Global Ship Repair and Maintenance Services Market, By Product Type (Oil and Chemical Tankers, Bulk Carriers, Gas Carriers, Offshore Vessels and Passenger Ships and Ferries), Application (General Services, Dockage, Hull Part, Engine Parts, Electric Works and Auxiliary Services) - Industry Trends and Forecast to 2029.
Market Analysis and Size
Ship repair and maintenance is considered one of the cost intensive and complex process for end users. These cost-efficient repair solutions prevent various issues such as fuel leakage between heavy fuel tank components and water ballast.
Global Ship Repair and Maintenance Services Market was valued at USD 23.87 billion in 2021 and is expected to reach USD 42.56 billion by 2029, registering a CAGR of 7.50% during the forecast period of 2022-2029.. “Electric Works” accounts for the largest application segment in the respective market owing to the increase in the electrical issues. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Ship repair and maintenance services refer to the services associated with the manufacture, repair, and maintenance of ships. To keep ships in good working order, robust designs and continuous maintenance are required. Advancements in technical, operational and regulatory matters for maritime operations are being done to cater the current issues.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Oil and Chemical Tankers, Bulk Carriers, Gas Carriers, Offshore Vessels and Passenger Ships and Ferries), Application (General Services, Dockage, Hull Part, Engine Parts, Electric Works and Auxiliary Services)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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Sembcorp Industries (Singapore), China Shipbuilding Industry Corporation (China), Damen Shipyards Group (Netherlands), Hyundai Mipo Dockyard Co, ltd (South Korea), DAE SUN Shipbuilding & Engineering Co, Ltd (South Korea), Cochin Shipyard Limited (Kochi), Dundee Marine & Industrial Services Pte Ltd (Singapore), Tsuneishi Shipbuiding Co, Ltd, HOSEI Co, LTD (South Korea), Keppel Corporation Limited (Singapore), Swissco Holdings Limited (Singapore), Egyptian Ship Repair & Building Company (Egypt), Sembcorp Marine LTD (Singapore), Hanjin Heavy Industry Co.Ltd (South Korea), Desan Shipyard (Turkey), among others
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Market Opportunities
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Ship Repair and Maintenance Services Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increase In the Shipbuilding Activities
The increase in the shipbuilding activities across the globe acts as one of the major factor driving the growth of ship repair and maintenance services market. The high requirement of maintenance services for any ship to work smoothly has a positive impact on the market.
- Demand for Passenger Ships and Ferries
The surge in demand for passenger ships and ferries especially in East Asia and South Asia and Pacific accelerate the market growth. The rise in use of ships for various purposes, such as trade and travel, among other assist in the expansion of the market.
- Government Initiatives
The rise in the government initiatives of many countries to support shipping industries further influence the market. Tax benefits are provided for regular ship repair and maintenance activities that escalates the growth of the market.
Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the ship repair and maintenance services market.
Opportunities
Furthermore, inclination of international trade towards seaborne route due to the substantially lower cost of transportation extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, surge in investments will further assist in the market growth.
Restraints/Challenges faced by the Ship Repair and Maintenance Services Market
On the other hand, high cost associated with the ship repair and maintenance services is expected to obstruct market growth. Also, domestic and international norms and laws are projected to challenge the ship repair and maintenance services market in the forecast period of 2022-2029.
This ship repair and maintenance services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the ship repair and maintenance services market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
COVID-19 had a Major Impact on Ship Repair and Maintenance Services Market
The COVID-19 had a negative impact on the ship repair and maintenance services market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for ship repair and maintenance services market. The supply chain got hampered during the pandemic along with delay logistics activities. However, the ship repair and maintenance services market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Ship Repair and Maintenance Services Market Scope
The ship repair and maintenance services market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Oil and Chemical Tankers
- Bulk Carriers
- Gas Carriers
- Offshore Vessels
- Passenger Ships And Ferries
Application
- General Services
- Dockage
- Hull Part
- Engine Parts
- Electric Works
- Auxiliary Services
Ship Repair and Maintenance Services Market Regional Analysis/Insights
The ship repair and maintenance services market is analyzed and market size insights and trends are provided by country, product type and application.
The countries covered in the ship repair and maintenance services market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific (APAC) dominates the ship repair and maintenance services market because of the increased sea-borne trade activities within the region.
Europe is expected to witness significant growth during the forecast period of 2022 to 2029 due to the improvements in region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Ship Repair and Maintenance Services Market Share Analysis
The ship repair and maintenance services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to ship repair and maintenance services market.
Some of the major players operating in the ship repair and maintenance services market are
- Sembcorp Industries (Singapore)
- China Shipbuilding Industry Corporation (China)
- Damen Shipyards Group (Netherlands)
- Hyundai Mipo Dockyard Co, ltd (South Korea)
- DAE SUN Shipbuilding & Engineering Co, Ltd (South Korea)
- Cochin Shipyard Limited (Kochi)
- Dundee Marine & Industrial Services Pte Ltd (Singapore)
- Tsuneishi Shipbuiding Co, Ltd, HOSEI Co, LTD (South Korea)
- Keppel Corporation Limited (Singapore)
- Swissco Holdings Limited (Singapore)
- Egyptian Ship Repair & Building Company (Egypt)
- Sembcorp Marine LTD (Singapore)
- Hanjin Heavy Industry Co.Ltd (South Korea)
- Desan Shipyard (Turkey)
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