Future Market Insights (FMI) latest report on ship repair and maintenance services market provides detailed analysis of various trends and opportunities prevailing in the market. The report offers comprehensive overview of growth drivers and market restraints affecting the demand across leading segment in terms of vessel type, service type and region.
DUBAI, U.A.E, Oct. 14, 2021 /PRNewswire/ -- As per latest data released by Future Market Insights (FMI), the ship repair and maintenance services marketwill exhibit a year-on-year (YoY) growth of 5.9% in 2021, reaching a valuation of around US$ 23.6 Bn in 2021.
The market will witness healthy growth owing to the rising demand for passenger ships and ferries. Demand for ship repair and maintenance services is set to expand at 6.5% CAGR, surpassing a valuation of around US$ 44.3 Bn by the end of 2031.
Rising import and export activities through sea routes is positively impacting the ship repairs and maintenance services market. As per FMI, ships transport contributed approximately 90% of the world's imported and exported goods.
Sea route remains the ideal transport channel for various products such as petroleum and coal which are required in large quantities. Heavy tankers and ships are being employed to transport these items across countries and continents. As these water vessels are prone to corrosion and breakdown, they often need repair services.
Rise in marine tourism and various initiates undertaken by governments will strengthen the maritime industry. This will continue to create lucrative growth opportunity for the ship repair and maintenance services market during the forecast period.
Bulk carriers are currently leading the ship repair and maintenance services market with a healthy market share. Demand for bulk carriers is especially high across developing countries such as India, Brazil, and Mexico. They are being used on large scales to transport bulk cargo such as coal, oil, ores and cement.
As per FMI, North America market is projected to grow at a CAGR of 4.1% during the forecast period while South Asia & Pacific will create an incremental $ opportunity of worth US$ 9.6 Bn between 2021 and 2031.
The swift growth in these regions can be attributed to the growing maritime transport, increasing ships production and presence of leading ship repair & maintenance companies.
"Continuous efforts made by government across the world to strengthen and expand their naval fleet is accelerating the growth of ship repair and maintenance services market. Key companies are likely to partner with local and regional manufacturing companies to get maximum repair contracts," says the FMI analyst.
Key Takeaways from Ship Repair and Maintenance Services Market Survey
China will continue to lead the ship repair and maintenance services market as a result of large production of ships.
Germany is projected to create an absolute $ opportunity of more than US$ 180 Mn during the forecast period.
With increasing investments in navy sector, the U.S. market is anticipated to register an absolute $ opportunity of worth US$ 541.1 Mn between 2021 and 2031.
Based on vessel type, the bulk carriers segment is projected to hold more than 30% of the global market share in 2021.
By service type, hull part segment is expected to dominate the market during the forecast period, accounting for around 29% of the total sales.
Rapid production of ships along with rise in seaborne trade will increase the demand for ship repair and maintenance services.
Increasing investment by governments across the world to develop and expand their naval capabilities is positively impacting the market growth.
Integration of latest technologies such as internet of things (IoT) in ship repair and maintenance services is transforming the market.
Companies are innovating IoT platforms to drive fuel savings, reduce service costs and lower lubes consumption, which will propel the growth in the market.
High maintenance cost is hampering the growth of ship repair and maintenance services market.
Lack of skilled labor force and high cost advanced integration services for ship repair and maintenance might restrict the growth in emerging economies
Key companies operating in the ship repair and maintenance services market are aiming at technological innovations and improving their overall procedures to deliver timely repair and maintenance services.
Leading players are also adopting various growth strategies such as mergers, acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
In December 2020, the new Special Interest Group (SIG), Ship Repair, Maintenance and Safety (RAMSIG) took an initiative to offer enhanced focus on ship repair, onboard maintenance, and the maintenance aspects of safety that include vessel operation.
In 2020, ship repairer East Coast Repair and Fabrication, which is based in the Hampton Roads with operations in Jacksonville, Fla and San Diego Calif, rebranded itself as ECR and is making new moves to expand its capabilities. It received its first ship repair contract from the U.S. Marine Management for repairing USNS Hope.
Some of the prominent players operating in the ship repair and maintenance services market profiled by FMI are:
Damen Shipyards Group
Sembcorp Industries Ltd.
Cochin Shipyard Limited
China Shipbuilding Industry Corporation
Dae Sun Shipbuilding & Engineering Co. Ltd.
Hyundai Mipo Dockyards Co. Ltd.
Arab Shipbuilding and Repair Yard Company
Keppel Corporation Limited, United Shipbuilding Corporation
More Insights on the Global Ship Repair and Maintenance Services Sales Outlook
FMI provides an unbiased analysis of ship repair and maintenance services market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for ship repair and maintenance services with a detailed segmentation on the basis of:
Oil and Chemical Tankers
Passenger Ships and Ferries
Mega Yachts and Other Vessels
South Asia & Pacific
Middle East and Africa (MEA)
Key Questions Covered in the Ship Repair and Maintenance Services Sales Outlook Report
The report offers insight into ship repair and maintenance services demand outlook for 2021-2031
The market study also highlights projected sales growth for ship repair and maintenance services market between 2021 and 2031
Ship repair and maintenance services market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Ship repair and maintenance services market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.