Ship Repair and Maintenance Services Market Growth, Future Prospects And Competitive Analysis To 2033

 The ship repair and maintenance services market size is likely to strengthen its boundaries at a CAGR of 6.6% during the forecast period. The market is anticipated to cross a market share of US$ 50.3 billion by 2033 while it holds a revenue of US$ 26.5 billion in 2023.  

- The rising manufacturing industry along with industrialization has led to the higher consumption of logistic services such as ship-based logistics operations, gaining traction for the ship repair and maintenance services market.

- Rapid industrialization is followed by the convenient seaborne trade options that businesses choose over the costly airborne logistic operations, expanding the ship repair and maintenance services market size.

- Increase in industrial manufacturing goods and post-effects of globalization have played a major part in creating demand for ship repair and maintenance services. Furthermore, the reconditioning of these ships and their transformation have flourished the market growth.

- Government programs work for the enhancement of ship building and maintenance practices through tax cuts. Proliferating private investments are also likely to fuel the adoption of ship repair and maintenance services.

- Ship owners take ship repair as an essential part of operations as It ensures the ship health and cargo safety along with time and money saving in a long run. 

Key Points

  1. The Asia Pacific region tops the tally when it comes to the consumption of ship repair and maintenance services, while China holds the biggest market share of US$ 9.1 Bn in 2023 and highest CAGR of 7.4 during the forecast period.
  2. Followed by China, South Korea to cross a value of US$ of 4.2 Bn by 2033.
  3. Being another significant market for ship repair and maintenance services, US thrives at a CAGR of 4.8% during the forecast period while expecting a value of US$ 1.6 Bn by 2033.
  4. Oil and chemical tankers segment performs better than its counterparts in the vessel type category as it goes through the regressive routine and carries tons of oil through the longer commercial sea routes. It is expected to thrive at a CAGR of 6.4% during the forecast period.
  5. The service and maintenance of hull is the ship’s watertight enclosure and it tops the service type category with a CAGR of 6.2% by 2033.

 Competitive Landscape

The competitors focus on the addition of newer maintenance equipment and technology. Furthermore, the vendors also work on the “One stop shop” model to provide each service type under one roof.

Global Key ship repair and maintenance companies are: 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 Ship building and Repair Yard Company, Keppel Corporation Limited, United Shipbuilding Corporation, Alexandria Shipyard, Dormac Ship repairs, Astican, and HOSEI CO. LTD

For instance:

  • Arab Shipbuilding and Repair Yard Company has revisited the business model and added ship recycling in its services. Other than this, the company provides ship repair & conversion, rig repair, and navel repair along with fabrication and engineering.
  • Dormac Ship repairs introduce its repair services like CNC machining, fabrication, cofferdam repairs, electrical circuit repairing etc.

Key Segments

By 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

For more information: https://www.futuremarketinsights.com/reports/ship-repair-and-maintenance-services-market

By Service Type:

  • General Services
  • Dockage
  • Hull Part
  • Engine Parts
  • Electric Works
  • Auxiliary Services

Comments

Post a Comment

Popular posts from this blog

Automotive Sensors Market Study: An Emerging Hint of Opportunity by 2033

  The   automotive sensor market  demand will continue rising through 2021 with worldwide demand projected to increase by  5.5%  year over year. As per Future Market Insights (FMI), automotive sensor revenues generation will increase at a ten-year compound annual growth rate (CAGR) of  7.2% , as the automotive production recovers after bucking skepticism about how the market would perform post pandemic. NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, Robert Bosch GmbH are identified as leading players in automotive sensor market. They will collectively account for nearly  30%  of global market share in 2021. Auto theft has emerged as a serious problem across the globe. According to a report by the National Insurance Crime Bureau, auto theft grew by 9.2% year-on-year in U.S. reaching 873,080 cases in 2020. To tackle this issue, automakers are installing modern anti-theft sensors in economic and budget cars. Th...
Read more

Automotive Head-up Display Market Report: Overview With Geographical Segmentation By Revenue With Forecast By 2033

  The global   automotive head-up display market   is expected to attain a valuation of US$ 1.3 billion in 2023 and is projected to reach US$ 6.4 billion by 2033, trailing a CAGR of 17.2% during the forecast period. New projection technologies are becoming available, such as electromechanical micro mirror-based devices. These innovations offer vivid displays with a broad colour spectrum. The affordability and innovation that these display technologies offer are what are driving the market growth for display systems. Key Takeaways The United States automotive head-up display industry is projected to expand with a CAGR of 16.8% from 2023 to 2033. The demand for automotive head-up displays in China is expected to capture a CAGR of 17.1% during the forecast period. By dimension, the 3D segment is projected to expand with a CAGR of 19.6% between 2023 and 2033. Germany is expected to secure a CAGR of 17% throughout the forecast period. Increasing sales of luxury and premium veh...
Read more

Automotive Lead Acid Battery Market Latest Advancements And Business Opportunities up to 2033

  According to the latest research by Future Market Insights (FMI), The global  Automotive Lead Acid Battery Market Size  estimates the market to expand at a steady CAGR of over 3.3% by year 2031-end. Flooded batteries, followed by enhanced flooded batteries are most sought-after lead acid batteries. Flooded batteries are expected to account for over half of sales registered in the market. The use of  lead batteries  for starting, lighting and ignition (SLI) application is increasing around the world. Easy availability of lead acid batteries and their economical pricing as compared to other battery types will continue enabling growth in the market over the coming decade. Despite advent of various advanced technologies, which threaten replacement, lead acid batteries sales will continue surging at a moderate pace. The rising production of passenger and commercial vehicles will continue supporting growth through the course of the forecast period. Also, the advent ...
Read more