Ship Repair and Maintenance Services Market (By Vessel Type: Cargo, Offshore, Naval, Tankers, Workboats, Others; By Repair Type: Emergency Repairs, Underwater Cleaning and Repairs, Main Engine Maintenance and Repairs, Mechanical Repairs, Others; By Maintenance Type) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030

Published Date : Jul 2021 | No. of Pages : 150+ Pages | Category : Automation and Transport

The Ship Repair and Maintenance Services Market size is predicted to hit US$ 14 Bn by 2030, growing at a CAGR of 2.2% during the forecast period 2021 to 2030. The market for ship repair and maintenance services is expanding due to rise in the fleet of shipping vessels globally. The global marine fleet size reached 2.06 million units in 2020, from 1.27 million units in 2010. Therefore, year-on-year rise in the number of vessels is expanding the ship repair and maintenance services market.

Expansion of Ship Repair and Maintenance Services Market

The global ship repair and maintenance services market is expanding due to increased use of ships for various purposes. Moreover, government bodies of numerous countries are taking initiatives to support the shipping industry. For instance, shipyards are provided with various tax benefits for regular ship repair and maintenance services activities. This is one of the key factors driving the global ship repair and maintenance services market. The increase in average vessel age is also expected to propel the global ship repair and maintenance services market. For instance, in 2019, 41.91% of the global vessel fleet was permitted to use beyond 20 years, and the average age of the fleet was 20.98 as compared to 20.48 in 2018. Therefore, an increase in the average age of vessels is offering significant opportunity for the global ship repair and maintenance market.

COVID-19 Impact

The COVID-19 pandemic has negatively impacted the global economy and thus, disrupted the global trade and allied ship repair and maintenance services industry. Ship repair and maintenance service activities were significantly reduced or suspended for several weeks, starting in the last weeks of April and through the month of May. At the peak of the crisis, when the contraction of cargo volumes brought an additional challenge to structural market imbalance, the container shipping industry adopted more discipline, cutting capacity, postponing maintenance activities, thus reducing costs to maintain liquidity. Operations globally gradually resumed with new safety measures in place. These factors collectively hampered the global ship repair and maintenance market.

IoT Sensors to Create Entire Network of Efficient Ship Operations

IoT (Internet of Things) is bringing about a significant change in the ship repair and maintenance services market. With the help of IoT, ship owners are able to connect onboard sensors to the shore for enabling better ship and fleet operations. This has led to data analytics, and is facilitating optimized maintenance of vessels, route planning, and cargo management.

Companies in the ship repair and maintenance services market are innovating in IoT platforms to derive fuel savings, reduce service costs, and lower lubes consumption. It is anticipated that in future, an entire network of sensors will help to measure all aspects of ship operations.

SaaS-based Platforms Game Changer for Minimizing Friction Between Repair Tasks

Ship repair and maintenance is a potentially cost intensive and complex process for ship owners. This probably explains why the global ship repair and maintenance services market is predicted to advance at a sluggish CAGR during the forecast period. This has led to the proliferation of SaaS (Software as a Service) models in the ship repair and maintenance industry. Maindeck is a maritime startup, which is gaining popularity for its SaaS-based ship repair and maintenance platform that helps to minimize the friction between tasks and reduces the time spent at yards.

SaaS-based platforms are helping to reduce unforeseen costs in the ship repair and maintenance industry. Companies are increasing their R&D capabilities to develop SaaS platforms that deploy scanning of project specifications and implement data science to generate content suggestions before it is sent to the shipyards or service providers.

Report Highlights

  • Based on vessel type, goods carrying cargo ships designed to transport unpackaged bulk cargo, such as grains, coal, ore, steel coils, and cement. Consequently, the cargo segment accounts for a major share, in terms of revenue, of the ship repair and maintenance services market. Rise in global trading activity for the past few years has increased these ships’ volume.
  • Based on repair type, electrical and instrumentation repairs, such as electrical motors, generators, and electrical equipment maintenance and repair are estimated to be major repair types. Therefore, the electrical and instrumentation repairs segment accounted for a major share of the global ship repair and maintenance services market.
  • Based on maintenance type, corrective or breakdown maintenance is a major revenue segment of the ship repair and maintenance services market. Equipment and machinery, especially sea-based ones, are more susceptible to failures, defects, and uncalled-for repairs.
  • Asia Pacific is projected to be a highly lucrative region of the global ship repair and maintenance services market during the forecast period. This is primarily due to the fact that half of the world’s fleet is owned by Asia-based companies, wherein 93% of the shipbuilding was carried out in China, Republic of Korea, and Japan in 2020. Mostly, repair activity is carried out by shipbuilding companies. Therefore, high shipbuilding activity in the region is estimated to propel the ship repair and maintenance services sector.

Key Players

Key players operating in the global ship repair and maintenance services market include Cosco Shipyard Group Co.,Ltd, Damen Shipyards Group, Hyundai Mipo Dockyard, and Cochin Shipyard Limited.

Market Segmnentation

By Vessel Type

    • Cargo
    • Offshore
    • Naval
    • Tankers
    • Workboats
    • Others

By Repair Type

    • Emergency Repairs
    • Underwater Cleaning and Repairs
    • Main Engine Maintenance and Repairs
    • Mechanical Repairs
    • Electrical and Instrumentation Repairs
    • Motor Rewind Repairs
    • Others

By Maintenance Type

    • Preventive or Scheduled Maintenance
    • Corrective or Breakdown Maintenance
    • Condition Maintenance

By Region

    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America

 

This report focuses on ship repair and maintenance services market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall ship repair and maintenance services market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global ship repair and maintenance services market.

The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.

In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).

The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global ship repair and maintenance services market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the ship repair and maintenance services market.

The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.

In this study, the years considered to estimate the market size of ship repair and maintenance services are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Competitive Landscape

This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.

The analysts have provided a comprehensive analysis of the competitive landscape of the global ship repair and maintenance services market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

 

Research Methodology

The research methodology adopted by analysts for compiling the global ship repair and maintenance services market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global ship repair and maintenance services market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2021) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

 


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