Global Ship Repairing Market Trends And Strategies Of Major Players In The Ship Repairing Market 2021-2030
5 Jan, 2021
The ship repairing market consists of sales of repairing and maintenance services by entities (organizations, sole traders and partnerships) that are engaged in operating shipyards. Shipyards are fixed facilities with dry-docks and fabrication equipment capable of building a ship, defined as watercraft not typically suitable or intended for personal or recreational use.
Global Ship Repairing Market Size And Drivers:
The global ship repairing market reached a value of nearly $32.49 billion in 2019, having increased at a compound annual growth rate (CAGR) of 1.3% since 2015. The market is expected to decline from $32.49 billion in 2019 to $30.10 billion in 2020 at a rate of -7.4%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 3.3% from 2021 ad reach $32.69 billion in 2023. The market is expected to reach $35.68 billion by 2025, and $43.50 billion by 2030. The ship repairing market is expected to be driven in the forecast period by the growing demand for e-commerce.
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Trends In The Global Ship Repairing Market
To reduce environmental threats, key players in the industry are providing environmentally friendly ship repair and maintenance services. One of the emerging trends is the replacement of the traditional approach of shot blasting machines used to strengthen, clean, or polish any metal surface or metal, by ultra-high-pressure water blasting systems. Shot blasting uses abrasive materials to clean the surface of the ships which are hazardous to environment, whereas water blasting doesn’t use any kind of abrasive material, it just uses a stream of water with high pressure to clean the internal and external parts of the ship. Water blasting has many environmental benefits, it has the ability to recapture the water and reuse it thus reducing waste.
Global Ship Repairing Market Segments:
The global ship repairing market is further segmented based on type of vessel and geography.
By Type of Vessel: Bulkers, Tankers, Container Ships, Passenger, Refrigerated Vessels, Offshore, Others.
By Geography: The global ship repairing market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, the Asia Pacific ship repairing market accounts for the largest share of 58.4% in the global ship repairing market 2019.
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Ship Repairing Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides ship repairing market overviews, analyzes and forecasts market size and growth for the global ship repairing market, ship repairing market share, ship repairing market players, ship repairing market segments and geographies, ship repairing market’s leading competitors’ revenues, profiles and market shares. The ship repairing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.