The value added of ships and boats building in Canada stood at CAD 1,170 million in 2023, showing a year-on-year increase of 3.21%. Over the last two years (2021-2023), the industry experienced steady growth with a compound annual growth rate (CAGR) of 3.45%. The average annual growth over the past five years has been 6.33%, reflecting a consistent upward trajectory despite minor fluctuations.

Future trends to watch for:

Continued moderate growth is expected with a forecast 5-year CAGR of 2.37%, indicating stable but slower growth.
Technological advancements in shipbuilding, including automation and green technologies, could significantly impact future production values.
Market demand driven by international trade and governmental defense investments will be crucial factors influencing the industry's trajectory.