Ship Repairing Market to Grow at 8.9% CAGR, Reaching $54.06 Billion by 2029

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Ship Repairing Market Outlook: How is the Market Expected to Grow by 2025?
The size of the ship repair market has significantly expanded in the past years. Its growth is predicted to shift from $36.31 billion in 2024 to $38.45 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.9%. Factors fuelling this growth throughout the historical period include robust economic expansion in developing markets, a surge in maritime trade, and a rise in industrial manufacturing activities.

Ship Repairing Market Forecast: What Size Will It Reach By 2029?
Projecting a robust expansion in the coming years, the ship repairing market is set to increase to a worth of $54.06 billion by 2029, with a compound annual growth rate (CAGR) of 8.9%. This significant growth within the forecast period is largely due to multiple factors such as governmental efforts, expanding e-commerce sector, the surge in interest towards cruise tourism, as well as an increasing global population. The forthcoming period will also see key trends such as the application of robotics in ship repairing, incorporation of artificial intelligence, deployment of internet of things (IoT) technology, advancements in technology, the introduction of 3D printing, and an increase in partnerships and collaborations.

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Which Key Market Drivers Will Shape Ship Repairing Industry Trends in 2025-2029?
The growth of the shipbuilding market is anticipated to be driven by the expanding seaborne commerce. Factors such as an expanding population, growing consumer purchasing power, and improving living standards are escalating the demand for consumer goods, thus leading to an increase in production and fast-paced industrialization. For example, the Review of Maritime Transport2023 report by the United Nations Conference on Trade and Development, a Switzerland-based international organization, stated that in 2022, the total seaborne trade amounted to 12,027 million tons, with a 3.7% decrease in containerized trade. However, the trade of oil and gas saw growth at 6% and 4.6% respectively. The projections for 2023 suggest a 2.4% rise in total seaborne trade and a 1.2% surge in containerized trade, followed by anticipated annual growth rates of 2.1% and 3.2% for total seaborne trade and containerized trade respectively in 2024. Thus, the burgeoning seaborne trade is fueling the expansion of the shipbuilding market.

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What Are the High-Growth 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

Which Global Trends Are Driving Ship Repairing Market Expansion?
Major firms in the ship repair industry are prioritizing the initiation of new ship repair functions. An example of this involved Cochin Shipyard Limited (CSL), a company in India that deals with shipbuilding and repairs, which in August 2024, commenced its business activities at the recently set up International Ship Repair Facility (ISRF) in Kochi. It successfully brought in the HSC Parali, a ship owned by the Lakshadweep Administration, for docking. The shipyard, which is under the ownership of the Kerala state, is intent on turning itself into a worldwide hub for ship repairs, extending its services to both naval/military and commercial ships.

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Who Are the Fastest-Growing Companies in the Ship Repairing Industry?
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 Is the Regional Outlook for the Ship Repairing Market by 2029?
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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