Ship Repairing Global Market To Reach Value Of About $30.06 Billion In 2023
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The global ship repairing market is expected to decline from $29.40 billion in 2019 to $27.39 billion in 2020 at a compound annual growth rate (CAGR) of -6.83%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $30.06 billion in 2023 at a CAGR of 3.15%. The increasing seaborne trade is anticipated to drive the growth of the ship repairing market. Seaborne transport, which plays a key role in the development of a country, involves ports, inland water systems, ship repair, shipping and ship building.
The ship repairing market consists of revenue generated by sales of ship repairing services by entities (organizations, sole traders and partnerships) that operate shipyards. Only goods and services traded between entities or sold to end consumers are included.
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The global ship repairing market is further segmented based on vessel type, application and geography.
By Vessel Type: Oil and Chemical Tankers, Bulk Carriers, General Cargo, Container Ships, Gas Carriers, Offshore Vessels, Passenger Ships and Ferries, Mega Yachts and Other Vessels.
By Application: General Services, Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary Services.
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 North American ship repairing market accounts for the largest share in the global ship repairing market.
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Trends In The Ship Repairing Market
Major companies in the ship repair sector are concentrating on the development of advanced technology services for ship repair. Services like launching a mobile inspection app from which they can delegate and access to specific sections of the project. The app operates offline and immediately uploads when internet access is detected.
Ship Repairing Global Market Report 2020 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.