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Sailing Ahead: Ship Repairing Industry Insights 2024
Ship Repairing Market Research
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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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Major Key Players of the Market:
The Kraft Heinz Company, McCormick & Company Inc., Unilever, Kerry Group, Nestle S.A, Ajinomoto Co., Inc., Associated British Foods plc., Dohler Group, MDH Spices, DS Group, Kewpie Corporation, Kikkoman Corporation, House Foods Group Inc., Tata Sons, Kissan, Everest Spices, Shanghai Totole Flavouring Food Co. Ltd., Foshan Haitian Flavoring & Food Co. Ltd, Lee Kum Kee, Amoy Food Limited, Jiajia Group (Changsha) Co. Ltd., UK Blending, British Pepper and Spice, Krakau & Söhne Gewürze GmbH, The Hela Spice Company, Efko Group, Unilever, Gallina Blanca SA, Cargill, Monin Inc., Sensient Technologies, Tate & Lyle, Kerry Group, Archer Daniels Midland Company, ASR Group, Kraft Heinz Company, McCormick & Company, Del Monte Foods, Smucker's, Arcor SAIC, Niza SA, La Parmesana SA, Industrias Alimenticias Mendocinas SA, Cafes La Virginia, Arab & India Spices, Heinz, Al Faris Group, Hellmann's, Nestle, Knorr, Campbell Soup Company, Deli Spices.
Ship Repairing Market 2024 Key Insights:
• 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%.
• Role Of Increasing Seaborne Trade In The Shipbuilding Market
• Advancements In Technology Services For Ship Repair
• Asia-Pacific was the largest region in the global ship repairing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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