Press release
Ship Repairing Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Ship Repairing
The growth of the shipbuilding market is anticipated to be fueled by the escalating seaborne trade. The population rise, the boosted consumer buying power, and enhanced living standards are escalating the demand for consumer commodities, leading to accelerated production and swift industrialization. For instance, according to the United Nations Conference on Trade and Development's Review of Maritime Transport 2023, in 2022, the total seaborne trade had reached 12,027 million tons. There was a drop in containerized trade by 3.7%, however, oil and gas trade saw a rise of 6% and 4.6% respectively. The projections for 2023 suggest a 2.4% increase in total seaborne trade and a 1.2% rise in containerized trade. The expected annual growth rates for 2024 are 2.1% for total seaborne trade and 3.2% for containerized trade. Consequently, the upsurge in seaborne trade is acting as a catalyst for the expansion of the shipbuilding market.
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What growth opportunities are expected to drive the ship repairing market's CAGR through 2034?
The market for ship repairs has seen significant growth in the past few years. The market worth of $39.31 billion in 2024 is expected to escalate to $42.87 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%. The historical growth can be linked to the robust economic expansion in emerging markets, a rise in maritime trade, and an upsurge in industrial production.
The size of the ship repair industry is forecasted to experience robust expansion in the ensuing years. It is set to expand to a value of $58.83 billon in 2029, exhibiting a compound annual growth rate (CAGR) of 8.2%. The predicted growth within this period is due to several factors such as government policies, the increasing need for e-commerce, the rising interest in cruise tourism, and population growth. Future trends during this forecasted period include the incorporation of robotics in ship repairs, deployment of artificial intelligence, the use of internet of things (IoT) technology, technological innovation, the adoption of 3D printing, and industry partnerships and collaborations.
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What are the most significant trends transforming the ship repairing market today?
Leading firms in the ship repair industry are concentrating on initiating novel ship repair activities. For instance, Cochin Shipyard Limited (CSL), a shipbuilding and repair business based in India, ushered in its commercial operation at the newly constructed International Ship Repair Facility (ISRF) in Kochi, in August 2024. They have successfully provided docking for the HSC Parali, a ship owned by the Lakshadweep Administration. The shipyard, which is under the Kerala state's ownership, is eager to establish itself as a worldwide hub for ship repairs, serving both commercial and naval/military vessels.
Which growth-oriented segments of the ship repairing market are leading the industry's development?
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
Subsegments:
1) By General Cargo Ships: Multi-Purpose Vessels, Roll-On/Roll-Off (RoRo) Ships
2) By Bulk Cargo Carriers: Dry Bulk Carriers, Specialized Bulk Carriers
3) By Crude Oil Tankers: Very Large Crude Carriers (VLCCs), Suezmax And Aframax Tankers
4) By Chemical Tankers: Stainless Steel Tankers, Coated Tankers For Hazardous Materials
5) By Container Ships: Feeder, Panamax, And Post-Panamax Container Vessels
6) By Liquefied Natural Gas (LNG) Tankers: Conventional LNG Carriers, Membrane-Type LNG Carriers
7) By Navy And Passenger Ships: Naval Vessels, Cruise Ships And Ferries
8) By Other Vessels: Fishing Vessels, Offshore Support Vessels, Research And Survey Vessels
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What regions are leading the charge in the ship repairing market?
Asia-Pacific was the largest region in the global ship repairing market in 2024. Western Europe was the second largest market in the global ship repairing market share. The regions covered in the ship repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the ship repairing market?
Major companies operating in the ship repairing market include 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, 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, Southern Engineering Co. Ltd., West Atlantic Shipyard, Nigerdock FZE
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What Is Covered In The Ship Repairing Global Market Report?
• Market Size Forecast: Examine the ship repairing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ship repairing market for a structured understanding.
• Key Players Overview: Analyze major players in the ship repairing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ship repairing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ship repairing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ship repairing market.
• Industry Challenges: Identify potential risks and obstacles affecting the ship repairing market.
• Competitive Landscape: Review strategic developments in the ship repairing market, including expansions, agreements, and new product launches.
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