Overview

Smooth sailing: Higher trade volumes and adverse weather patterns will boost demand

IBISWorld’s industry research report on Marine Salvage Services provides up-to-date sales and market data, allowing you to identify the product and customer segments driving revenue growth. The report identifies the leading companies in the industry, and offers strategic analysis of the key factors influencing the market. Our data forecasts are accompanied by full analysis to illustrate how the market is responding to dominant and emerging trends.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$396m
Annual Growth
11-16
1.9%
Annual Growth
16-21
Profit
Employment
3,131
Business
228

Industry Threats & Opportunities

  • The frequency of extreme storms has increased, fueling demand for industry services
  • Labor force has been diversifying their services, offering consulting and assessment services
  • Revenue fluctuated due to uneven government spending when there is an extreme storm

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    Industry Analysis & Industry Trends

    The Marine Salvage Services industry has been subject to a high degree of revenue volatility during the past five years, due to fluctuating demand conditions. Weather, in particular, has been the main catalyst for growth. However, revenue contracts following extreme storms, hurting the industry. Nonetheless, upward movements in revenue have generously compensated for the downward contractions. In the five years to 2021, the industry will continue to be subjected to volatility, but the industry is looking to enter calmer water as total trade volumes continue to accelerate...

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    Industry Report - Industry SWOT Analysis Chapter

    The Marine Salvage Services industry is in the mature stage of its life cycle. In the 10 years to 2021, industry value added, which measures an industry's contribution to the US economy is projected to increase at an average annual rate of 2.1%. Over the same period, US GDP is anticipated to grow at an annualized rate of 2.1%. Growth in line with the overall economy is characteristic of a mature industry. Additionally, the industry has benefitted from wholehearted market acceptance. When a ship sinks, an owner has few other options than to contract the services of an industry operator, because fines are levied when wreckage is reported and not removed. Few..

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    Additional Insights for the Marine Salvage Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Marine Salvage Services Industry are

  • Having contracts within key markets
  • Ability to provide services in diverse locations
  • Access to the latest available and most efficient technology and techniques
  • IBISWorld analysts also discuss how external factors such as Total trade value and Demand from ocean and coastal transportation in the Marine Salvage Services industry impact industry performance..

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    Look under the hood?

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    Industry Products

    What is the Marine Salvage Services Industry?

    This industry provides retrieval and repair of vessels or cargo following a marine accident. Companies often work on a contract basis, whereby they are hired to conduct salvage operations on stricken ships.

    Industry Products
    Flooding salvage services
    Collision salvage services
    Fire or explosion salvage services
    Engine or mechanical breakdown salvage services
    Grounding salvage services
    Other salvage services
    Industry Activities
    Towing services
    Refloating sunken vessels
    Refloating grounded vessels
    Undertaking minor repairs on vessels
    Monitoring and providing pollution control services

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Total trade value
  • Demand from ocean and coastal transportation
  • Natural disaster index
  • Demand from natural disaster and emergency relief services

  • Current Performance
  • Assistance from changing weather
  • Expansion of traditional service offerings
  • Industry profitability
  • Chart: Revenue Growth

  • Industry Outlook
    Trade and adverse weather leads to higher demandIndustry landscape and profitability
  • Table: Marine Salvage Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Marine Salvage Services Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Fishing
  • Ocean & Coastal Transportation
  • Inland Water Transportation
  • Consumers

  • Key Selling Industries
  • Boat Building
  • Forklift & Conveyor Manufacturing
  • Ship Building

  • Products & Services
  • Grounding salvage services
  • Engine or mechanical breakdown salvage services
  • Other salvage services
  • Fire or explosion salvage services
  • Collision salvage services
  • Flooding salvage services
  • Chart: Marine Salvage Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Deepwater cargo operators
  • Deepwater noncargo operators
  • Government customers
  • Inland water transportation operators and other
  • Chart: Major Market Segmentation for the Marine Salvage Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Depreciation
  • Other Costs
  • Chart: Cost Structure Benchmarking – Sector vs Marine Salvage Services

  • Basis of Competition
  • Internal Competition
  • External Competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Marine Salvage Services Industry

  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Marine Salvage Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Marine Salvage Services Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Total Traded Value (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Dredging
  • Excavation activity that is performed to free a stranded vessel or open an impeded waterway.
  • Patching
  • Welding steel plates over a hole in a vessel in order to restore water tightness.
  • Piecemeal
  • The process whereby a vessel is cut into pieces small enough to be easily removed.
  • Salvage Master
  • Serves as the master of the salvage vessel, being responsible for planning the salvage operation of another vessel or its cargo facing a marine accident.
  • Waterborne Freight
  • Bulk shipments of goods transported via waterways. Includes inland water transportation as well as ocean transportation.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Marine Salvage Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Marine Salvage Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Marine Salvage Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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