Ship Hull Inspection Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The ship hull inspection services market size has grown steadily in recent years. It will grow from $12.59 billion in 2023 to $13.02 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to classification societies, shipping companies, environmental organizations, government regulatory bodies, investors and financial institutions.
The ship hull inspection services market size is expected to see steady growth in the next few years. It will grow to $14.35 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to environmental concerns, increase in shipping activities, rise of unmanned systems, data analytics and predictive maintenance. Major trends in the forecast period include increased adoption of remote inspection technologies, integration of artificial intelligence (AI) and machine learning (ML), rise of digital twins, adoption of augmented reality (AR) and virtual reality (VR).
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Scope Of Ship Hull Inspection Services Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Ship Hull Inspection Services Market Overview
Market Drivers –
The increase in international trade is expected to propel the growth of the ship hull inspection services market going forward. International trade refers to the exchange of goods, services, and capital across international borders. It involves the buying and selling of goods and services between individuals, businesses, or governments in different countries. It arises because of a lower trade barrier, increasing participation in global value chains, transportation advancements, and market expansion. Ship hull inspection services are used in international trade to ensure safety, compliance with regulations, address environmental concerns, manage risks, and support the growth of global commerce. For instance, in February 2023, according to reports published by the Office for National Statistics, a UK-based intergovernmental organization, the value of total goods imports increased by $211.18 billion (£155.5 billion), or 32.3% in 2022 compared with 2021. Total goods exports in 2022 increased by just $12.376 billion (£9.1 billion) (2.9%) compared with 2021. Therefore, the increase in international trade is expected to propel the growth of the ship hull inspection services market.
Market Trends –
Major companies operating in ship hull inspection services are focusing on the development of innovative advancement solutions, such as the mobile inspection app, to enhance the efficiency of safety inspections in the maritime sector. It is a digital tool designed to streamline and enhance the efficiency of inspection processes in maritime industries, including facility management, safety audits, property inspections, and more. For instance, in May 2021, DNV Global, a Norway-based international accredited registrar and classification society, launched its mobile inspection app called DNV Safety Inspections to enhance safety inspections in the maritime sector by digitalizing and streamlining the workflow, recording, and follow-up of onboard safety inspections. These features collectively aim to streamline workflows, improve data quality, enhance safety compliance, and support customers in meeting their safety Key Performance Indicators (KPIs) in the maritime industry. Additionally, it offers benefits such as real-time insights, offline capabilities, fleet oversight, and safety performance tracking.
The ship hull inspection services market covered in this report is segmented –
1) By Inspection Type: General Corrosion Or Pitting and Grooving Or Coating Condition, Deformation And Fractures, Cleanliness, Other Inspection Types
2) By Vessel type: Oil And Chemical Tankers, Bulk Carriers, General Cargo, Container Ships, Gas Carriers, Offshore Vessels, Passenger Ships and Ferries, Mega Yachts And Other Vessels
3) By Application: Cruise Ships, Commercial Vessels, Container Ships, Naval Ships Or Military Vessels, Offshore Oil and Gas Ships, Other Applications
4) By End User: Ship Owners, Ship Manufacturers, Navy Vessels
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Regional Insights –
North America was the largest region in the ship hull inspection services market in 2023. The regions covered in the ship hull inspection services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the ship hull inspection services market are Bureau Veritas Marine & Offshore, DNV GL, TRC Companies Inc., Lloyd’s Register Group, American Bureau of Shipping (ABS), RINA Group, Carisbrooke Shipping Limited, Korean Register, Applied Technical Services, Overseas Merchandise Inspection Co Ltd., Blueye Robotics, Royal Marine Management Pte Ltd., IMF Technical Services Ltd., Inuktun Services Ltd., Marine Inspection Services Ltd., Nippon Kaiji Kyokai, SolidTech, Ultramag Inspection Services, AIM Control Group, Commercial Diving Services Pty Ltd., C-Leanship A/S, AIM Control Inspection Group of Companies, Hempel Services, TechKnowServ Corporation, Norwegian Marine & Cargo Survey, TechKnowServ Corp., TECHNOS MIHARA Co Ltd
Table of Contents
1. Executive Summary
2. Ship Hull Inspection Services Market Report Structure
3. Ship Hull Inspection Services Market Trends And Strategies
4. Ship Hull Inspection Services Market – Macro Economic Scenario
5. Ship Hull Inspection Services Market Size And Growth
…..
27. Ship Hull Inspection Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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