Dublin, June 03, 2021 (GLOBE NEWSWIRE) – The “Global Ship Repair Market Report 2021: Impact of COVID-19 and Recovery until 2030” report was added to ResearchAndMarkets.com offer.
This report provides strategists, marketers and senior management with the critical information they need to assess the global ship repair market emerging from the COVID-19 shutdown.
The global ship repair 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 companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which 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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What is the largest and most dynamic market for ship repair? How does the market relate to the overall economy, demographics and other similar markets? What forces will shape the market in the future? The global Ship Repair market report answers all of these questions and many more.
The report covers the market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the historical and forecast growth of the market by geography. It places the market in the context of the larger ship repair market and compares it to other markets.
- The Market Characteristics section of the report defines and explains the market.
- The Market Size section gives the market size (Billion USD) covering both historical market growth, impact of COVID-19 virus and forecast of its recovery.
- Market segmentations break down the market into submarkets.
- The regional and country breakdowns section gives an analysis of the market within each geography and market size by geography and compares their historical and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, major developed countries and major emerging markets.
- The competitive landscape gives a description of the competitive nature of the market, market shares and a description of the main companies. The main financial transactions that have shaped the market in recent years are identified.
- The Trends and Strategies section analyzes the shape of the market emerging from the crisis and suggests how businesses can grow as the market recovers.
- The Ship Repair Market section of the report provides background. It compares the ship repair market with other segments of the ship repair market by size and growth, history and forecast.
The major players in the ship repair 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 SpA, Keppel Offshore and Marine.
The ship repair market consists of the revenue generated from the sales of ship repair services by entities (organizations, sole proprietorships and partnerships) that operate shipyards. Only goods and services traded between entities or sold to final consumers are included.
Large companies in the ship repair industry focus on the development of advanced technological services for ship repair. For example, in February 2020 Maindeck, a modern SaaS for the ship maintenance and repair industry, with a particular focus on dry docking projects, launched a mobile inspection app from which they can delegate access to specific sections of the project. The app works offline and downloads immediately when internet access is detected.
The Ship Repair market covered in this report is segmented by Type of Vessel into Oil and Tanker; Dump truck; general goods; container ships; gas carriers; offshore vessels; passenger ships and ferries; mega yachts and other ships, and by application in general services; impurities; hull part; engine parts; electrical work; ancillary services.
In February 2020, Titan Acquisition Holdings, a bi-coastal leader in ship repair and modernization and complex manufacturing 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 reach and improved performance. Huntington Ingalls Industries, a United States-based company, is engaged in the design, build, overhaul and repair of military vessels.
The increase in maritime trade is expected to drive the growth of the ship repair market. Maritime transport, which plays a key role in the development of a country, concerns ports, inland navigation systems, ship repair, navigation and shipbuilding. According to the United Nations Conference on Trade and Development (UNCTAD), the volume of international maritime trade increased from 10.7 billion tonnes in 2017 to 11.0 billion tonnes in 2018 and is expected to increase at a rate of growth annual average of 3.5% in 2019-2024. According to the Indian Ministry of Shipping, about 70% of India’s market value and 95% of India’s volume is handled by shipping. Marine business resumption activities increase the need for regular maintenance and repairs. This scenario is expected to increase the demand for the ship repair market.
The COVID-19 pandemic has affected shipbuilding and repair facilities around the world to a large extent. The pandemic has disrupted almost all areas of the shipping industry, after a promising 2019. All levels of operations have been affected by site closures, logistical challenges and investigative delays, while modernization of scrubbers has also declined sharply. For example, in March 2020, the Italian shipyard Fincantieri initially suspended manufacturing at its shipyards for two weeks due to the coronavirus crisis, which was then extended for more than a month, which had an impact on the activity. Hence, the impact of COVID 19 is expected to hamper the growth of the ship repair market.
Main topics covered:
2. Characteristics of the ship repair market
3. Ship repair market trends and strategies
4. Impact of COVID-19 on ship repair
5. Size and growth of the ship repair market
6. Segmentation of the ship repair market
7. Regional and national analysis of the ship repair market
7.1. Global Ship Repair Market, Divided by Region, Historical and Forecast, 2015-2020, 2020-2025F, 2030F, in USD Billion
7.2. Global ship repair market, divided by country, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
8. Asia-Pacific Ship Repair Market
9. China Ship Repair Market
10. Indian Ship Repair Market
11. Japanese ship repair market
12. Australian Ship Repair Market
13. Indonesian Ship Repair Market
14. South Korea Ship Repair Market
15. Ship repair market in Western Europe
16. UK ship repair market
17. German ship repair market
18. French ship repair market
19. Ship repair market in Eastern Europe
20. Russian ship repair market
21. North American Ship Repair Market
22. United States Ship Repair Market
23. South America Ship Repair Market
24. Brazilian ship repair market
25. Middle East Ship Repair Market
26. African ship repair market
27. Ship Repair Market Competitive Landscape and Company Profiles
27.1. Competitive landscape of the ship repair market
27.2. Ship Repair Market Company Profiles
27.2.1. Hyundai Mipo Shipyard Co., Ltd
126.96.36.199. Products and services
188.8.131.52. Financial performance
27.2.2. China Shipbuilding Industry Corporation (CSIC)
184.108.40.206. Products and services
220.127.116.11. Financial performance
27.2.3. Damen Shipyards Group
18.104.22.168. Products and services
22.214.171.124. Financial performance
27.2.4. Sembcorp Marine Ltée.
126.96.36.199. Products and services
188.8.131.52. Financial performance
27.2.5. Oman Graving Dock Company
184.108.40.206. Products and services
220.127.116.11. Financial performance
29. Key mergers and acquisitions in the ship repair market
29. Future Ship Repair Market Outlook and Potential Analysis
For more information on this report, visit https://www.researchandmarkets.com/r/bg171l