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The New Zealand Marine Industry (NZMI) is set to grow by an ambitious 55 percent over the next five years as demand for luxury yachts returns, according to the New Zealand Marine Industry Association.

The industry is expected to grow from $1.71 billion this year to $2.66 billion in 2015, with a five-year target based on a recovering market for large superyachts, new infrastructure in key ports around the country and several new initiatives.

“This is not only good news for our industry and our members,” said NZMI executive director, Peter Busfield, “it also represents a very significant growth in our contribution to the New Zealand economy.”

While some sectors of the economy still appear sluggish, high-ticket items such as superyachts appear to be bouncing back strongly. For example, in the 14 months to September last year, local boat builders did not manage to secure a single order for a new superyacht However, in the last 11 months, they have signed 10, worth an estimated half a billion dollars.

“There has also been a pronounced pick up in the numbers of large pleasure boats coming here to undergo lucrative refits,” said Busfield. “Importantly, vital infrastructure is now either complete or under construction, meaning we are very well poised to take advantage of the recovering world economy.”

Key developments are underway at Wynyard Point, Hobsonville and Gulf Harbour in Auckland and at Whangarei, Tauranga, New Plymouth, Wellington, Marlborough, Nelson and Lyttleton.

With the help of partners such as New Zealand Trade and Enterprise, NZ Marine Export Group is also planning an aggressive marketing campaign in key international markets. This includes high profile attendances at major international boat shows such as Fort Lauderdale and Monaco.