Press release
Emerging Trends Influencing The Growth Of The Ship Repairing Market: Cochin Shipyard Limited Expands Global Footprint With Launch Of New Ship Repair Operations At ISRF In Kochi
Ship Repairing
What Is the Ship Repairing Market Size and Projected Growth Rate?
In recent times, the ship repair market has seen substantial growth. Its size is projected to expand from $39.31 billion in 2024 to $42.87 billion in 2025, marking a compound annual growth rate (CAGR) of 9.1%. This growth during the historical period has been driven by robust economic expansion in emerging markets, heightened by seaborne trade and an amplified level of industrial manufacturing.
Expectations for the ship repairing market size are high, with a strong surge in growth predicted for the upcoming years. Its value could reach $58.83 billion by the year 2029, boasting a compound annual growth rate (CAGR) of 8.2%. The causes for this projected growth during the forecast period are government initiatives, the rise of e-commerce, the increasing appeal of cruise tourism, and a growing population base. Foreseen trends for the forecast period encompass the use of robotics and artificial intelligence in ship repair, the integration of internet of things (IoT) technology, advancing technology, the application of 3D printing, and the flourishing of partnerships and collaborations.
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What Are the Major Segments in the Ship Repairing Market?
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 Are The Driving Ship Repairing Market Evolution?
The shipbuilding market is anticipated to grow due to the escalating maritime trade. A growth in population, enhanced consumers' buying power and a better standard of living are driving the demand for consumer goods, leading to augmented production and swift industrialization. For instance, the Review of maritime transport2023 report by the United Nations Conference on Trade and Development, a Swiss-based intergovernmental organization, indicated that in 2022, total maritime trade was pegged at 12,027 million tons. Despite a 3.7% drop in containerized trade, there was a growth in oil and gas trade by 6% and 4.6% respectively. The predictions for 2023 suggest a 2.4% rise in overall maritime trade and a 1.2% upturn in containerized trade, succeeded by likely annual growth rates of 2.1% and 3.2% for overall and containerized maritime trade in 2024 respectively. Therefore, the shipbuilding market's expansion is being spurred by the growing maritime trade.
Which Firms Dominate The Ship Repairing Market Segments?
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
What Trends Are Expected to Dominate the Ship Repairing Market in the Next 5 Years?
Leading firms in the ship repair industry are turning their attention towards initiating novel ship repair processes. In August 2024, an example of this was the launching of commercial operations at the newly inaugurated International Ship Repair Facility (ISRF) in Kochi by Cochin Shipyard Limited (CSL), an Indian shipbuilding and repair firm. The company also successfully docked the HSC Parali, a ship of the Lakshadweep Administration. The shipyard, owned by the state of Kerala, is enthusiastic about presenting itself as an international hub for ship repairs, serving both commercial and naval/military vessels.
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Which Is The Largest Region 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Ship Repairing Market?
2. What is the CAGR expected in the Ship Repairing Market?
3. What Are the Key Innovations Transforming the Ship Repairing Industry?
4. Which Region Is Leading the Ship Repairing Market?
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