The Business Research Company’s report on the Ship Repairing Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the ship repairing market’s growth in recent years?
The increasing seaborne trade is predicted to contribute to the growth of the shipbuilding market. The rising population, the surging purchasing power of consumers, and improving standards of living are increasing the demand for consumer goods, leading to high production and rapid industrialization. For instance, according to Review of maritime transport2023, published by the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, in 2022, total seaborne trade reached 12,027 million tons, with a decline in containerized trade of 3.7%, while oil and gas trade grew by 6% and 4.6%, respectively; projections for 2023 indicate a 2.4% growth in total seaborne trade and a 1.2% increase in containerized trade, followed by expected annual growth rates of 2.1% for total seaborne trade and 3.2% for containerized trade in 2024. Therefore, increasing seaborne trade is contributing to the growth of the shipbuilding market.
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How does the future projection of the ship repairing market size compare to its historical growth?
The ship repairing market size has grown strongly in recent years. It will grow from $39.31 billion in 2024 to $42.87 billion in 2025 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, an increased seaborne trade, and an increase in industrial manufacturing.
The ship repairing market size is expected to see strong growth in the next few years. It will grow to $58.83 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to government initiatives, a growing demand for e-commerce, growing popularity of cruise tourism and a rising population. Major trends in the forecast period include robotics in ship repairing, use of artificial intelligence, implementing internet of things (IoT) technology, technological advancements, use of 3D printing and partnerships and collaborations.
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Which key players are shaping the future of the ship repairing market?
Major companies operating in the ship repairing market include Fincantieri S.p.A., United Shipbuilding Corporation, Sembcorp Marine Ltd, China Shipbuilding Industry Corporation, Imabari Shipbuilding Co. Ltd., Hyundai Mipo Dockyard Co. Ltd., Damen Shipyards Group, Cochin Shipyard Limited, Hanjin Heavy Industries And Construction, Arab Shipbuilding and Repair Yard, Hindustan Shipyard Limited, Garden Reach Shipbuilders and Engineers, Mitsubishi Heavy Industries, Yangzijiang Shipbuilding (Holdings) Ltd., New Times Shipbuilding Co. Ltd., Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME), Tsuneishi Holdings, Naval Yards Kiel GmbH, Lloyd Werft Bremerhaven, Neptune Werft GmbH, Schiffswerft Hermann Barthel GmbH, Meyer Werft, Limited Liability Company Fesco Integrated Transport, Remontowa, Seatech Engineering, General Dynamics Corporation, International Ship Repair and Marine Services Inc., GMD Shipyard Corp., Irving Shipbuilding Inc., Victoria Shipyards, BAE Systems, Lyon Shipyard, Gulf Copper, Astillero Nacional, Servicios Industriales De La Marine S.A., Estaleiros sermetal ltd, Enavi & Renave, Caribbean Drydock Company, Damex Shipbuilding & Engineering, ShipTech, Dammam Shipyard, Zamil Offshore, Israel Shipyards Ltd., Gemak Group of Companies, Sefine Shipyard, Kuzey Star Shipyard, Desan Shipyard, Southern African Shipyards, Dormac Marine & Engineering, Southern Engineering Co. Ltd., West Atlantic Shipyard, Nigerdock FZE
What trends will propel the growth and evolution of the ship repairing market?
Major companies in the ship repair sector are focusing on launching new ship repair operations. For instance, in August 2024, Cochin Shipyard Limited (CSL), an India-based shipbuilding and repair company, launched its commercial operation at the newly established International Ship Repair Facility (ISRF) in Kochi, and has successfully docked the HSC Parali, a vessel belonging to the Lakshadweep Administration. The Kerala state-owned shipyard is keen to position itself as a global center for ship repairs, catering to both commercial vessels and naval/military ships.
Which regions are expected to become dominant players in the ship repairing market?
Asia-Pacific was the largest region in the global ship repairing market in 2024. Western Europe was the second largest market in the global ship repairing market share. The regions covered in the ship repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the emerging key segments in the ship repairing market, and how are they evolving?
The ship repairing market covered in this report is segmented –
1) By Vessel Type: General Cargo Ships, Bulk Cargo Carrier, Crude Oil Tankers, Chemical Tankers, Container Ships, Liquefied Natural Gas Tankers, Navy And Passenger Ships, Other Vessels
2) By Application: General Services, Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary Services
3) By End-User: Transport Companies, Military, Other End-Users
Subsegments:
1) By General Cargo Ships: Multi-Purpose Vessels, Roll-On/Roll-Off (RoRo) Ships
2) By Bulk Cargo Carriers: Dry Bulk Carriers, Specialized Bulk Carriers
3) By Crude Oil Tankers: Very Large Crude Carriers (VLCCs), Suezmax And Aframax Tankers
4) By Chemical Tankers: Stainless Steel Tankers, Coated Tankers For Hazardous Materials
5) By Container Ships: Feeder, Panamax, And Post-Panamax Container Vessels
6) By Liquefied Natural Gas (LNG) Tankers: Conventional LNG Carriers, Membrane-Type LNG Carriers
7) By Navy And Passenger Ships: Naval Vessels, Cruise Ships And Ferries
8) By Other Vessels: Fishing Vessels, Offshore Support Vessels, Research And Survey Vessels
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What defines the structure and scope of the ship repairing market?
Ship repairing is the process of fixing, maintaining, and improving ships to keep them in operational condition. This includes tasks like repairing the hull, overhauling engines and machinery, upgrading systems, and resolving structural or operational problems that develop due to wear and tear or damage. Regular ship repairs help to extend the life of vessels, ensure safety, and meet regulatory standards.
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