Categories: Transport & Logistics

Ship Repairing Market Trends, Size, and Forecast 2024-2033

Overview and Scope

Ship repairing is the service provided after the sale of the ships because it involves giving the ship regular maintenance.

Sizing and Forecast

The ship repairing market size has grown strongly in recent years. It will grow from $36.2 billion in 2023 to $39.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. 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 $54.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. 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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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the global ship repairing market in 2023. 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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Major Driver Impacting Market Growth

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 Hellenic Shipping News data 2021, in the first 10 months of 2021, the global seaborne coal trade increased by 5.1% y-o-y to 984.7 mln tonnes, from 936.7 mln tonnes in the January-October 2020 period. The manufacturing of eco-friendly and advanced ships is supported by the increasing requirement for efficient and cost-effective transport alternatives for the movement of goods. According to Alliance Experts, transport by sea allows shipping large volumes at a lower cost than transport by road, rail, and air. This scenario is expected to drive the demand for the shipbuilding market.

Key Industry Players

Major companies operating in the ship repairing market report are 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, Air Sea Transport Inc., Toshiba, 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, DCD Enerji Çevre ve Teknoloji A.Ş., Southern Engineering Co. Ltd., West Atlantic Shipyard, Nigerdock FZE

The ship repairing market report table of contents includes:

1. Executive Summary

2. Ship Repairing Market Characteristics

3. Ship Repairing Market Trends And Strategies

4. Ship Repairing Market – Macro Economic Scenario

5. Global Ship Repairing Market Size and Growth

…

32. Global Ship Repairing Market Competitive Benchmarking

33. Global Ship Repairing Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Ship Repairing Market

35. Ship Repairing Market Future Outlook and Potential Analysis

36. Appendix