The import of special purpose ships and vessels to India has seen a fluctuating trend over the past decade. From a peak of $3.55 billion in 2013, the value dipped significantly to reach a trough in 2020 at $1.75 billion. However, subsequent years displayed a recovery, with 2023 standing at $3.46 billion. Year-on-year variations have been quite volatile, with sharp declines in certain years such as 2014 and 2020, and significant growth in others like 2018 and 2021. The compound annual growth rate (CAGR) over the last five years has been 1.89%, showing moderate but inconsistent growth. Forecasts from 2024 onward predict a steady increase, expecting the value to reach $4.02 billion by 2028, with a five-year CAGR of 2.41%, equating to a 12.66% growth rate over this period.
The future trends to watch for include technological advancements, changes in global trade policies, and shifts in India’s economic priorities that may influence demand for special purpose vessels. Additionally, the impact of environmental regulations and the transition towards sustainable maritime practices could reshape the industry dynamics significantly.
