Global Ship Repair and Maintenance Services Market is anticipated to reach US$ XX Mn by 2026 from US$ XX Mn in 2019 at a CAGR of 3.06% during a forecast period.
Global Ship Repair and Maintenance Services Market Overview
Ship repair and maintenance encompasses all ship conversions, overhauls, major and minor damage maintenance, and equipment repairs. Ship repair and maintenance are extremely important in the marine industry. Due to rising shipbuilding activity, the market for ship repair and maintenance services is also rising. However, from $191,913.3 million in 2019 to $177,809.0 million in 2020, the market is expected to shrink by -0.01%. The reduction is mostly due to many countries’ enacting lockdown and social distancing policies, as well as a global economic slump caused by the COVID-19 epidemic and the measures taken to contain it. The market is expected to recover and grow from 2021 to 2026 at a CAGR of 3.06 %, reaching $191,891.1 million.
Global Ship Repair and Maintenance Services Market Dynamics
The important drivers driving market growth include growing demand for new ships and activities, shorter supply chains in ship repair and maintenance services, greater seaborne trade against the backdrop of the current economic boom, and increasing vessel manufacturing. Similarly, rising import-export activity and favorable rules are expected to propel the market forward. Continued favorable policies are projected to support strong growth in the next years. In the marine business, the ship repair and maintenance business play a secondary role. Ships transport about 90% of the amount of imported and exported products in the globe due to the particular benefits of maritime transport. The rising average vessel age is also predicted to drive the global ship repair and maintenance services market. For example, in 2019, 41.91 % of the worldwide vessel fleet was authorized to operate beyond the age of 20, while the average age of the fleet was 20.98, which increased from 20.48. As a result, an increase in average vessel age represents a considerable opportunity for the global ship repair and maintenance market. Furthermore, governments in several countries are taking steps to support the shipping industry. Shipyards, for example, are eligible for a variety of tax breaks for routine ship repair and maintenance services. This is one of the primary drivers of the global ship repair and maintenance services market. However, high maintenance costs and lack of marine exports hamper the growth of the ship repair and maintenance service market. Sensors in the Internet of Things to Create an Entire Network of Efficient Ship Operations The Internet of Things (IoT) is causing substantial disruption in the ship repair and maintenance services market. Ship-owners sometimes use IoT to connect onboard sensors to the shore, allowing for better ship and fleet management. This has resulted in data analytics, which is aiding efficient vessel maintenance, route planning, and cargo management. Ship repair and maintenance service providers are investing in IoT technologies to save fuel, save service costs, and minimize lubricant usage. A comprehensive network of sensors is expected to aid in the measurement of all elements of ship operations during the forecast period. Ship Repair and Maintenance Services Market Trends To reduce environmental dangers, market participants are providing environmentally friendly ship repair and maintenance services. The use of ultra-high-pressure water blasting systems to replace shot blasting equipment, which is used to strengthen, clean, or polish any metal surface or metal, is one of the newest trends. Shot blasting uses abrasive chemicals that are harmful to the environment to clean the surface of ships, whereas water blasting does not use any abrasive chemicals and instead uses a high-pressure jet of water to clean the ship’s interior and external parts. Water blasting provides several environmental advantages, including the capacity to catch and reuse water, so reducing waste. For example, Watex Corporation, which specializes in water jet cleaning technologies, has created water blasting techniques for cleaning ships.
Global Ship Repair and Maintenance Services Market Segmentation Analysis
By Vessel Type, the cargo segment is expected to grow at the largest CAGR of nearly XX% during the forecast period. Goods-carrying cargo ships are meant to transport unpackaged bulk cargo such as grains, coal, ore, steel coils, and cement. As a result, the cargo segment accounts for a 60% share by the end of 2026 in terms of revenue. The volume of these ships has grown in recent years due to an increase in global economic activities.
By Repair Type, the Electrical and Instrumentation Repairs segment is expected to grow at the largest CAGR of nearly XX% during the forecast period. Electrical and instrumentation repairs, such as motors and generators, as well as electrical equipment maintenance and repair, are considered to be key repair types. As a result, the category of electrical and instrumentation repairs accounted for a sizable portion of the worldwide ship repair and maintenance services market. By Application, the Dockage and hull part segments are expected to grow at the largest CAGR of nearly 7.7% and 7.3% during the forecast period. The important segments contributing to the growth of the worldwide ship repair and maintenance services market revenue are dockage, hull parts, and engine parts.
Global Ship Repair and Maintenance Services Market Regional Analysis
In 2019, the Asia Pacific region had the highest market share accounting for 50.9%. This is primarily because half of the world’s fleet is owned by Asia-based companies, wherein 93% of the shipbuilding was carried out in China, the Republic of Korea, and Japan. Increased seaborne trade against the backdrop of China’s and other Asian countries’ recent economic boom, tax incentives to shipyards provided by various governments, and continuous growth in shipbuilding activities are some of the factors that have led to the growth of the Asia Pacific region’s ship repair and maintenance services market. While the Middle East and Africa region had the second-highest proportion markets, which are expected to grow at CAGRs of 2.8% and 2.2% respectively. The Middle East and Africa are growing at a constant rate due to increased marine commerce with activities and increased demand for new ships and activities.
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Major manufacturers use a variety of techniques, including new product launches, mergers and acquisitions, and foraying into new markets to grow their footprints. As an example, Titan Acquisition Holdings, a bicoastal leader in ship repair and modernization as well as sophisticated manufacturing services for the defense industry, purchased Huntington Ingalls Industries for an undisclosed amount in February 2020. This purchase opens us chances to better serve critical military clients, as well as to realize economies of scale, increase the scope, and optimize performance. Huntington Ingalls Industries is a US-based corporation that designs, builds, overhauls, and repairs military ships. Hyundai Mipo Dockyard (HMD) is aggressively establishing itself in the worldwide market for medium-sized container ships, spurred by outstanding technological skills in producing environmentally friendly ships. The South Korean shipbuilder said on Wednesday that it has received a KRW 110 billion fresh construction contract from Taiwanese shipping line EVERGREEN MARINE CORPORATION for four units of 1,800 TEU container carriers.
Global Ship Repair and Maintenance Services Market by Region
• North America • Asia pacific • Europe • Middle East and Africa • South America
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