The Ship repair and maintenance services market is expected to achieve a rating of EUR 27,999.00 million in 2024, with the expectation of growth to EUR 53,375.69 million by 2034, driven by a steady compound annual growth rate (CAGR) of 6.6% over the forecast period.
The growth of manufacturing industry and increasing industrialization have boosted the consumption of logistics services, especially marine logistics, thereby increasing the demand in the ship repair and maintenance services market.
With the acceleration of industrialization and the increasing preference for low-cost maritime trade over more costly air logistics, the market for ship repair and maintenance services is growing.
The rise in industrial manufacturing and the impact of globalization have significantly increased the need for ship repair and maintenance services. In addition, ship overhaul and remodeling are contributing significantly to the market growth.
Government initiatives to improve shipbuilding and maintenance practices through tax incentives as well as increasing private investment are expected to further boost demand for ship repair and maintenance services.
For ship owners, regular repair and maintenance is crucial to ensure the longevity and safety of their vessels and cargo, resulting in time and cost savings in the long term.
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Important points
- In terms of consumption of ship repair and maintenance services, the Asia-Pacific region leads the market, while China holds the largest market share of USD 9.1 billion in 2023 and the highest compound annual growth rate (CAGR) of 7.4 during the forecast period.
- Followed by China, South Korea will exceed $4.2 billion by 2033.
- The US is another major market for ship repair and maintenance services, registering a compound annual growth rate (CAGR) of 4.8% during the forecast period, with a value expected to reach $1.6 billion by 2033.
- The oil and chemical tanker segment is performing better than its counterparts in the vessel type category as it goes through the regressive cycle and transports tons of oil through the longer commercial sea routes and is expected to flourish at a CAGR of 6.4% during the forecast period.
- Hull maintenance represents the watertight casing of the ship and is at the top of this service category with a compound annual growth rate (CAGR) of 6.2% through 2033.
Competitive environment
Competitors focus on providing newer maintenance equipment and technologies. In addition, providers also operate on the “one-stop-shop” model to offer all types of services under one roof.
Major players in the ship repair and maintenance services market are: Damen Shipyards Group, Sembcorp Industries Ltd, Cochin Shipyard Limited, China Shipbuilding Industry Corporation, Fincantieri SpA, 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 and HOSEI CO. LTD
For example:
- The Arab Shipbuilding and Repair Yard Company has revised its business model and added ship recycling to its range of services. In addition, the company offers ship repairs and conversions, rig repairs and ship’s naval repairs, as well as manufacturing and construction.
- Dormac Ship Repairs introduces its repair services like CNC machining, fabrication, cofferdam repairs, electrical circuit repairs etc.
Important segmentations
By ship type:
- Oil and chemical tankers
- Bulk carrier
- General cargo
- Container ships
- Gas transporter
- Offshore vessels
- Passenger ships and ferries
- Mega yachts and other vessels
By service type:
- General Services
- Mooring
- Fuselage part
- Engine parts
- Electrical work
- Additional services
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