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According to The Business Research Company’s research report on the ship repairing market, the rapid spread of the coronavirus is causing economic and industrial disruptions globally. With government-regulated lockdown and travel restrictions imposed in many countries, the ship repairing industry has suffered setbacks due to work and supply chain disruptions, logistical challenges, new contracts ceased, and closure of service centers. This setback has also been caused due to the standstill of all kinds of cargos via water or air during the quarantine period, as there is a possibility that the transportation of such cargos in ships or through air could be carrying the virus from one port to another. All such goods that were previously carried conveniently on a ship or any other marine vehicle have to follow a set standard of rules and procedure, which has limited the demand for such cargos.
Ports from all over the world had to thus temporarily shut down and stop all activity. Some ports are running at a low capacity, and the storage facilities have been highly overcrowded. The shipbuilding market is an industry dependent on the employment of significant numbers of workers and the supply of materials required for construction, both of which have also been severely impacted by COVID-19.
The global ship repairing market size reached a value of nearly $32.49 billion in 2019, having increased at a compound annual growth rate (CAGR) of 1.3% since 2015. The market is expected to decline from $32.49 billion in 2019 to $30.10 billion in 2020 at a rate of -7.4%. The decline is mainly due to the mentioned 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 expected to recover and grow at a CAGR of 3.3% from 2021 and reach $32.69 billion in 2023. The shipbuilding and repair market is expected to reach $35.69 billion by 2025, and $43.50 billion by 2030. Asia Pacific was the largest region in the global ship repair market, accounting for 58.4% of the total in 2019.
The Business Research Company’s report titled Ship Repairing Global Market Report 2020-30: COVID 19 Growth And Change covers major ship repairing companies, ship repairing market share by company, ship repairing manufacturers, ship repairing infrastructure market size, and ship repairing market forecasts. The report also covers the global ship repairing market and its segments.
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In early May 2020, work began to resume at some shipyards that had been impacted by the virus. New projects and contracts are getting underway, including a broad range of individual projects vital to local economies and infrastructure. A number of these types of projects began in recent days with changes adapted to match government rules and regulations regarding COVID-19. For example, Damen Shiprepair Amsterdam announced in November 2020 that the company had completed a conversion project for Eidsvaag, a Norwegian company. The company carried out the conversion process while following the social distancing norms. The yard was closed down for one week, in order to implement safety measures.
Once the industry bounces back from the pandemic, a positive impact on the market for ship repairing in the forecast period will be the stringent safety regulations. The emphasis on safety and emission control by government agencies compels ship building companies to increase their investments in terms of infrastructure and safety systems, and thus regular repairs. For example, in China if the ship building company fails to follow guidelines for the industry on environmental, safety and employment regulations, they could get their licenses revoked. Stringent government regulations focusing on the safety and emission control of ships are expected to contribute to the growth of the ship.
Ship Repairing Global Market Report 2020-30: COVID 19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, ship repairing market segments and ship repairing market geographies, ship repairing market trends, ship repairing market drivers, ship repairing market restraints, ship repairing market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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