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Strategic Analysis of Shipbuilding and Repair Market in India
Frost & Sullivan, Dec 2010, Pages: 181
The study provides a comprehensive analysis of the evolution, current status and future prospects of shipbuilding and repair market in India. It provides details on the key drivers and restraints affecting this market, and also the key challenges faced by shipbuilding and repair companies in India. In addition, the study provides revenue forecasts for the shipbuilding and repair market in India. Further, the study discusses about the leading shipbuilding and repair entities in India. In addition, the study also provides a brief discussion on the global shipbuilding market, leading global shipbuilding countries, leading global shipbuilding companies and share of India in the global market
Research Overview
This Frost & Sullivan research service titled Strategic Analysis of Shipbuilding and Repair Market in India provides an in-depth analysis of the market drivers and restraints, industry trends, and competitive environment, in addition to the challenges and issues faced by market participants. Growth opportunities in the Indian shipbuilding and repair market are also analyzed.
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Market Overview
Competency in Offshore Supply Vessel and Replacement Demand Drive India’s Shipbuilding and Repair Market
The shipbuilding and repair market in India is poised to pick up momentum with the increasing penetration of Indian ship building companies in the offshore vessels (OSVs) segment. Indian companies have established strong credentials in the building and repair of OSV, resulting in a spike in orders for such vessels from the Indian industry. The limited capacities related to OSVs in leading shipbuilding nations such as Japan and South Korea are resulting in diversion of orders to India, driving up the fortunes of the Indian shipbuilding and repair market. Growth in multimodal transportation infrastructure and integrated logistics parks leads to significant logistic outsourcing opportunities. The aging fleet of shipping companies in India is another factor energizing prospects for the shipbuilding and repair market in the country. “About 40 percent of the India-owned fleet is more than 20 years old, and Indian owners will need to spend about $4 billion to replace these during 2010-2015,” notes the analyst of this research service. “In addition, the International Maritime Organization (IMO) has mandated the phasing out of all single-hull vessels by 2010, and single hull tankers constitute about 15.8 percent of the total vessels owned by Indian shipping companies.” The future of the Indian shipbuilding and repair market looks promising and is likely to double in size in the next five to six years. The growth potential is further enhanced with the Indian Government aiming for the nation’s shipbuilding sector to attain a 5 percent share in the global market by 2017.
Although the outlook for the market is bright, there are some challenges clouding its landscape. India has a vast coastline, but there is an acute shortage of deep draft water space along the coast. This restricts the type and size of ships that can be built or repaired in India, thereby severely curbing the full growth potential of the Indian shipbuilding and repair market. Shipbuilding and ship repair are both labor-intensive activities and fulfilling the requirements of this industry is proving to be a market bottleneck.
The Indian Government is encouraging greater private participation in the sector and a new world-class commercial shipyard is being built on the eastern coast. These factors will rev up growth prospects for the market. The government is also facilitating improvements in port and infrastructure facilities and easing regulations and taxes to assist the industry in addressing the challenges and overcoming its barriers. Participants in this space are striving to gain a foothold in the small and special category vehicles segment, such as OSV, to optimize business traction.
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