The production of Ships and Boats Building in Canada has shown considerable growth from 2013 to 2023, increasing from 1.28 Billion CAD to 2.85 Billion CAD, with a year-on-year variation of 3.4% in 2023. The average annual growth rate (CAGR) over the past five years stands at 6.15%. Periods of notable growth were observed in 2015 (20.42%) and 2019 (21.46%), while declines were noted in 2018 (-2.79%) and 2020 (-17.18%). The forecast indicates a steady growth trajectory, with a 5-year CAGR of 2.51%, predicting the value to reach 3.33 Billion CAD by 2028.
Future trends to watch for include advancements in shipbuilding technologies, increased demand for green and sustainable vessels, and potential impacts of global economic and trade policies. Additionally, the sector may see growth spurts due to modernization efforts and increased investments in maritime infrastructure.
