Ship repair and maintenance services market is set to be valued at US$ 44.3 Bn, expanding at 6.5% CAGR through 2031, according to latest research conducted by Future Market Insights (FMI).
As per Future Market Insight (FMI), the ship repair and maintenance services market is expected register year-on-year (YoY) growth of 5.9%, reaching US$ 23.6 Bn in 2021.
Continuous rise in shipbuilding activities and increasing spending in research activities for the expansion of wireless seaborne trade is expected to create growth opportunities during the forecast period.
Demand for ship repair and maintenance services is surging owing to the growing usage of ships for diverse purposes. Governments in many countries are taking initiatives to strengthen the maritime industry.
Based on these factors, the market is anticipated to create incremental opportunities for the ship repair and maintenance services market players during the forecast period (2021-2031).
Sales are expected to surge due to increasing import-export activity and implementation of favorable regulations encouraging seaborne trade. Ship repair and maintenance play a supporting role in the marine industry. Because of the significant advantages of maritime transportation, ships transport approximately 90% of the world’s imported and exported goods.
The outbreak of COVID-19 however dampened the sales prospects owing to supply chain and market disruption. Nevertheless, with recovery of trade activities and relaxations in international trade, the market is expected to regain its pre-pandemic status.
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Key Takeaways from Market Study
- In the vessel type segment, bulk carrier is anticipated to grow at an impressive CAGR close to 8%.
- In the service type segment, hull part holds nearly 30% of the global market share in 2031.
- Demand for passenger ships and ferries are expected to increase at a high pace, encouraging the sales of ship repair and maintenance services.
- The market in South Asia & Pacific is projected to create incremental $ opportunity worth US$ 9.6 Bn between 2021 and 2031.
- India and Singapore are expected to emerge as the most lucrative market across South Asia & Pacific during the forecast period.
“Digital innovations, coupled with the inclination for seaborne trade activities, are expected to propel the growth of the market. In order to capitalize on this existing opportunities, key players are investing in research and development activities. Some are spending on the integration of wireless technology in ship repair. These developments will help the market gain momentum in the coming years,” says a Future Market Insights analyst.
Key Market Segments Covered
By 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
By Service Type:
- General Services
- Hull Part
- Engine Parts
- Electric Works
- Auxiliary Services
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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The leading companies are implementing various strategies such as mergers and acquisitions and new product launches to venture into new markets. Some of the key players in this market are 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, Keppel Corporation Limited, United Shipbuilding Corporation, Alexandria Shipyard, Dormac Ship repairs, Astican, HOSEI CO. LTD, TSUNEISHI SHIPBUILDING Co. Ltd and Dundee Marine & Industrial Services Pte Ltd.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.