Press release
Ship Repairing Global Market 2024 - By Size, Key Drivers, Growth Factors, Technological Developments And Forecast To 2033
Ship Repairing Global Market
The Business Research Company offers in-depth market insights through Ship Repairing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Role Of Increasing Seaborne Trade In The Shipbuilding Market
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.
Competitive Landscape:
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.S., Southern Engineering Co. Ltd., West Atlantic Shipyard, Nigerdock FZE
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Top Trend - Advancements In Technology Services For Ship Repair
Major companies in the ship repair sector are concentrating on the development of advanced technology services for ship repair. For example, in February 2020, Maindeck, a modern SaaS for the ship maintenance and repair industry with a particular emphasis on drydocking projects, launched a mobile inspection app from which they can delegate access to specific sections of the project. The app operates offline and immediately uploads when internet access is detected.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ship Repairing Market Characteristics
3. Ship Repairing Market Trends And Strategies
4. Ship Repairing Market - Macro Economic Scenario
5. Ship Repairing Market Size And Growth
…..
27. Ship Repairing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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