What Has Driven the Growth of the Ship Repairing Market in Recent Years?
The ship repairing market has seen considerable growth due to a variety of factors.
• The size of the ship repairing market has seen robust growth in the last few years. The market, which is expected to increase from $39.31 billion in 2024 to $42.87 billion in 2025, will do so at a compound annual growth rate (CAGR) of 9.1%.
The rise observed in the previous years is due to sturdy economic development in the new markets, an escalation in seaborne trade, and growth in industrial manufacturing.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Ship Repairing Market?
The ship repairing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for ship repairing is anticipated to experience robust growth in the coming years. By 2029, it's expected to reach $58.83 billion, demonstrating a Compound Annual Growth Rate (CAGR) of 8.2%.
The expected surge during the forecast period stems from government policies, an increased need for e-commerce, a surge in popularity of cruise tourism and population growth. Key trends to watch for in the future include the integration of robotics for ship repair, the application of artificial intelligence, the incorporation of the internet of things (IoT) technology, technological progress, the use of 3D printing technology, and partnerships and collaborations within the industry.
Which Factors Are Boosting Growth In The Ship Repairing Market?
The shipbuilding market growth is projected to be bolstered by the surge in seaborne trade. Factors such as a growing population, amplified consumer purchasing power, and improved living standards are elevating the demand for consumer goods, thereby increasing production and accelerating industrialization. For example, as per United Nations Conference on Trade and Development's (a Switzerland-based intergovernmental organization) Review of maritime transport 2023, total seaborne trade escalated to 12,027 million tons in 2022 despite a 3.7% decrease in containerized trade, whereas oil and gas trade saw growth of 6% and 4.6% respectively. Projections for 2023 show a potential 2.4% increase in total seaborne trade and a 1.2% rise in containerized trade. Additionally, 2024 is expected to witness annual growth rates of 2.1% and 3.2% for total seaborne trade and containerized trade respectively. Consequently, the augmentation in seaborne trade is positively impacting the shipbuilding market's growth.
What Are The Key Segments Within The Global 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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How Are New Trends Impacting The Size Of The Ship Repairing
Leading entities within the ship maintenance field are concentrating on the introduction of new repair operations for ships. Using Cochin Shipyard Limited (CSL), an Indian company specializing in shipbuilding and repairs, as an example, it initiated its commercial operation in August 2024 at the newly formed International Ship Repair Facility (ISRF) based in Kochi. There, they had successfully serviced the HSC Parali, a marine vessel owned by the Lakshadweep Administration. Eager to create a worldwide reputation, the Kerala state-owned shipyard is gearing itself towards becoming a leading global hub for ship repairs, serving both commercial and naval/military vessels.
Who Are the Key Players 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
What are the Regional Insights into 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
