Ship Repairing Global Market Report 2024

Ship repairing involves providing maintenance services after the sale of ships to ensure their proper functioning.

In the ship repairing market, the primary types include oil and chemical tankers, bulk carriers, general cargo, container ships, gas carriers, offshore vessels, passenger ships, ferries, mega yachts, and other vessels. Oil and chemical tankers are vessels designed for transporting and supplying oil to ships. The diverse applications encompass general services, dockage, hull parts, engine parts, electric works, and auxiliary services. Various end-users, including transport companies, the military, and other entities, utilize these services.

The ship repairing market research report is one of a series of new reports from The Business Research Company that provides ship repairing market statistics, including global ship repairing industry size, regional shares, competitors with a ship repairing market share, detailed ship repairing market segments, market trends and opportunities, and any further data you may need to thrive in the ship repairing industry. This ship-repairing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ship repairing market size has grown strongly in recent years. It will grow from $36.2 billion in 2023 to $39.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The strong economic expansion in emerging markets, a rise in seaborne trade, and an upsurge in industrial manufacturing were key factors contributing to the growth observed in the historical period.

The ship repairing market size is expected to see strong growth in the next few years. It will grow to $54.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period is linked to government initiatives, an increasing demand for e-commerce, a burgeoning interest in cruise tourism, and a rising population. Significant trends expected in this period encompass the integration of robotics in ship repairing, the adoption of artificial intelligence, the application of Internet of Things (IoT) technology, technological advancements, the utilization of 3D printing, and the fostering of partnerships and collaborations.

The growth of the shipbuilding market is expected to be fueled by the increasing volume of seaborne trade. The surge in population, heightened purchasing power among consumers, and improved standards of living are driving the demand for consumer goods, resulting in heightened production and rapid industrialization. For example, data from Hellenic Shipping News in 2021 revealed that global seaborne coal trade rose by 5.1% year-on-year to 984.7 million tons in the first 10 months of 2021, compared to 936.7 million tons in the same period of 2020. The manufacturing of environmentally friendly and advanced ships is being propelled by the growing need for efficient and cost-effective transportation solutions for goods movement. According to Alliance Experts, maritime transport enables the shipment of large volumes at a lower cost compared to road, rail, and air transport, contributing to the anticipated demand for the shipbuilding market.

The escalating frequency of natural disasters is poised to drive the growth of the ship repairing market in the future. Natural disasters, characterized as catastrophic events resulting from natural hazards, inflict substantial harm on societies and communities. Events such as hurricanes, typhoons, and tsunamis can cause significant damage to ships and offshore structures, leading to an increased demand for ship repair and maintenance services. For instance, a report published by the National Centers for Environmental Information (NCEI), a US-based government agency, in January 2023 highlighted that in 2022, the United States experienced 18 weather-related disasters with a minimum economic impact of $1 billion. Among these were 2 tornado outbreaks, 3 tropical cyclones, and 9 severe weather or hail occurrences. Consequently, the growing frequency of natural disasters is propelling the expansion of the ship-repairing market.

Leading companies in the ship repair sector are placing a strong emphasis on advancing technology services for ship maintenance. As an illustration, in February 2020, Maindeck, a modern SaaS provider for the ship maintenance and repair industry, particularly focusing on drydocking projects, introduced a mobile inspection app. This app allows for the delegation of access to specific project sections, operates offline, and seamlessly uploads data when internet access is detected.

Prominent companies within the ship repairing market are actively innovating, introducing new technologies such as visualization platforms to cater to a broader customer base, boost sales, and enhance revenue. Visualization platforms are software tools or systems that empower users to create, view, and interact with visual representations of data and information. For instance, in March 2022, Seaspan ULC, a shipbuilding company based in Canada, unveiled HoloShip, a visualization platform designed to accelerate the digital transformation of fleet maintenance and shipbuilding. HoloShip provides Seaspan and the Canadian marine industry community with access to a virtual reality environment for the development, integration, testing, and demonstration of new digital twin capabilities, revolutionizing ship design, construction, and maintenance. Seaspan's HoloShip allows designers, engineers, production teams, and customers to visually experience a comprehensive, three-dimensional, and highly accurate digital model of the vessel on a 5.6-meter-wide display wall.

In February 2023, Lone Star Funds, a private equity company based in the United States, acquired Titan Acquisition Holdings for an undisclosed amount. This acquisition ensures that Titan and its operating companies maintain their unwavering commitment to core values, including safety, compliance, quality, customer satisfaction, and competitiveness. Titan Acquisition Holdings is a US-based ship-repairing company.

Major companies operating in the ship repairing market report are 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, Air Sea Transport Inc., Toshiba, 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, DCD Enerji Cevre ve Teknoloji A.S., Southern Engineering Co. Ltd., West Atlantic Shipyard, Nigerdock FZE

Asia-Pacific was the largest region in the global ship repairing market in 2023. 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

The countries covered in the ship repairing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain

The ship repairing market include revenues earned by entities by repairing of ships, conversion, and alteration. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Ship Repairing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on ship repairing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for ship repairing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ship repairing market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Fincantieri S.p.A., United Shipbuilding Corporation; Sembcorp Marine Ltd; China Shipbuilding Industry Corporation; Imabari Shipbuilding Co. Ltd.; Hyundai Mipo Dockyard Co. Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.