Press release
Ship Repairing Market Navigating Growth, Trends, Key Players And Forecast 2024-2033
Ship Repairing Market
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.
Market Overview -
Ship repairing is the service provided after the sale of the ships because it involves giving the ship regular maintenance.
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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
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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