The ship repair and maintenance service market is expected to reach a value of USD 28,169.45 million in 2024, with a moderate compound annual growth rate (CAGR) of 6.6% projected from 2024 to 2034, ultimately rising to USD 53,375.69 million by 2034.
The growth of the manufacturing sector and increased industrialization have led to a greater demand for logistics services, particularly ship-based logistics, driving the need for ship repair and maintenance services.
As industrialization accelerates and businesses favor cost-effective seaborne trade over pricier air transport, the market for ship repair and maintenance services is expanding.
The surge in industrial manufacturing and the impact of globalization have further fueled demand for these services. Additionally, the need for reconditioning and refurbishing vessels has contributed to market growth.
Government initiatives aimed at improving shipbuilding and maintenance practices, often supported by tax incentives, along with increasing private investments, are expected to enhance the adoption of ship repair and maintenance services.
Ship owners recognize that regular repair and maintenance are crucial for ensuring the health of their vessels and the safety of their cargo, ultimately leading to significant long-term savings in both time and money.
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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 USD 9.1 Billion in 2023 and highest CAGR of 7.4 during the forecast period.
- Followed by China, South Korea to cross a value of USD of 4.2 Billion 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 USD 1.6 Billion 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.
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 Segmentations
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
- Dockage
- Hull Part
- Engine Parts
- Electric Works
- Auxiliary Services
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