Key Factor Supporting Ship Repairing Market Development in 2025: Role Of Increasing Seaborne Trade In The Shipbuilding Market

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How Large Will the Ship Repairing Market Size By 2025?
The market size of ship repairs has seen a robust growth in recent years. The projection is that it will expand from $39.31 billion in 2024 to $42.87 billion in 2025, showing a compound annual growth rate (CAGR) of 9.1%. The growth in the past was largely driven by the powerful economic growth in developing markets, an upsurge in maritime trade, and an increase in industrial manufacturing.

How Big Is the Ship Repairing Market Size Expected to Grow by 2029?
Anticipations are high for robust expansion in the ship repairing market in the forthcoming years, which is set to reach a value of $58.83 billion by 2029, boasting a compound annual growth rate (CAGR) of 8.2%. This growth during the forecast period is largely due to government initiatives, increased e-commerce demand, the popularity rise of cruise tourism, and population expansion. Prominent trends expected in this period include the incorporation of robotics, artificial intelligence, and IoT technology in ship repairing, as well as technological progression, usage of 3D printing and various partnerships and collaborations.

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Which Key Market Drivers Powering Ship Repairing Market Expansion and Growth?
The escalation in seaborne trade is anticipated to bolster the expansion of the shipbuilding market. Factors such as population growth, amplified consumer purchasing power, and better living standards are augmenting the demand for consumer commodities, resulting in increased production and accelerated industrialization. For instance, as per the Review of Maritime Transport 2023 published by the Switzerland-based intergovernmental organization, the United Nations Conference on Trade and Development, the total seaborne trade in 2022 achieved a volume of 12,027 million tons. This included a fall in containerized trade by 3.7%, however, there was growth in oil and gas trade by 6% and 4.6% respectively. The forecasts for 2023 suggest a 2.4% rise in total seaborne trade along with a 1.2% increment in containerized transactions, while the successive year is expected to witness an annual growth rate of 2.1% and 3.2% respectively in the same order. Hence, the surge in seaborne trade is instrumental in driving the shipbuilding market's growth.

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Which Fast-Growing Trends Are Poised to Disrupt the Ship Repairing Market?
Leading corporations in the ship restoration industry are shifting their attention towards initiating new ship repair services. As an example, Cochin Shipyard Limited (CSL), a shipbuilding and repair firm based in India, commenced its commercial activities at the International Ship Repair Facility (ISRF) in Kochi in August 2024. Subsequently, they have managed to successfully dock the HSC Parali, a ship that is owned by the Lakshadweep Administration. The government-owned shipyard of Kerala is eager to brand itself as an international hub for ship repairs, aiming to service both commercial and naval/military ships.

What Are the Emerging 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Ship Repairing Industry?
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

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