Industry Analysis & Industry Trends
A boom in demand helped the Ship Building industry rapidly expand over the past five years. Industry players build, modify, convert and repair ships including warships, icebreakers, ferries and offshore platforms. In order to rebuild its navy and coast guard, the federal government launched the National Shipbuilding Procurement Strategy (NSPS) in 2010. As a result, over the past five years, industry operators began to invest into existing and new facilities in order to cope with incoming orders. In the five years to 2021, as NSPS-related ship construction ramps up, the industry will experience a surge in production. As a result, operators will expand facilities and hire more workers, with industry employment anticipated to climb.
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Industry Report - Starting a New Business Chapter
This industry has high barriers to entry, largely due to enormous capital costs needed to operate a shipyard and construct a boat. Additionally, companies wishing to enter the industry must compete with incumbent operators that may already have established contracts and benefit from production efficiencies that give them a competitive edge. The competitive nature of this industry requires significant investment in research and development (R&D) and leveraging the expertise of employees. Businesses wishing to enter the industry must keep up with existing R&D.
Companies differentiate themselves based on products, shipyard size, dry dock capacity, geography and service, all of which are factors that require significant capital costs... purchase to read more