Dry Docks & Cargo Inspection Services in the US - Industry Market Research Report

Dry Docks & Cargo Inspection Services in the US - Industry Market Research Report

Dry Docks & Cargo Inspection Services in the US

The industry provides maintenance, cargo inspection and other support services to commercial and government watercraft. Increased trade activity in recent years has increased demand for industry services, fueled by rising consumption and industrial production. As more cargo ships facilitate trade, demand for ship repair and other industry services rises. Simultaneously, declines in industry-relevant federal defense spending and outdated infrastructure in many US ports have constrained industry revenue and profitability during in the current period. Additionally, the COVID-19 pandemic significantly hampered trade activity and consumer spending, temporarily mitigating revenue. Ultimately, industry revenue has improved at a CAGR of 4.0% over the past five years and is expected to total $2.4 billion in 2023, with a 0.5% increase in 2023 alone.

This industry provides support services to water transportation industries including ship maintenance and repair, towing, cargo inspection and surveying. Shipbuilding and other manufacturing activities are not included in this industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.