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
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
By Repair Type
By Maintenance Type
By Region
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:
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.
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:
1. Executive Summary
1.1. Global Ship Repair and Maintenance Services Market Volume (Units) and Value (US$ Bn), 2017-2030
2. Market Overview
2.1. Introduction
2.2. Global Market – Macro Economic Factors
2.3. Industry Dynamics
2.4. Market Dynamics
2.4.1. Drivers
2.4.2. Restraints
2.4.3. Opportunity
2.4.4. Impact Analysis of Drivers and Restraints
2.5. Market Factor Analysis
2.5.1. Porter’s Five Force Analysis
2.5.2. PESTEL Analysis
2.5.3. Value Chain Analysis
2.5.3.1. List of Key Manufacturers
2.5.3.2. List of Customers
2.5.3.3. Level of Integration
2.5.4. SWOT Analysis
2.6. Regulatory Scenario
2.7. Key Industry Development
2.8. Key Industry Trends
3. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Vessel Type
3.1. Definition
3.2. Market Snapshot
3.3. Global Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type, 2017-2030
3.3.1. Cargo
3.3.2. Offshore
3.3.3. Naval
3.3.4. Tankers
3.3.5. Workboats
3.3.6. Others
4. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Repair Type
4.1. Definition
4.2. Market Snapshot
4.3. Global Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type, 2017-2030
4.3.1. Emergency Repairs
4.3.2. Underwater Cleaning and Repairs
4.3.3. Main Engine Maintenance and Repairs
4.3.4. Mechanical Repairs
4.3.5. Electrical and Instrumentation Repairs
4.3.6. Motor Rewind Repairs
4.3.7. Others
5. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Maintenance Type
5.1. Definition
5.2. Market Snapshot
5.3. Global Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030
5.3.1. Preventive or Scheduled Maintenance
5.3.2. Corrective or Breakdown Maintenance
5.3.3. Condition Maintenance
6. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Region
6.1. Market Snapshot
6.2. Global Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Region, 2017-2030
6.2.1. North America
6.2.2. Europe
6.2.3. Asia Pacific
6.2.4. Middle East & Africa
6.2.5. South America
7. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030
7.1. Market Snapshot
7.2. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type
7.2.1. Cargo
7.2.2. Offshore
7.2.3. Naval
7.2.4. Tankers
7.2.5. Workboats
7.2.6. Others
7.3. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type
7.3.1. Emergency Repairs
7.3.2. Underwater Cleaning and Repairs
7.3.3. Main Engine Maintenance and Repairs
7.3.4. Mechanical Repairs
7.3.5. Electrical and Instrumentation Repairs
7.3.6. Motor Rewind Repairs
7.3.7. Others
7.4. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030
7.4.1. Preventive or Scheduled Maintenance
7.4.2. Corrective or Breakdown Maintenance
7.4.3. Condition Maintenance
7.5. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country
7.5.1. U.S.
7.5.2. Canada
7.5.3. Mexico
8. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030
8.1. Market Snapshot
8.2. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type
8.2.1. Cargo
8.2.2. Offshore
8.2.3. Naval
8.2.4. Tankers
8.2.5. Workboats
8.2.6. Others
8.3. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type
8.3.1. Emergency Repairs
8.3.2. Underwater Cleaning and Repairs
8.3.3. Main Engine Maintenance and Repairs
8.3.4. Mechanical Repairs
8.3.5. Electrical and Instrumentation Repairs
8.3.6. Motor Rewind Repairs
8.3.7. Others
8.4. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030
8.4.1. Preventive or Scheduled Maintenance
8.4.2. Corrective or Breakdown Maintenance
8.4.3. Condition Maintenance
8.5. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country and Sub-region
8.5.1. Germany
8.5.2. U. K.
8.5.3. France
8.5.4. Italy
8.5.5. Spain
8.5.6. Nordic Countries
