Ship Building in the US
Over five years to 2018, the Ship Building industry, made up of operators that design, build and repair ships and other vessels for both the defense and commercial sectors, encountered rough seas as demand sank. The industry maintained some stability as long project lead times for ships and consistent demand for military ships from the US Navy kept shipyards busy. However government spending cuts, including to the defense budget, pressured spending on naval vessels and inhibited industry revenue growth over the past five years. Over five years to 2023, industry revenue is forecast to grow, however, as the US Department of Defense's increased emphasis on maritime operations is anticipated to create steady demand for new naval vessels. In addition, rising US oil and gas production is likely to maintain greater demand for tankers, barges, offshore platforms and related vessels.
Shipbuilders operate shipyards, which are fixed facilities with dry docks and fabrication equipment capable of building a ship. A ship is defined as watercraft typically suitable or intended for use other than for personal or recreational purposes. Shipyard activities include ship construction, repair, conversion and alteration; the production of prefabricated ship and barge sections; and specialized services, such as ship scaling.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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