Ship Repair and Maintenance Services Market to Register 2.6% CAGR from 2023-2031, Accumulating US$ 40.9 Billion in Value: Transparency Market Research
Growing demand for seaborne trade and robust multimodal connections will boost ship repair and maintenance demand over the next few years
Wilmington, Delaware, United States, March 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Ship Repair and Maintenance Services Industry generated US$ 32.3 Billion in 2022 and the global market is projected to reach US$ 40.9 Billion by 2031. Globally, the industry is expected to grow at a CAGR of 2.6 % between 2023 and 2031. Increasing demand for cargo shipping using advanced and innovative technologies to drive ship repair and maintenance demand.
The primary focus of shipbuilding and repair companies aims to develop advanced technology in order to reduce the cost and manpower requirements to maintain ships. Regulations regarding environmental impact are considered for retrofitting or designing new buildings to comply with the new requirements.
Technologies and innovations have different impacts on the shipbuilding and repair/maintenance industries. This allows shipbuilders to produce a variety of vessels using innovative materials, designs, and types. Maintenance and repair crews can increase their productivity and efficiency with this service.
Using new technologies has allowed ship repair service to become a streamlined and efficient process in the market. A faster turnaround time can be achieved by using computer-aided design, automated systems, and other technologies in the market. Safety has become a top priority in ship repair and maintenance. Using advanced technologies, potential safety issues can be detected in advance, enabling preventative action in a timely manner.
With significant growth in inland and ocean trade in recent years, developing countries like China and India are expected to drive growth in the ship repair and maintenance service market. Sustainable practices are becoming more common in repairs and maintenance. Reducing emissions, utilizing renewable energy, and reusing materials all contribute to this effort.
Download Sample Copy with Graphs & List of Figures:
USD 32.2 Bn
USD 40.9 Bn
Growth Rate - CAGR
No. of Pages
By Vessel Type, Repair Type, Maintenance Type
North America, Europe, Asia Pacific, Middle East & Africa, South America
Electronic (PDF) + Excel
Key Findings of the Market Report
Container ships and tanker ships are expected to dominate the market over the next few years.
Materials such as nickel, copper, aluminum, or titanium are integrated into surfaces, extending component life and reducing maintenance and repair costs.
Ferries and passenger ships are projected to drive the ship repair and maintenance service market.
Technology advancements and economic dependence on seaborne trade expand the European market for ship repair and maintenance services.
Trade partnerships and technologically advanced coasts can boost South Korea's ship repair and maintenance service market.
Global Ship Repair and Maintenance Services Market: Growth Drivers
The ship repair and maintenance service industry has played a significant role in automating the repair and maintenance process in recent years. Drones and robots are increasingly being used to inspect vessels and their components. The need for faster and more accurate inspection of wear and tear, corrosion, and other problems is driving the demand for faster repairs and maintenance equipment.
A growing number of tourist activities and commercial activities is expected to lead to an increase in the market demand for ship repair and maintenance services. In addition to improving the efficiency and accuracy of repairs, automation will reduce labor and maintenance costs, enabling them to gain a competitive edge in the market.
With each passing year, governments around the world invest in this industry as a way to continuously grow the market by constantly adding to it. Financial assistance is being provided by various authorities in India to companies that provide shipbuilding, repair, and maintenance services. As a result, these factors will contribute to the market's continued growth.
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Global Ship Repair and Maintenance Services Market: Regional Landscape
Increasing demand for oil and gas transportation in the Middle East will drive the market for repair and maintenance services in the market.
Rapid economic growth and the widespread presence of ship-building ports in India create excellent growth prospects in the market.
More than 100,000 skilled technicians are employed directly by the United States shipbuilding and repair industry.
Approximately 400,000 Americans are directly and indirectly employed by the companies that work with America's fleet of more than 40,000 commercial ships.
New offshore and naval shipbuilding projects are becoming increasingly popular in the Middle East and Africa.
Global Ship Repair and Maintenance Services Market: Key Players
Some of the key market players in the global ship repair and maintenance services market are Allied Shipbuilders Ltd.,Cochin Shipyard Limited,
Chantier Davie Canada Inc.,
Damen Shipyards Group,
Hyundai Mipo Dockyard,
Cosco Shipyard Group Co.Ltd.,
Sembcorp Marine Ltd.,
Varren Marines Shipping Pvt.Ltd and United Shipbuilding Corporation.
Several billion dollars have been invested in Jamaica's vessel maintenance and repair hub, which is expected to dry dock commercial ships up to 20,000 tons and handle Caribbean and Central American maintenance and repair.
Damen Shipyards Group and Ampelmann's joint venture OceanXpress have announced a contract to provide offshore support starting in January 2023, in a corporation with Compagnie Maritime Monegasque (CMM). As part of Damen Fast Crew Supplier's (FCS) offshore platform transportation service, the 7011 Aqua Helix will be equipped with an Ampelmann S-type system.
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Global Ship Repair and Maintenance Services Market: Segmentation
Logistics Container Carries
Oil Tanker Carriers
Special Purpose Ships
Underwater Cleaning and Repairs
Main Engine Maintenance and Repairs
Electrical and Instrumentation Repairs
Motor Rewind Repairs
Preventive or Scheduled Maintenance
Corrective or Breakdown Maintenance
Middle East & Africa
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