Ship Building in Canada - Market Research Report (2014-2029)
New York, United States
Last Updated: March 2024
NAICS 33661aCARevenue
$2.4bn
Past 5-Year Growth
Profit
$XX.Xm
Employees
7,199
Businesses
225
Wages
$XXX.Xm
Ship Building in Canada industry analysis
The Ship Building industry in Canada has been volatile over the past few years. Prior to 2019, the industry was troubled, competing with foreign builders while dealing with inconsistent domestic demand. In an effort to rebuild its Navy and Coast Guard, the federal government launched the extensive National Shipbuilding Strategy (NSS) and the industry was able to begin its expansion. This effectively solved the industry’s demand problem, since most NSS projects will take more than a decade. Still, the industry was not immune to the negative economic effects caused by the COVID-19 pandemic, with an initial decline compounded by rising interest rates that impeded new construction. While the industry has begun to recover, Ship Building revenue is estimated to have contracted at a CAGR of 4.6% over the five years to 2024. Revenue is forecast to jump by approximately 4.4% in 2024, and is expected to total $2.4 billion. Profit has been pressured by volatility during the current period, however.
Trends and Insights
- The National Shipbuilding Strategy (NSS) is crucial to the industry. Ship builders have primarily been focused on designing and implementing orders that have come through the NSS.
- Naval repair and maintenance remain the Ship Building industry’s largest service. Naval ship building also accounts for a significant portion of demand.
- Ship builders choose to locate near suppliers. Quebec is a popular choice for setting up establishments due to the concentration of manufacturing there. Builders are able to quickly and conveniently acquire raw materials and supplies while saving on transportation costs.
- Competitive pricing is key to attracting downstream customers in a low-margin industry. Ship builders must also be able to deliver a range of high-quality products and services.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 4.6 % over the past five years, to reach an estimated $2.4bn in 2024.
Trends and Insights
The National Shipbuilding Strategy (NSS) has and continues to fuel the industry
- The Canadian ship building industry has started to undergo a period of revival and expansion that will continue through at least the end of 2024.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Expansion will continue due to heightened government funding
- Construction of vessels ordered under the National Shipbuilding Strategy (NSS) will be at full speed, especially now that COVID-19 restrictions have dissipated.
Biggest companies in the Ship Building in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Irving Shipbuilding Inc. | 335.4 | 8.4 | 2.5 | |
Seaspan ULC | 310.9 | 7.8 | 2.5 | |
Chantier Davie Canada Inc. | 291.5 | 7.3 | 2.5 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Civil ship building , Offshore oil and gas structures and components and Civil repair and maintenance services. Civil ship building is the largest segment of the Ship Building in Canada.
Trends and Insights
Ship repairs generate the majority of revenue
- This segment includes maintenance and repair work performed on both government and civil ships. Services range from pipes and metal fabrications to hydraulic and electrical repairs.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Truck & Bus Manufacturing in Canada
- Train, Subway & Transit Car Manufacturing in Canada
Complementors
- Boat Building in Canada
- Ocean & Coastal Transportation in Canada
International industries
- Global Ship & Boat Building
- Ship Building in the US
- Shipbuilding and Repair Services in Australia
- Shipbuilding and Repair Services in New Zealand
- Shipbuilding in the UK
Table of Contents
About this industry
Industry definition
Companies in the Ship Building industry in Canada build, repair, convert and modify ships in shipyards, including warships, icebreakers and ferries. Shipyards are fixed facilities with dry docks and fabrication equipment capable of building ships, defined as watercraft suitable or intended for purposes other than personal or recreational use. This does not include boat building activities.
What's included in this industry?
Civil ship buildingCivil repair and maintenance servicesOffshore oil and gas structures and componentsNaval ship buildingNaval repair and maintenance servicesCompanies
Irving Shipbuilding Inc.Seaspan ULCChantier Davie Canada Inc.Purchase this report to view all 5 major companies in this industry.
Related Terms
BARGESHIPYARDPANAMAX-SIZEIndustry Code
NAICS 336611 - Ship Building in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The National Shipbuilding Strategy (NSS) is crucial to the industry. Ship builders have primarily been focused on designing and implementing orders that have come through the...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Naval repair and maintenance remain the Ship Building industry’s largest service. Naval ship building also accounts for a significant portion of demand.
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Ship builders choose to locate near suppliers. Quebec is a popular choice for setting up establishments due to the concentration of manufacturing there. Builders are able to ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Competitive pricing is key to attracting downstream customers in a low-margin industry. Ship builders must also be able to deliver a range of high-quality products and servic...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Irving has greatly benefited from Canada’s National Shipbuilding Strategy program. The company has and continues to produce ships for the Royal Canadian Navy.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Irving Shipbuilding Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Seaspan ULC's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Chantier Davie Canada Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Irving Shipbuilding Inc., and factors influencing its performance in the industry
- Description and key data for Seaspan ULC, and factors influencing its performance in the industry
- Description and key data for Chantier Davie Canada Inc., and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Ship builders are subject to heavy environment- and noise-related regulations. These regulations focus on protecting air, water, soil, wildlife and public interest.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Purchases are the largest cost for ship builders. Purchases primarily include the acquisition of equipment for new ships, safety equipment and materials.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Ship Building industry in Canada in 2024?
The market size of the Ship Building industry in Canada is $2.4bn in 2024.
How many businesses are there in the Ship Building in Canada industry in 2024?
There are 225 businesses in the Ship Building industry in Canada, which has grown at a CAGR of 0.4 % between 2019 and 2024.
Has the Ship Building industry in Canada grown or declined over the past 5 years?
The market size of the Ship Building industry in Canada has been declining at a CAGR of 4.6 % between 2019 and 2024.
What is the forecast growth of the Ship Building industry in Canada over the next 5 years?
Over the next five years, the Ship Building industry in Canada is expected to grow.
What are the biggest companies in the Ship Building market in Canada?
The biggest companies operating in the Ship Building market in Canada are Irving Shipbuilding Inc., Seaspan ULC and Chantier Davie Canada Inc.
What does the Ship Building in Canada include?
Civil ship building and Civil repair and maintenance services are part of the Ship Building industry.
Which companies have the highest market share in the Ship Building in Canada?
The company holding the most market share in Canada is Irving Shipbuilding Inc..
How competitive is the Ship Building industry in Canada?
The level of competition is moderate and increasing in the Ship Building industry in Canada.
