Ship Repairing Market Report 2025

The ship repairing market size has grown strongly in recent years. It will grow from $39.31 billion in 2024 to $42.87 billion in 2025 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, an increased seaborne trade, and an increase in industrial manufacturing.

The ship repairing market size is expected to see strong growth in the next few years. It will grow to $58.83 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to government initiatives, a growing demand for e-commerce, growing popularity of cruise tourism and a rising population. Major trends in the forecast period include robotics in ship repairing, use of artificial intelligence, implementing internet of things (IoT) technology, technological advancements, use of 3D printing and partnerships and collaborations.

The growth of seaborne trade is expected to significantly boost the shipbuilding market. Factors such as a rising population, increasing consumer purchasing power, and improving living standards are driving demand for consumer goods, which in turn fuels high production and rapid industrialization. For example, the REVIEW OF MARITIME TRANSPORT 2023, published by the United Nations Conference on Trade and Development, noted that in 2022, total seaborne trade reached 12.02 billion tons, with a 3.7% decline in containerized trade, while oil and gas trade grew by 6% and 4.6%, respectively. Projections for 2023 indicate a 2.4% growth in total seaborne trade and a 1.2% increase in containerized trade, with expected annual growth rates of 2.1% for total seaborne trade and 3.2% for containerized trade in 2024. Thus, the increasing seaborne trade is contributing to the growth of the shipbuilding market.

The escalating frequency of natural disasters is poised to drive the growth of the ship repairing market in the future. Natural disasters, characterized as catastrophic events resulting from natural hazards, inflict substantial harm on societies and communities. Events such as hurricanes, typhoons, and tsunamis can cause significant damage to ships and offshore structures, leading to an increased demand for ship repair and maintenance services. For instance, a report published by the National Centers for Environmental Information (NCEI), a US-based government agency, in January 2023 highlighted that in 2022, the United States experienced 18 weather-related disasters with a minimum economic impact of $1 billion. Among these were 2 tornado outbreaks, 3 tropical cyclones, and 9 severe weather or hail occurrences. Consequently, the growing frequency of natural disasters is propelling the expansion of the ship-repairing market.

Major companies in the ship repair sector are increasingly focused on launching new repair operations. For example, in August 2024, Cochin Shipyard Limited (CSL), an India-based shipbuilding and repair company, commenced commercial operations at its newly established International Ship Repair Facility (ISRF) in Kochi. The facility successfully docked the HSC Parali, a vessel belonging to the Lakshadweep Administration. The Kerala state-owned shipyard aims to position itself as a global hub for ship repairs, serving both commercial vessels and naval/military ships.

Prominent companies within the ship repairing market are actively innovating, introducing new technologies such as visualization platforms to cater to a broader customer base, boost sales, and enhance revenue. Visualization platforms are software tools or systems that empower users to create, view, and interact with visual representations of data and information. For instance, in March 2022, Seaspan ULC, a shipbuilding company based in Canada, unveiled HoloShip, a visualization platform designed to accelerate the digital transformation of fleet maintenance and shipbuilding. HoloShip provides Seaspan and the Canadian marine industry community with access to a virtual reality environment for the development, integration, testing, and demonstration of new digital twin capabilities, revolutionizing ship design, construction, and maintenance. Seaspan's HoloShip allows designers, engineers, production teams, and customers to visually experience a comprehensive, three-dimensional, and highly accurate digital model of the vessel on a 5.6-meter-wide display wall.

In February 2023, Lone Star Funds, a private equity company based in the United States, acquired Titan Acquisition Holdings for an undisclosed amount. This acquisition ensures that Titan and its operating companies maintain their unwavering commitment to core values, including safety, compliance, quality, customer satisfaction, and competitiveness. Titan Acquisition Holdings is a US-based ship-repairing company.

Major companies operating in the ship repairing market include Fincantieri S.p.A., United Shipbuilding Corporation, Sembcorp Marine Ltd, China Shipbuilding Industry Corporation, Imabari Shipbuilding Co. Ltd., Hyundai Mipo Dockyard Co. Ltd., Damen Shipyards Group, Cochin Shipyard Limited, Hanjin Heavy Industries And Construction, Arab Shipbuilding and Repair Yard, Hindustan Shipyard Limited, Garden Reach Shipbuilders and Engineers, Mitsubishi Heavy Industries, Yangzijiang Shipbuilding (Holdings) Ltd., New Times Shipbuilding Co. Ltd., Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME), Tsuneishi Holdings, Naval Yards Kiel GmbH, Lloyd Werft Bremerhaven, Neptune Werft GmbH, Schiffswerft Hermann Barthel GmbH, Meyer Werft, Limited Liability Company Fesco Integrated Transport, Remontowa, Seatech Engineering, General Dynamics Corporation, International Ship Repair and Marine Services Inc., GMD Shipyard Corp., Irving Shipbuilding Inc., Victoria Shipyards, BAE Systems, Lyon Shipyard, Gulf Copper, Astillero Nacional, Servicios Industriales De La Marine S.A., Estaleiros sermetal ltd, Enavi & Renave, Caribbean Drydock Company, Damex Shipbuilding & Engineering, ShipTech, Dammam Shipyard, Zamil Offshore, Israel Shipyards Ltd., Gemak Group of Companies, Sefine Shipyard, Kuzey Star Shipyard, Desan Shipyard, Southern African Shipyards, Dormac Marine & Engineering, Southern Engineering Co. Ltd., West Atlantic Shipyard, Nigerdock FZE.

Asia-Pacific was the largest region in the global ship repairing market in 2024. Western Europe was the second largest market in the global ship repairing market share. The regions covered in the ship repairing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ship repairing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Ship repairing involves the process of fixing, maintaining, and enhancing ships to ensure they remain operational. This includes tasks such as hull repairs, engine and machinery overhauls, system upgrades, and addressing structural or operational issues arising from wear and tear or damage. Routine ship repairs are essential to extend vessel lifespan, ensure safety, and comply with regulatory requirements.

In the ship repairing market, the primary types include oil and chemical tankers, bulk carriers, general cargo, container ships, gas carriers, offshore vessels, passenger ships, ferries, mega yachts, and other vessels. Oil and chemical tankers are vessels designed for transporting and supplying oil to ships. The diverse applications encompass general services, dockage, hull parts, engine parts, electric works, and auxiliary services. Various end-users, including transport companies, the military, and other entities, utilize these services.

The ship repairing market research report is one of a series of new reports that provides ship repairing market statistics, including global ship repairing industry size, regional shares, competitors with a ship repairing market share, detailed ship repairing market segments, market trends and opportunities, and any further data you may need to thrive in the ship repairing industry. This ship-repairing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ship repairing market include revenues earned by entities by repairing of ships, conversion, and alteration. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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