DUBLIN--(BUSINESS WIRE)--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.
Companies Mentioned
- 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/mujwg
