DUBLIN, Jan. 12, 2021 /PRNewswire/ -- The "Ship Repairing Global Market Opportunities and Strategies 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
Ship Repairing Global Market Opportunities and Strategies 2020-30: COVID-19 Impact and Recovery provides the strategists, marketers and senior management with the critical information they need to assess the global ship repairing market.
The global ship repairing market reached a value of nearly $32,490.0 million in 2019, having increased at a compound annual growth rate (CAGR) of 1.3% since 2015. The market is expected to decline from $32,490.0 million in 2019 to $30,100.8 million 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 $32,692.0 million in 2023. The market is expected to reach $35,688.9 million by 2025, and $43,501.4 million by 2030.
Growth in the historic period resulted from population and economic growth. Factors that negatively affected growth in the historic period were cheap cargo sales and volatile raw material prices. Factors that could hinder the growth of the ship repairing market in the future include outbreak of COVID-19, global recession, geopolitical tensions and reduction in free trade.
The ship repairing market is segmented by type of vessel into bulkers, tankers, container ships, passenger, refrigerated vessels, offshore and others. The bulkers market was the largest segment of the ship repairing market segmented by type of vessel, accounting for 29.1% of the total in 2019. Offshore segment is expected to be the fastest growing segment in the ship repairing market segmented by type of vessel, going forward, at a CAGR of 2.3% during 2019-2023.
Asia Pacific was the largest region in the global ship repairing market, accounting for 58.4% of the total in 2019. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the ship repairing market will be Middle East, and Asia Pacific, where growth will be at CAGRs of 3.4% and 0.7% respectively during 2019-2023. These will be followed by North America and Africa, where the markets are expected to grow at CAGRs of 0.2% and -0.1% respectively during 2019-2023.
The global ship repairing market is highly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 7.43% of the total market in 2019. Major players in the market include Sembcorp Marine Ltd, United Shipbuilding Corporation, Fincantieri S.p.A., China Shipbuilding Industry Corporation, Imabari Shipbuilding Co., Ltd. among others.
The top opportunities in the ship repairing market segmented by type will arise in the tankers segment, which will gain $346.3 million of global annual sales by 2023.
Market-trend-based strategies for the ship repairing market include investing and implementing robotics, adopting 3D printing, and using nanotechnology in the manufacturing processes. Player-adopted strategies in the ship repairing market include expanding through mergers and acquisitions and collaborations.
The COVID-19 pandemic has decreased short-term potential growth opportunities for the ship repairing industry.
To take advantage of the opportunities, the report recommends the ship repairing companies to invest in eco-friendly ship repairing technologies, invest in robotics in production processes, outsource activities to low-cost countries to save costs, expand in emerging markets, and offer competitive pricing in low-income countries.
Key Topics Covered:
1. Ship Repairing Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6.1. Segmentation by Geography
7. Ship Repairing Market Characteristics
7.1. Market Definition
7.2. Segmentation by Type of Vessel
7.2.5. Refrigerated Vessels
8. Ship Repairing Market, Supply Chain Analysis
9. Ship Repairing Market, Product/Service Analysis - Product/Service Examples
10. Ship Repairing Market Customer Information
10.1. The US Navy Has Indicated The Need For More Dry Docks For Repairs
10.2. Ship Owners Feel The Need For Improvement in Repair Services
10.3. Majority of Repair Services Were Needed For Bulk Cargo Carriers
10.4. Increase in Repairs and Maintenance Costs
11. Ship Repairing Market Trends and Strategies
11.1. Environmentally Friendly Ship Repairing Technologies
11.2. Implementing Internet of Things (IoT) Technology
11.4. Using 3D Printing
12. Ship Repairing Market, COVID Impact Analysis
12.1. Impact On Shipyards and Ship-Owners
12.2. Impact On Cruise Ships
12.3. Regulatory Changes
12.4. Post COVID-19 Rebounding Projects in The Ship Repair Industry
13. Global Ship Repairing Market Size and Growth
13.1. Market Size
13.2. Historic Market Growth, 2015-2019, Value ($ Million)
13.2.1. Drivers of The Market 2015-2019
13.2.2. Restraints On The Market 2015-2019
13.3. Forecast Market Growth, 2019-2023, 2025F, 2030F Value ($ Million)
13.3.1. Drivers of The Market 2019-2023
13.3.2. Restraints On The Market 2019-2023
14. Ship Repairing Market, Regional Analysis
14.1. Global Ship Repairing Market, by Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Million)
14.2. Global Ship Repairing Market, 2015-2023, Historic and Forecast, by Region
14.3. Global Ship Repairing Market, 2019-2023, Growth and Market Share Comparison, by Region
15. Global Ship Repairing Market Segmentation
15.1. Global Ship Repairing Market, Segmentation by Vessel, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, Value ($ Million)
15.1.3. Container Ships
15.1.6. Refrigerated Vessels
16. Ship Repairing Market Metrics
16.1. Ship Repairing Market Size, Percentage of GDP, Global
16.2. Per Capita Average Ship Repairing Market Expenditure, Global
- Sembcorp Marine Ltd
- United Shipbuilding Corporation
- Fincantieri S.p.A.
- China Shipbuilding Industry Corporation
- Imabari Shipbuilding Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/286xsn
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