The value added of ships and boats building in the UK has shown an overall increasing trend from 2013 to 2023, starting at £1.48 billion in 2013 and reaching £2.23 billion in 2023. The sector experienced fluctuations, with notable growth spurts in 2017 (13.74%) and 2018 (20.11%). The positive trajectory continued, though at a slower pace, from 2019 onwards, with year-on-year increases generally above 1%, peaking at 2.91% in 2021. The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) stood at 2.35%.
Forecasts for 2024 onwards suggest continued growth, reaching £2.50 billion by 2028, with a projected 5-year forecasted CAGR of 1.79%. This indicates a stable trajectory, albeit at a slower growth rate compared to previous years.
Future trends to watch for:
- Adoption of greener technologies and sustainable practices in shipbuilding
- Impact of geopolitical changes on trade and shipbuilding demand
- Evolution of digital shipbuilding techniques and automation
- Potential effects of post-pandemic supply chain shifts on materials and labor availability
- Emerging markets influencing demand for different types of boats and ships
