(EMAILWIRE.COM, December 18, 2018 ) The global ship and boat building and repairing market, one of the segments of industry. During the historic period it grew at a compound annual growth rate (CAGR) of just 1%. This slight growth rate can be attributed to the slight increase in demand for new ships in the shipping industry. Overcapacity in shipping, low domestic and global economic growth and trade accompanied by record low oil and gas prices along the east and west coasts hampered the demand for ship and boat building and repairing market. was mainly due to the increased sales of automobiles and rising disposable income.
For the forecasted period, the ship and boat building and repairing market size is expected to be over $ 250 billion by 2021, growing at a CAGR of nearly 3%. The growth rate for forecasted period is higher when compared to the historic period. This growth can be attributed 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
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Many ship building companies are using advanced outfitting methods to reduce shipbuilding cycle time and costs. Traditionally, shipbuilding process was sequential with outfitting of components only after the ship hull was launched, whereas, advanced outfitting is the fitting of machinery, seating structures, piping, electrical and hull outfit items before the hull structure is fabricated and erected on the birth or dock.
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