The value added of ships and boats building in the US has seen notable fluctuations from 2013 to 2023, standing at $22.03 billion in 2023. Over this period, the industry witnessed both growth and contraction, as highlighted by a significant drop in 2017 yet a rebound in the following years with a consistent rise from 2019 onwards. Recent years showed moderate increases: 2.19% in 2021, 2.1% in 2022, and 2.01% in 2023. The CAGR over the last five years was 3.42%, indicating steady growth despite year-by-year variations.
The forecast for 2024 to 2028 shows a consistent upward trend, with an average annual growth rate of 1.55%, reaching $24.31 billion by 2028. This suggests a stable, if modest, growth trajectory with a cumulative growth rate of 7.98% over the five-year forecast period.
Future trends to watch for include advancements in maritime technology, regulatory changes, and economic shifts that could impact global trade and shipbuilding demands. Keeping an eye on these elements will be crucial for anticipating future market dynamics within the industry.
