Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Global Ship Repair and Maintenance Service Market to Reach USD 53,375.69 million by 2034, with a 6.6% CAGR | Future Market Insights, Inc.

This image opens in the lightbox

News provided by

Future Market Insights

30 Jul, 2024, 14:01 GMT

Share this article

Share toX

Share this article

Share toX

The research report on the ship repair and maintenance services market states that the industrial growth among emerging economies such as China, India, and other south Asian countries has attracted the market. From shipbuilding to repairing, from cargo loading to unloading, the coast logistic businesses hold a major share in the market system. A high rate of interest (ROI) in the seaborne transportation of goods and equipment helps in increasing the adoption of the ship repair and maintenance services market.

NEWARK, Del., July 30, 2024 /PRNewswire/ -- The ship repair and maintenance service market are expected to be valued at USD 28,169.45 million by 2024. The market valuation is estimated to be USD 53,375.69 million by 2034, projected at a CAGR of 6.6%.

The ship repair and maintenance services market are experiencing significant growth, propelled by various factors. A notable driver is the increase in shipbuilding activities globally, which necessitates regular maintenance to ensure smooth operations.

The growing demand for passenger ships and ferries, particularly in East and South Asia Pacific regions, further accelerates market expansion. These vessels require frequent maintenance to meet safety and regulatory standards, driving the demand for repair services.

Government initiatives supporting the shipping industry also play a crucial role in market growth. Many countries offer tax benefits for regular ship repair and maintenance activities, incentivizing shipowners to invest in these services. The expansion of the automotive sector, along with increased investments and disposable income, contributes positively to market growth by boosting demand for shipping services.

Gain expert insights and supercharge your growth strategies. Request our market overview sample https://www.futuremarketinsights.com/reports/sample/rep-gb-5645

The preference for seaborne transportation due to its cost-effectiveness fosters profitable opportunities for market players. As international trade increasingly relies on maritime routes, the demand for ship repair and maintenance services is expected to rise.

Several challenges hinder market growth, including the high cost of these services. Ship repair and maintenance can be financially burdensome for shipowners, impacting market expansion. Compliance with domestic and international laws and norms poses challenges for market players, requiring adherence to stringent regulations.

Key Takeaways from the Market Study

  • Under vessel type, the bulk carriers are registered to account for a market share of 33.7% in 2024.
  • The United Kingdom is estimated to register at a CAGR of 3.7% by 2034.
  • China experiences significant growth, projected at a CAGR of 7.3% by 2034.
  • Based on service type, the hull part segment is anticipated to account a market share of 29.4% in 2024.

"The increasing globalization of trade and shipping activities is one significant driver of the ship repair and maintenance service market," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Ship repair and maintenance services Market Country-wise Insights

Countries

Forecast CAGRs from 2024 to 2034

The United States

4.6 %

Canada

2.9 %

Australia

5.5 %

China

7.3 %

The United Kingdom

3.7 %

Competitive Landscape

The presence of established shipyards, repair facilities, and service providers characterizes the competitive landscape of the ship repair and maintenance service market. Key players compete based on service quality, technological innovation, geographic reach, and pricing strategies.

Collaborations, partnerships, and mergers are common strategies to enhance capabilities, expand service offerings, and address evolving customer needs. Market dynamics are influenced by regulatory requirements, technological advancements, and the expansion of global maritime trade, shaping the competitive environment within the industry. Some of the key developments are:

  • In 2020, ST Engineering Marine Ltd. clinched a $600 million contract to construct and repair ships for the Republic of Singapore Navy, encompassing both maintenance and the construction of new vessels. This significant agreement underscores the company's expertise in naval projects and solidifies its position in the shipbuilding and repair sector.
  • In 2020, General Dynamics NASSCO was awarded a $1.6 billion contract to build six fleet oilers for the U.S. Navy in 2020, with options for four additional ships. This contract demonstrates NASSCO's capability in ship construction.

Top 10 Key Players in the Ship Repair and Maintenance Service Market

  • 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 Shipbuilding and Repair Yard Company
  • Dormac Ship repairs
  • Alexandria Shipyard

Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights
https://www.futuremarketinsights.com/checkout/5645

More Valuable Insights Available

Future Market Insights offers an unbiased global ship repair and maintenance service market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand market opportunities, the ship repair and maintenance service market is segmented based on 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), Service Type (General Services, Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary Services), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).

Author By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore Wide-ranging Coverage of Future Market Insights Automotive Landscape

Maritime Patrol Naval Vessels Market Share is are projected to increase at a healthy CAGR of 4.3% and top a valuation of USD 8,863.4 by 2033.

Automotive Interior Leather Market Size is set to develop at a CAGR of 4.90% during 2034, the market is expected to rise to a valuation of USD 37,258.90 million by 2034.

EV Power Module Market Demand is estimated to reach up to USD 16,805.4 million by end of the year 2033.

EV Battery Heating System Market Growth is expected to reach a high of USD 17289 Million by the year 2033.

EV Powertrain Market Outlook is projected to reach USD 112,036 million in 2033 from USD 13,035.9 million in 2023.

Micro-mobility Charging Infrastructure Market Demand is likely to reach a valuation of nearly USD 36.6 Billion by the end of 2032.

Battery Swapping Charging Infrastructure Market Share is projected to exhibit a compound annual growth rate (CAGR) of 21% from 2023 to 2033.

EV Charging Station Market Growth is estimated to result in a market size of USD 122.8 billion by the end of 2033.

Plug-in Hybrid Electric Vehicle (PHEV) Market Outlook indicating a market value of USD 1,86,450.62 million by 2034.

From 2024 to 2034, the EV transmission systems market size is expected to grow at a compound annual growth rate (CAGR) of 17.8%. By 2034, it is projected that global sales will reach a value of USD 53,342.8 million.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn | Twitter | Blogs | YouTube

Logo: https://mma.prnewswire.com/media/1197648/3531122/FMI_Logo.jpg

Modal title

Also from this source

Isoprene Rubber Latex Market is Projected to Expand at a CAGR of 8.1% between 2024 and 2034 | Future Market Insights, Inc.

Isoprene Rubber Latex Market is Projected to Expand at a CAGR of 8.1% between 2024 and 2034 | Future Market Insights, Inc.

The isoprene rubber latex industry is predicted to be valued at USD 922 million by 2024. The market valuation is estimated to be USD 2,005.3 million...

Growing Demand for Premium Distilled Agave-based Beverages to Propel Mezcal Market at a CAGR of 14.2% by 2034 | Future Market Insights, Inc.

Growing Demand for Premium Distilled Agave-based Beverages to Propel Mezcal Market at a CAGR of 14.2% by 2034 | Future Market Insights, Inc.

According to Future Market Insights (FMI), the global mezcal market demand is estimated to reach a valuation of USD 635 million by 2024. Over the...

More Releases From This Source

Explore

Transportation, Trucking & Railroad

Transportation, Trucking & Railroad

Maritime & Shipbuilding

Maritime & Shipbuilding

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.