The research report on the ship repair and
maintenance services market states that the industrial growth among
emerging economies such as China,
India, and other south Asian
countries has attracted the market. From shipbuilding to repairing,
from cargo loading to unloading, the coast logistic businesses hold
a major share in the market system. A high rate of interest (ROI)
in the seaborne transportation of goods and equipment helps in
increasing the adoption of the ship repair and maintenance services
market.
NEWARK,
Del., July 30, 2024 /PRNewswire/ -- The
ship repair and maintenance service market are expected to be
valued at USD 28,169.45
million by 2024. The market valuation is estimated to be
USD 53,375.69 million by 2034,
projected at a CAGR of 6.6%.
The ship repair and maintenance services market are experiencing
significant growth, propelled by various factors. A notable driver
is the increase in shipbuilding activities globally, which
necessitates regular maintenance to ensure smooth operations.
The growing demand for passenger ships and ferries, particularly
in East and South Asia Pacific
regions, further accelerates market expansion. These vessels
require frequent maintenance to meet safety and regulatory
standards, driving the demand for repair services.
Government initiatives supporting the shipping industry also
play a crucial role in market growth. Many countries offer tax
benefits for regular ship repair and maintenance activities,
incentivizing shipowners to invest in these services. The expansion
of the automotive sector, along with increased investments and
disposable income, contributes positively to market growth by
boosting demand for shipping services.
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The preference for seaborne transportation due to its
cost-effectiveness fosters profitable opportunities for market
players. As international trade increasingly relies on maritime
routes, the demand for ship repair and maintenance services is
expected to rise.
Several challenges hinder market growth, including the high cost
of these services. Ship repair and maintenance can be financially
burdensome for shipowners, impacting market expansion. Compliance
with domestic and international laws and norms poses challenges for
market players, requiring adherence to stringent regulations.
Key Takeaways from the Market Study
- Under vessel type, the bulk carriers are registered to account
for a market share of 33.7% in 2024.
- The United Kingdom is
estimated to register at a CAGR of 3.7% by 2034.
- China experiences significant
growth, projected at a CAGR of 7.3% by 2034.
- Based on service type, the hull part segment is anticipated to
account a market share of 29.4% in 2024.
"The increasing globalization of trade and shipping
activities is one significant driver of the ship repair and
maintenance service market," says Nikhil
Kaitwade (Associate Vice President at Future Market
Insights, Inc.)
Ship repair and maintenance services Market Country-wise
Insights
Countries
|
Forecast CAGRs from
2024 to 2034
|
The United
States
|
4.6 %
|
Canada
|
2.9 %
|
Australia
|
5.5 %
|
China
|
7.3 %
|
The United
Kingdom
|
3.7 %
|
Competitive Landscape
The presence of established shipyards, repair facilities, and
service providers characterizes the competitive landscape of the
ship repair and maintenance service market. Key players compete
based on service quality, technological innovation, geographic
reach, and pricing strategies.
Collaborations, partnerships, and mergers are common strategies
to enhance capabilities, expand service offerings, and address
evolving customer needs. Market dynamics are influenced by
regulatory requirements, technological advancements, and the
expansion of global maritime trade, shaping the competitive
environment within the industry. Some of the key developments
are:
- In 2020, ST Engineering Marine Ltd. clinched a $600 million contract to construct and repair
ships for the Republic of Singapore Navy, encompassing both
maintenance and the construction of new vessels. This significant
agreement underscores the company's expertise in naval projects and
solidifies its position in the shipbuilding and repair sector.
- In 2020, General Dynamics NASSCO was awarded a $1.6 billion contract to build six fleet oilers
for the U.S. Navy in 2020, with options for four additional ships.
This contract demonstrates NASSCO's capability in ship
construction.
Top 10 Key Players in the Ship Repair and Maintenance
Service Market
- Damen Shipyards Group
- Sembcorp Industries Ltd.
- Cochin Shipyard Limited
- China Shipbuilding Industry Corporation
- Fincantieri S.p.A.
- Dae Sun Shipbuilding & Engineering Co. Ltd.
- Hyundai Mipo Dockyards Co. Ltd.
- Arab Shipbuilding and Repair Yard Company
- Dormac Ship repairs
- Alexandria Shipyard
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More Valuable Insights Available
Future Market Insights offers an unbiased global ship repair and
maintenance service market analysis, providing historical data from
2019 to 2023 and forecast statistics from 2024 to 2034.
To understand market opportunities, the ship repair and
maintenance service market is segmented based on Vessel Type (Oil
and Chemical Tankers, Bulk Carriers, General Cargo, Container
Ships, Gas Carriers, Offshore Vessels, Passenger Ships and Ferries,
Mega Yachts and Other Vessels), Service Type (General Services,
Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary
Services), and Region (North
America, Latin America,
Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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