According to the report, the global ship repair and maintenance services market is projected to surpass US$ 14.1 Bn by 2031, expanding at a CAGR of ~2% during the forecast period. The market for ship repair and maintenance services is expanding due to rise in the fleet of shipping vessels globally. The global marine fleet size reached 2.06 million units in 2020, from 1.27 million units in 2010. Therefore, year-on-year rise in the number of vessels is expanding the ship repair and maintenance services market.
Key players operating in the global ship repair and
maintenance services market include:
Cosco Shipyard Group Co.,Ltd, Damen Shipyards Group, Hyundai Mipo Dockyard, and
Cochin Shipyard Limited.
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Expansion of Ship Repair and Maintenance Services Market
The global ship repair and maintenance services market is
expanding due to increased use of ships for various purposes. Moreover,
government bodies of numerous countries are taking initiatives to support the
shipping industry. For instance, shipyards are provided with various tax
benefits for regular ship repair and maintenance services activities. This is
one of the key factors driving the global ship repair and maintenance services
market. The increase in average vessel age is also expected to propel the
global ship repair and maintenance services market. For instance, in 2019, 41.91% of
the global vessel fleet was permitted to use beyond 20 years,
and the average age of the fleet was 20.98 as compared
to 20.48 in 2018. Therefore, an increase in the
average age of vessels is offering significant opportunity for the global ship
repair and maintenance market.
Regional Analysis of Ship Repair and Maintenance
Services Market
In terms of region, the global ship repair and maintenance
services market has been divided into North America, Europe, Asia Pacific, Middle
East & Africa, and South America. Asia Pacific is projected to be highly
lucrative region for global ship repair and maintenance services market during
the forecast period. This is primarily due to the fact that half of the world
fleet is owned by Asia-based companies, and among which 93% of
shipbuilding occurred in China, Republic of Korea, and Japan in 2019.
Mostly, the repair activities was carried out by shipbuilding companies.
Therefore, rise in shipbuilding is estimated to boost the ship repair and
maintenance services market in the region.
Global Ship Repair and Maintenance Services Market:
Segmnentation
- Ship
Repair and Maintenance Services Market, by Vessel Type
- Cargo
- Offshore
- Naval
- Tankers
- Workboats
- Others
- Ship
Repair and Maintenance Services Market, by Repair Type
- Emergency
Repairs
- Underwater
Cleaning and Repairs
- Main
Engine Maintenance and Repairs
- Mechanical
Repairs
- Electrical
and Instrumentation Repairs
- Motor
Rewind Repairs
- Others
- Ship
Repair and Maintenance Services Market, by Maintenance Type
- Preventive
or Scheduled Maintenance
- Corrective
or Breakdown Maintenance
- Condition
Maintenance
- Ship
Repair and Maintenance Services Market, by Region
- North
America
- Europe
- Asia
Pacific
- Middle
East & Africa
- South
America
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In the end, Ship Repair and Maintenance Services industry
report specifics the major regions, market scenarios with the product price,
volume, supply, revenue, production, and market growth rate, demand, forecast
and so on. This report also presents SWOT analysis, investment feasibility
analysis, and investment return analysis.
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