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 - Industry Products Chapter
Repairs to ships typically generate the majority of industry revenue. Repair work and maintenance is largely performed on a routine basis. Most maintenance is done when anchored in a port or off-site at the plant or facility of a repairer. Occasionally, repairs can be done midvoyage, during which crews are sent to ships on voyage in an effort to reduce vessel downtime. This segment's services range from pipes and metal fabrications to hydraulic and electrical repairs. Although still necessary for the industry because ships will always need some work, this segment has declined over the past five years as shipbuilding revenue has gone up. Naval maintenance, repair and overhaul accounts for an estimated 35.7% of industry revenue, with 22.9% c.. purchase to read more