Press release
Ship Repairing Market Boom: Insights on Market Size, CAGR, Key Players, and Emerging Trends
Ship Repairing Market
With key drivers as increased seaborne trade and advancements in technology, the ship repairing market anticipates substantial growth by 2029.
What Is The Projected Market Size Of The Global Ship Repairing Market And Its Growth Rate?
•The ship repairing market was valued at $39.31 billion in 2024 and is predicted to grow to $42.87 billion in 2025 with a CAGR of 9.1%.
•The growth in the forecast period involves an expansion to $58.83 billion by 2029 at a CAGR of 8.2%.
•Key factors accrediting growth rates include an increased seaborne trade, industrial manufacturing, government initiatives, growing e-commerce demand, increasing popularity of cruise tourism, and a rising population.
What Is Driving The Growth In The Ship Repairing Market?
The increasing seaborne trade, which stems from growing population, surging purchasing power, and improved living standards, has been critical in driving the ship repairing market's impressive growth. As per the Review of Maritime Transport 2023 by the United Nations Conference on Trade and Development, total seaborne trade touched 12,027 million tons in 2022, which is expected to grow by 2.1% annually leading up to 2024. This escalation in seaborne trade undoubtedly contributes to the growth of the shipbuilding market.
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Who Are the Key Players Driving Ship Repairing Market Growth?
•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
•Among others.
What Are The Key Trends In The Ship Repairing Market?
•Use of robotics in ship repairing
•Implementation of artificial intelligence
•Adoption of internet of things (IoT) technology in ship repairing
•Technological advancements in ship repairing techniques
•Use of 3D printing in ship repairing
•Strategic partnerships and collaborations within the industry
What Are The Segments Of The Global Ship Repairing Market?
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
Which Region Leads The Ship Repairing Market?
The ship repairing market was dominated by Asia-Pacific in 2024, closely followed by Western Europe. The report includes insights for all regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Ship Repairing Market Global Market Report?
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