Marine Salvage Services
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. The industry is expected to continue its growth trajectory, as total trade volumes continue to accelerate over the five years to 2022. On the heels of this growth in trade activity, waterborne freight is expected to increase and the number of marine incidents is likewise expected to grow.
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.
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.