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Ship Hull Inspection Services Market 2024 - By Size, Share Analysis, Trends And Growth Forecast By 2033
Ship Hull Inspection Services Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Ship Hull Inspection Services Market 2024 Key Insights:
• The Ship Hull Inspection Services Market is expected to grow to $14.35 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%.
• International Trade Growth Expected To Drive Ship Hull Inspection Services Market
• DNV Global Launches Innovative Mobile Inspection App To Enhance Safety Inspections In Maritime Sector
• 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.
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