share in 2017. Daewoo Shipbuilding & Marine Engineering Co Ltd was the largest competitor comprises nearly 5% of the market, followed by Hyundai Heavy Industries, Mitsubishi Heavy Industries, Samsung Heavy Industries, General Dynamics. Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) is one of the "Big Three" shipbuilders of South Korea.
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