The ship repair and maintenance services market is likely to strengthen its boundaries at a CAGR of 6.6% during the forecast period. The market is anticipated to cross a market share of US$ 50.3 billion by 2033 while it holds a revenue of US$ 26.5 billion in 2023.
According to FMI, Europe is predicted to be one of the most profitable marketplaces in the world. Because of its concentration on research and development in new technologies, Germany is expected to lead Europe in ship repair and maintenance services. Despite this, the UK is expected to develop at a rapid pace and reach a value of US$ 619.7 million by 2033. However, the market’s trajectory has improved, as it previously thrived at a CAGR of 3.2% (2017-2022).
Another aspect assisting market expansion is the prominent rise of shipbuilding activities across Europe. This is mostly due to rapid adjustments and improvements in countries such as Croatia, the Nordic countries, and the Netherlands. This is also predicted to move the market upward throughout the year.
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– Increase in industrial manufacturing goods and post-effects of globalization have played a major part in creating demand for ship repair and maintenance services. Furthermore, the reconditioning of these ships and their transformation have flourished the market growth.
– Government programs work for the enhancement of ship building and maintenance practices through tax cuts. Proliferating private investments are also likely to fuel the adoption of ship repair and maintenance services.
– Ship owners take ship repair as an essential part of operations as It ensures the ship health and cargo safety along with time and money saving in a long run.
Key Points
- The Asia Pacific region tops the tally when it comes to the consumption of ship repair and maintenance services, while China holds the biggest market share of US$ 9.1 Bn in 2023 and highest CAGR of 7.4 during the forecast period.
- Followed by China, South Korea to cross a value of US$ of 4.2 Bn by 2033.
- Being another significant market for ship repair and maintenance services, US thrives at a CAGR of 4.8% during the forecast period while expecting a value of US$ 1.6 Bn by 2033.
- Oil and chemical tankers segment performs better than its counterparts in the vessel type category as it goes through the regressive routine and carries tons of oil through the longer commercial sea routes. It is expected to thrive at a CAGR of 6.4% during the forecast period.
- The service and maintenance of hull is the ship’s watertight enclosure and it tops the service type category with a CAGR of 6.2% by 2033.
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Competitive Landscape
The competitors focus on the addition of newer maintenance equipment and technology. Furthermore, the vendors also work on the “One stop shop” model to provide each service type under one roof.
Key players in the ship repair and maintenance services 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 Ship building and Repair Yard Company, Keppel Corporation Limited, United Shipbuilding Corporation, Alexandria Shipyard, Dormac Ship repairs, Astican, and HOSEI CO. LTD
For instance:
- Arab Shipbuilding and Repair Yard Company has revisited the business model and added ship recycling in its services. Other than this, the company provides ship repair & conversion, rig repair, and navel repair along with fabrication and engineering.
- Dormac Ship repairs introduce its repair services like CNC machining, fabrication, cofferdam repairs, electrical circuit repairing etc.
Key Segments
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
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By Service Type:
- General Services
- Dockage
- Hull Part
- Engine Parts
- Electric Works
- Auxiliary Services
Author
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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