Dublin, June 03, 2021 (GLOBE NEWSWIRE) -- The "Ship Repairing Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global ship repairing market as it emerges from the COVID-19 shut down.
The global ship repairing market is expected to grow from $30.16 billion in 2020 to $32.29 billion in 2021 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $39.04 billion in 2025 at a CAGR of 4.9%.
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Where is the largest and fastest growing market for the ship repairing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Ship Repairin market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider ship repairing market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
- Market segmentations break down 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 impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape 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.
- The ship repairing market section of the report gives context. It compares the ship repairing market with other segments of the ship repairing market by size and growth, historic and forecast.
Major players in the ship repairing market are Hyundai Mipo Dockyard Co., Ltd, China Shipbuilding Industry Corporation (CSIC), Damen Shipyards Group, Sembcorp Marine Ltd., Oman Drydock Company, Cochin Shipyard Limited, United Shipbuilding Corporation, Arab Shipbuilding and Repair Yard, Fincantieri S.p.A, Keppel Offshore and Marine.
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.
Major companies in the ship repair sector are concentrating on the development of advanced technology services for ship repair. For example, in February 2020, Maindeck, a modern SaaS for the ship maintenance and repair industry, with a particular emphasis on dry-docking projects, launched a mobile inspection app from which they can delegate access to specific sections of the project. The app operates offline and immediately uploads when internet access is detected.
The ship repairing market covered in this report is segmented by vessel type into oil and chemical tankers; bulk carriers; general cargo; container ships; gas carriers; offshore vessels; passenger ships and ferries; mega yachts and other vessels, and by application into general services; dockage; hull part; engine parts; electric works; auxiliary services.
In February 2020, Titan Acquisition Holdings, a bicoastal leader in ship repair and modernization and complex fabrication services for the defense industry, acquired Huntington Ingalls Industries for an undisclosed amount. This acquisition creates opportunities to better serve key defense customers, economies of scale, expanded scope, and performance optimization. Huntington Ingalls Industries, a US-based company, engages in the designing, building, overhauling, and repairing military ships.
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. According to the United Nations Conference on Trade and Development (UNCTAD), international seaborne trade volume increased from 10.7 billion tons in 2017 to 11.0 billion tons in 2018 and is projected to expand at an average annual growth rate of 3.5% during 2019-2024. According to the Indian Ministry of Shipping, approximately 70% of India's value trading and 95% of India's volume is handled by seaborne transport. Upswing activities in sea-borne trade activities increase the need for regular maintenance and repairs. This scenario is expected to augment the demand for the ship repairing market.
The COVID-19 pandemic affected ship building and ship repair facilities globally to a great extent. The pandemic has disrupted almost every area of the shipping industry, after a promising 2019. All levels of operations were affected by yard closures, logistical challenges and survey delays, while scrubber retrofitting also declined sharply. For instance, in March 2020, the Italian shipyard Fincantieri has initially suspended manufacturing in its shipyards for two weeks due to the coronavirus crisis, which was then extended for more than a month that has impacted the business. Therefore, the impact of COVID 19 is expected to hinder the growth of the ship repairing market.
Key Topics Covered:
1. Executive Summary
2. Ship Repairing Market Characteristics
3. Ship Repairing Market Trends and Strategies
4. Impact of COVID-19 on Ship Repairing
5. Ship Repairing Market Size and Growth
6. Ship Repairing Market Segmentation
7. Ship Repairing Market Regional and Country Analysis
7.1. Global Ship Repairing Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Ship Repairing Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8. Asia-Pacific Ship Repairing Market
9. China Ship Repairing Market
10. India Ship Repairing Market
11. Japan Ship Repairing Market
12. Australia Ship Repairing Market
13. Indonesia Ship Repairing Market
14. South Korea Ship Repairing Market
15. Western Europe Ship Repairing Market
16. UK Ship Repairing Market
17. Germany Ship Repairing Market
18. France Ship Repairing Market
19. Eastern Europe Ship Repairing Market
20. Russia Ship Repairing Market
21. North America Ship Repairing Market
22. USA Ship Repairing Market
23. South America Ship Repairing Market
24. Brazil Ship Repairing Market
25. Middle East Ship Repairing Market
26. Africa Ship Repairing Market
27. Ship Repairing Market Competitive Landscape and Company Profiles
27.1. Ship Repairing Market Competitive Landscape
27.2. Ship Repairing Market Company Profiles
27.2.1. Hyundai Mipo Dockyard Co., Ltd
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. China Shipbuilding Industry Corporation (CSIC)
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. Damen Shipyards Group
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Sembcorp Marine Ltd.
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Oman Drydock Company
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance
29. Key Mergers and Acquisitions in the Ship Repairing Market
29. Ship Repairing Market Future Outlook and Potential Analysis
30. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/bg171l