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

Performing an instrumental role within the overall water transportation sector, the Marine Salvage Services industry is involved in the salvaging, patching and the refloating of grounded vessels. Over the past five years, the industry has experienced moderate growth, as a result of increased incident totals. Marine incidents may be the result of grounding, mechanical breakdown, fire, collision and weather. Weather across the United States, in particular, has been a source of growth for the industry over the period. In recent years, storms such as Hurricane Irene and Hurricane Sandy have resulted in an elevated number of marine incidents. Consequently, federal and local governments significantly increased spending during both storm-specific years and the fiscal periods following them...purchase to read more.

Industry Statistics & Market Size
Revenue
$372m
Annual Growth 12-17
0.9%
Forecast Growth 17-22
Profit
Employment
3,237
Businesses
235
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • The frequency of extreme storms has increased, fueling demand for industry services
  • Many industry players are strategically positioned to certify ships’ prefire plans
  • Industry operations are limited by the number of ports in the United States
  • Industry Report - Starting a New Business Chapter

    The Marine Salvage Services industry exhibits moderate barriers to entry. Initial capital costs vary on the size and scope of salvaging services. While some smaller players rent equipment, reducing initial capital costs, larger players incur significant capital costs and purchase their equipment outright to reduce response times. Cranes, bucket wheel unloaders and other industry equipment purchases can total to millions, which may deter some entrants that do not opt to rent. Companies also require a significant amount of mechanical expertise to provide salvage services.Despite moderate capital costs for small-scale salvage services, potential entrant success will be limited by volatile demand and competition from existing companies. Sal...purchase to read more.

    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..

    shopping_cartPURCHASE OPTIONS

    What's in this report

    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

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    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 demand
  • Industry 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

  • 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
  • Grounding and collision salvage services
  • Engine or mechanical breakdown salvage services
  • Flooding, fire and explosion
  • Other salvage services

  • 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
    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
    There are no major players in this industry. This report includes analysis of other companies.
    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
    Table: Industry Data for the Marine Salvage Services Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Total Traded Value (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    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.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Marine Salvage Services Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

    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.

    Contact Us

    Want to speak to a representative? Call us.

    clear