Ship Repairing Global Market Report 2022

Ship Repairing Global Market Report 2022

  • May 2022 •
  • 175 pages •
  • Report ID: 6277702 •
  • Format: PDF
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 global ship repairing market is expected to grow from $29.73 billion in 2021 to $33.2 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The market is expected to grow to $50.2 billion in 2026 at a compound annual growth rate (CAGR) of 10.9%.

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.

The main types in the ship repairing market are oil and chemical tankers, bulk carriers, general cargo, container ships, gas carriers, offshore vessels, passenger ships and ferries, mega yachts, and other vessels.The oil and chemical tankers refer to the tankers that provide oil in ships and are transported.

The various applications include general services, dockage, hull part, engine parts, electric works, auxiliary services. The various end-users are transport companies, military, other end-users.

Asia Pacific was the largest region in the global ship repairing market in 2021. Western Europe was the second largest market in ship repairing market.The regions covered in the shipbuilding market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The increasing seaborne trade is predicted to contribute to the growth of the shipbuilding market.The rising population, surging purchasing power of consumers, and improving standards of living are increasing the demand for consumer goods leading to high production and rapid industrialization.

For instance, according to Hellenic Shipping News data 2021, In the first 10 months of 2021, the global seaborne coal trade increased by +5.1% y-o-y to 984.7 mln tonnes, from 936.7 mln tonnes in the January-October 2020 period. The manufacturing of eco-friendly and advanced ships is supported by the increasing requirement for efficient and cost-effective transport alternatives for the movement of goods. According to Alliance Experts, transport by sea allows shipping large volumes with lesser cost than that through road, rail, and air transport. This scenario is expected to drive the demand for the shipbuilding market.

The COVID?19 pandemic affected shipbuilding 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.

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.

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 of military ships.

The countries in the ship repairing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.