Pune, India, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The global ship repair and maintenance services market size was valued at USD 33.60 billion in 2021. The market is projected to grow from USD 34.60 billion in 2022 to USD 45.70 billion by 2029, exhibiting a CAGR of 4.10% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Ship Repair and Maintenance Services Market, 2022-2029.”
Get a Sample Copy of the Research Report:
List of Key Players Mentioned in the Report:
- Sembcorp Marine Ltd (Singapore)
- Cochin Shipyard Limited (India)
- Austal (Australia)
- Chantiers de l'Atlantique (France)
- Detyens Shipyards (U.S.)
- Mazagon Dock Shipbuilders Ltd (India)
- Garden Reach Shipbuilders and Engineers Limited (India)
- Damen Shipyards Group (Netherlands)
- BAE Systems (U.S.)
- Goa Shipyard Ltd (India)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.10% |
| 2029 Value Projection | USD 45.70 Billion |
| Base Year | 2021 |
| Ship Repair and Maintenance Services Market Size in 2021 | USD 33.60 Billion in 2021 |
| Historical Data | 2018-2020 |
| No. of Pages | 295 |
| Segments Covered | By Vessel Type Analysis, By Commercial Type Vessel Type Analysis |
| Ship Repair and Maintenance Services Market Growth Drivers | Increase in Sea Trade Activities and Satisfactory Rules Related to Maritime Trade Drives Market Growth |
Segments:
Naval Vessel Segment Dominated the Market in 2021 Owing to the High Investment to Modernize Naval Fleet by Governments
By vessel type, the market is bifurcated into commercial vessel and naval vessel. The naval vessel segment dominated the market in 2021. Increasing demand for technologically advanced and modern naval ships due to cross border tension will drive the ship repair and maintenance services market growth.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/ship-repair-and-maintenance-services-market-105801
COVID-19 Impacts:
COVID-19 Pandemic Hampered the Market Due to Decrease in Maritime Trade Activities
The World Health Organization (WHO) has declared COVID-19 a pandemic due to the disease's outbreak in December 2019. The market for ship repair and maintenance services will be significantly impacted by the COVID-19's global effects in 2020 and 2021.
Container Ship to Grow at Highest CAGR Due to the Wide Usage in E-Commerce During Forecast Period
Based on commercial vessel, the market is segmented into fishing vessel, container ship, passenger ship & ferry, and others. The container ship segment is expected to become dominant in the market due to its wide range of applications in the e-commerce sector.
Aircraft Carrier Segment to Grow at Highest CAGR Due to Rise in Demand for Modernization During the Forecast Period
Based on naval vessel, the market is segmented into aircraft carrier, submarines, frigates, corvettes and others. The aircraft carriers segment is expected to become dominant in the market due to increase in focus by naval forces for upgrades and modernization projects.
General Service Segment to Grow at Highest CAGR Due to Low Cost Associated with the Repair Work
Based on service, the market is segmented into general service, engine parts, dockage, electric work, and others. The general service segment consists of services such as painting, coating, general inspection, and others.
Graving Dock Segment to Dominate the Market Due to Wide Application in Repair and Maintenance Work
Based on dock type, the market is segmented into graving dock, floating dock, and others. The graving dock segment is anticipated to dominate the market during the forecast period.
Government & Defense Segment to Dominate the Market Due to Increase in Investment in Ship Repair and Maintenance
Based on end-user, the market is segmented into government & defense and commercial. The government & defense segment is anticipated to dominate the market during the forecast period.
By region, the market is segmented into North America, Europe, Northern Europe, Asia Pacific, South East Asia, and the Middle East.
Inquire Before Buying This Report:
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered.
Drivers and Restraints:
Increase in Sea Trade Activities and Satisfactory Rules Related to Maritime Trade Drives Market Growth
Due to the unique benefits of international trade, 90% of the world's import and export items are transported by sea, and the increasing average age of ships is also anticipated to fuel the expansion of the global market for ship repair and maintenance services. Several national governments have also taken action to assist the maritime sector. For instance, shipyards are qualified for a number of tax credits for routine ship maintenance and repair. It is one of the fundamental forces propelling the market for ship maintenance and repair services globally.
Regional Insights:
During the projection period, the market is expected to grow significantly in North America. North America is regarded as a significant region for ship trade and has the largest ship repair and maintenance services market share.
It is anticipated that the European market would expand significantly during the projection period. Recent advancements in frigates and offshore patrol vessels for their lethality, speed, and mobility are driving the market in Europe.
The market's greatest CAGR is anticipated to be seen in Asia Pacific over the forecast period. Growing investments by major participants in the expansion of ship repair facilities and ship building capabilities are responsible for the region's growth.
Ask for Customization
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Ship Repair and Maintenance Services Market
- Impact of the COVID-19 pandemic on the Global Ship Repair and Maintenance Services
- Steps taken by Industry/ Companies/ Governments to overcome the impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential opportunities due to COVID-19 Outbreak
TOC Continued…!
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Important market players frequently announce significant business decisions, which have a positive or negative impact on the market. Players buy businesses, introduce products, enter into partnership agreements, agree to terms with governmental bodies, and so forth.
Key Industry Development:
December 2021: The U.S. Navy has presented four five-year contracts worth USD 1.74 billion combined to acquire maintenance, repair, and modernization services for non-nuclear surface combatants as well as for amphibious ships.’
Read Related Insights:
Digital Shipyard Market to Reach USD 3,444.5 Million by 2028 | Digital Shipyard Industry CAGR of 17.27% by 2021-2028
Robotics in Shipbuilding Market to Reach USD 1001.4 Million by 2028 | Robotics in Shipbuilding Industry Size, Share, Company Profiles, Economic Indicators, Business Strategies and Analysis by Fortune Business Insights™
Electric Ships Market Size Worth USD 10.82 Billion, Globally, by 2027 at 11.2% CAGR
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
