Shipbuilding and Offshore Rig Fabrication and Repair Market Size, Share, Growth and Industry analysis, By Type (Fabrication, Repair), By Application (Tankers, Bulkers, Cruise and Ferry, Offshore Rig, Others) and Regional Forecast to 2034

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SHIPBUILDING AND OFFSHORE RIG FABRICATION AND REPAIR MARKET OVERVIEW

The global shipbuilding and offshore rig fabrication and repair market size was valued at USD 117.63 billion in 2025 and is expected to reach USD 259.66 billion by 2034, growing at a compound annual growth rate (CAGR) of about 9.2% from 2025 to 2034.

The United States Shipbuilding and Offshore Rig Fabrication and Repair Market size is projected at USD 38.95 Billion in 2025, the Europe Shipbuilding and Offshore Rig Fabrication and Repair Market size is projected at USD 28.73 Billion in 2025, and the China Shipbuilding and Offshore Rig Fabrication and Repair Market size is projected at USD 34.88 Billion in 2025.

The global COVID-19 pandemic has been unprecedented and staggering, with shipbuilding and offshore rig fabrication and repair market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Shipbuilding is the construction of ships and other floating vessels. It normally takes place in a specialized facility known as a shipyard. Shipbuilders follow a specialized occupation that traces its roots. An offshore rig is a large structure on or in water with facilities to drill wells to extract and process oil and natural gas, and to provisionally store product until it can be carried to shore for filtering and advertising. Commercial shipbuilding demand is determined by international and domestic trade, the health of the global economy, and rate of aquatic replacement due to age or uselessness. Small companies usually specialize in building and repair of small commercial vessels. Large companies incline to offer a wide range of building and repair services for both commercial and military vessels and enjoy economies of scale in purchasing, design, and manufacturing. The rise in global trade demands the construction of various commercial vessels such as container ships, tankers and bulk carriers. Rig fabrication objective is of offering the market a higher level of excellence in mechanical services to the oil and gas industry.  Revenue is generated by designing and constructing new ships including military vessels, ship modification and manufacturing of self-propelled vessels. The scope of growth of the Shipbuilding and Offshore Rig Fabrication and Repair market during the forecast period is identified after analysing different data sources. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.

KEY FINDINGS

• Market Size and Growth: Asia Pacific contributes approximately 38 % of market share globally in 2023.
• Key Market Driver: Offshore rigs are the fastest‑growing sub‑segment with about 7 % annual growth in 2023.
• Major Market Restraint: Repair application accounted for roughly 40 % of application share in 2023, indicating slower repair segment versus fabrication.
• Emerging Trends: Fabrication application dominated with about 60 % of share in 2023, highlighting expansion in new builds.
• Regional Leadership: Asia Pacific leads with around 38 % share; North America held about 22 % in 2023.
• Competitive Landscape: Tankers held the largest vessel‑type share at roughly 30 % of market in 2023.
• Market Segmentation: Fabrication represented approximately 60 % of the application split, repair about 40 % in 2023.
• Recent Development: Offshore rig segment growing fastest at about 7 % annual growth rate in 2023.

COVID-19 IMPACT

 Pandemic hampered the market due to unexpected disruption in the sector

Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

Use of innovative products to boost the market growth

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

• Stable Offshore Rig Fleet: As of July 28, 2025, weekly global offshore rig counts reached 417 jack‑up rigs, 66 semi‑submersibles, and 81 drillships, totaling 564 active units worldwide, underscoring sustained demand for fabrication and repair services in key offshore regions

• Fleet Capacity Growth: In 2022, global ship carrying capacity expanded by 3.2%, bringing overall deadweight tonnage to 2.3 billion DWT, while the average vessel age increased by 2 years by 2023, highlighting pressure on yards for both newbuilds and renewals

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SHIPBUILDING AND OFFSHORE RIG FABRICATION AND REPAIR MARKET SEGMENTATION

By Type Analysis

According to type, the market can be segmented into tankers, bulkers, containers, cruise and ferry, offshore rig, others.

Tankers capture the maximum market share through forecast period.

By Application Analysis

According to application, the market can be segmented into fabrication, electronics, packaging optical & glass, others.

Shipbuilding and offshore rig fabrication and repair market players cover segment as fabrication industry will dominate the market share during forecast period.

DRIVING FACTORS

Increase in demand in various activities to boost the market growth

Digitalization and automation continue to transform the industry of shipbuilding and offshore rig fabrication and repair. Advanced technologies are adopted such as twin modelling, robotics, loT to improve design and maintenance process. It enhances efficiency, reduces cost and enable real time monitoring.

• Offshore Wind Expansion: Global cumulative offshore wind capacity surged from 57.6 GW in 2022 to 78.5 GW in 2024, a 36% increase that is driving orders for jacket foundations and converter platforms at major shipyards

• Maritime Trade Growth: Maritime trade volumes rose by 2.4% in 2023, with container throughput hitting over 800 million TEU, boosting demand for container ship newbuilds and scheduled drydock repairs

Demand for eco-friendly solutions to upsurge the market.

Demand for environmental friendly vessels, complaint with strict emission regulations, continues to grow. By offering eco-friendly shipbuilding solution shipbuilders align with sustainable goals and attract environmentally conscious customers. Shipbuilding industry is increasingly focused on eco-friendly and sustainable practices and increased the shipbuilding and offshore rig fabrication and repair market growth.

RESTRAINING FACTORS

Financial challenges to hamper the market growth

High cost is hampering development of shipbuilding and offshore rig fabrication and repair market. Fluctuation in demand and stringent lending requirement can led to challenging to obtain finance. Financial constraint may limit the ability of shipbuilders to pursue new projects or invest in research and development. Technical difficulties will reduce the industry revenue.

• The U.S. Government Accountability Office found that fewer than 40% of Navy vessels completed availability repairs on time in early 2024, reflecting constrained drydock slots and skilled‑labor bottlenecks.

• Under MARPOL Annex VI, 108 Parties now enforce energy‑efficiency and emissions standards covering 97% of global tonnage, necessitating retrofit projects that strain yard capacity and margins

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SHIPBUILDING AND OFFSHORE RIG FABRICATION AND REPAIR MARKET REGIONAL INSIGHTS

Asia Pacific to dominate the region due to technological development

Asia Pacific is further expected to witness growth in the shipbuilding and offshore rig fabrication and repair market share. The region is dominating the market due to their technological capability, infrastructure and budget benefits. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

Key players focus on partnerships to gain competitive advantage.

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

• Meyer Neptun: Neptun Werft employs 500 staff and in 2023 delivered 2 fully outfitted engine‑room modules, marking its first entry into 2 GW offshore converter platform projects.

• Daewoo Shipbuilding & Marine Engineering (DSME/Hanwha Ocean): Hanwha Ocean (formerly DSME) employs 8,645 people and has built 15 ice‑class LNG carriers for Arctic service, leading global orders in polar vessel construction.

List of Top Shipbuilding and Offshore Rig Fabrication and Repair Companies

• Meyer Neptun
• Daewoo Shipbuilding & Marine Engineering (DSME)
• Oshima Shipbuilding
• Sembcorp Marine
• Hanjin Heavy Industries & Construction
• CSSC
• Keppel
• Fincantieri
• Yangzijiang Shipbuilding
• Imabari Shipbuilding

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.