8.5.7. Russia & CIS
8.5.8. Rest of Europe
9. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030
9.1. Market Snapshot
9.2. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type
9.2.1. Cargo
9.2.2. Offshore
9.2.3. Naval
9.2.4. Tankers
9.2.5. Workboats
9.2.6. Others
9.3. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type
9.3.1. Emergency Repairs
9.3.2. Underwater Cleaning and Repairs
9.3.3. Main Engine Maintenance and Repairs
9.3.4. Mechanical Repairs
9.3.5. Electrical and Instrumentation Repairs
9.3.6. Motor Rewind Repairs
9.3.7. Others
9.4. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030
9.4.1. Preventive or Scheduled Maintenance
9.4.2. Corrective or Breakdown Maintenance
9.4.3. Condition Maintenance
9.5. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country and Sub-region
9.5.1. China
9.5.2. India
9.5.3. Japan
9.5.4. South Korea
9.5.5. ASEAN
9.5.6. ANZ
9.5.7. Rest of Asia Pacific
10. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030
10.1. Market Snapshot
10.2. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type
10.2.1. Cargo
10.2.2. Offshore
10.2.3. Naval
10.2.4. Tankers
10.2.5. Workboats
10.2.6. Others
10.3. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type
10.3.1. Emergency Repairs
10.3.2. Underwater Cleaning and Repairs
10.3.3. Main Engine Maintenance and Repairs
10.3.4. Mechanical Repairs
10.3.5. Electrical and Instrumentation Repairs
10.3.6. Motor Rewind Repairs
10.3.7. Others
10.4. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030
10.4.1. Preventive or Scheduled Maintenance
10.4.2. Corrective or Breakdown Maintenance
10.4.3. Condition Maintenance
10.5. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country and Sub-region
10.5.1. GCC
10.5.2. South Africa
10.5.3. Rest of Middle East & Africa
11. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030
11.1. Market Snapshot
11.2. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type
11.2.1. Cargo
11.2.2. Offshore
11.2.3. Naval
11.2.4. Tankers
11.2.5. Workboats
11.2.6. Others
11.3. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type
11.3.1. Emergency Repairs
11.3.2. Underwater Cleaning and Repairs
11.3.3. Main Engine Maintenance and Repairs
11.3.4. Mechanical Repairs
11.3.5. Electrical and Instrumentation Repairs
11.3.6. Motor Rewind Repairs
11.3.7. Others
11.4. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030
11.4.1. Preventive or Scheduled Maintenance
11.4.2. Corrective or Breakdown Maintenance
11.4.3. Condition Maintenance
11.5. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country and Sub-region
11.5.1. Brazil
11.5.2. Argentina
11.5.3. Rest of South America
12. Competition Landscape
12.1. Market Analysis By Company (2019)
12.2. Market Player – Competition Matrix (By Tier and Size of companies)
12.3. Key Market Players (Details – Overview, Recent Developments, Strategy)
12.3.1. Cosco Shipyard Group Co.,Ltd
12.3.1.1. Overview
12.3.1.2. Recent Developments
12.3.1.3. Strategy
12.3.2. Damen Shipyards Group
12.3.2.1. Overview
12.3.2.2. Recent Developments
12.3.2.3. Strategy
12.3.3. Hyundai Mipo Dockyard
12.3.3.1. Overview
12.3.3.2. Recent Developments
12.3.3.3. Strategy
12.3.4. Cochin Shipyard Limited
12.3.4.1. Overview
12.3.4.2. Recent Developments
12.3.4.3. Strategy
12.3.5. Allied Shipbuilders Ltd.
12.3.5.1. Overview
12.3.5.2. Recent Developments
12.3.5.3. Strategy
12.3.6. Chantier Davie Canada Inc
12.3.6.1. Overview
12.3.6.2. Recent Developments
12.3.6.3. Strategy
12.3.7. Mainstar
12.3.7.1. Overview
12.3.7.2. Recent Developments
12.3.7.3. Strategy
12.3.8. Star MarinePro
12.3.8.1. Overview
12.3.8.2. Recent Developments
12.3.8.3. Strategy
12.3.9. Varren Marines Shipping Pvt. Ltd.
12.3.9.1. Overview
12.3.9.2. Recent Developments
12.3.9.3. Strategy
12.3.10. N&P Maritime and Industrial Technology
12.3.10.1. Overview
12.3.10.2. Recent Developments
12.3.10.3. Strategy