Global Ship and Maintenance Services Market, By vessel Type (Oil and Chemical Tankers, Bulk Carriers, Gas Carriers, Offshore Vessels and Passenger Ships and Ferries), Application (General Services, Dockage, Hull Part, Engine Parts, Electric Works and Auxiliary Services) - Industry Trends and Forecast to 2029.
Ship and Maintenance Services Market Analysis and Size
Ship and maintenance is considered one of the complex process and cost intensive for end user industries. These cost-effective repair solutions prevent several issues such as water ballast and fuel leakage between heavy fuel tank components. Ship and maintenance encompasses all overhauls, major and minor damage maintenance, ship conversion and equipment repairs. Ship and maintenance are enormously crucial in the marine sector. The rising shipbuilding activity has also increased ship repair and maintenance services in the market. Moreover, new marine paints, also known as marine paints, are used for proper servicing. Thus, the ship and maintenance services market offers solutions to all type of vessels, which can be above or under water. Therefore, ship and maintenance services are expected to rise in the mentioned forecast period.
Data Bridge Market Research analyses that the ship and maintenance services market was valued at USD 750,344.30 million in 2021 and is expected to reach USD 1779,680.80 million by 2029, registering a CAGR of 11.40 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Ship and Maintenance Services Market Scope and Segmentation
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Report Metric |
Details |
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Forecast Period |
2022 to 2029 |
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Base Year |
2021 |
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Historic Years |
2020 (Customizable to 2014 - 2019) |
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Quantitative Units |
Revenue in USD Million, Volumes in Units, Pricing in USD |
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Segments Covered |
Vessel Type (Oil and Chemical Tankers, Bulk Carriers, Gas Carriers, Offshore Vessels and Passenger Ships and Ferries), Application (General Services, Dockage, Hull Part, Engine Parts, Electric Works and Auxiliary Services) |
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Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
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Market Players Covered |
Sembcorp Industries (Singapore), China Shipbuilding Industry Corporation (China), Damen Shipyards Group (Netherlands), Hyundai Mipo Dockyard Co, ltd (South Korea), DAE SUN Shipbuilding & Engineering Co, Ltd (South Korea), Cochin Shipyard Limited (Kochi), Dundee Marine & Industrial Services Pte Ltd (Singapore), Tsuneishi Shipbuiding Co, Ltd, HOSEI Co, LTD (South Korea), Keppel Corporation Limited (Singapore), Swissco Holdings Limited (Singapore), Egyptian Ship Repair & Building Company (Egypt), Sembcorp Marine LTD (Singapore), Hanjin Heavy Industry Co.Ltd (South Korea), Desan Shipyard (Turkey) |
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Market Opportunities |
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Market Definition
Ship and maintenance services are those services which has associated with the repair, maintenance and manufacture of ships. Continuous maintenance and robust designs are required to keep the ships in good working order. Operational and regulatory matters for ship operations, technical advancements are being done to cater the current issues.
Global Ship and Maintenance Services Market Dynamics
Drivers
- Increasing demand for ferries and Passenger Ships
The increase in demand for ferries and passenger ships especially in East Asia and South Asia and Pacific accelerate the growth of the ship and maintenance services market. The increase in the use of ships for several purposes, such as travel, trade and among others contribute to the market expansion.
- Rise in the shipbuilding activities
The growing shipbuilding activities act as one of the major factors driving the growth of ship and maintenance services market across the globe. The high demand for repair and maintenance services for ships to work smoothly positively impacts the market growth.
- Increasing marine tourism
Marine tourism is another significant driver for the growth of the ship and maintenance services market. The global seaborne tourism industry is witnessing for the massive growth of the market. Persons are highly interested to explore the sea through these tourism ships, boats, curies and ships. Tourism growth is the major factor that offers the plenty of demand for the ship and maintenance services in the market.
Furthermore, rising production of vessels, increasing demand for new ships and activities, shortening of supply chains in ship maintenance and repair services, continuous growth in shipbuilding activities are also some of the major factors which are expected to enhance the growth of the ship and maintenance services market during forecast period of 2022-2029.
Opportunities
- Government Initiatives
The increase in the government initiatives in several countries to help shipping industries will further influence the market growth rate. Tax benefits are provided regular ship maintenance and repair activities which will escalate the market growth rate in upcoming years.
Moreover, rising seaborne trade against the backdrop of current economic boom, will create various opportunities which will dominant the growth of the ship and maintenance services market during the forecast period.
Restraints/ Challenges
- High cost associated with ship repairing and maintenance
High expenses associated with repair and maintenance in ship along with increasing cost of research and development are acting as market restraints for the growth of the ship and maintenance services during the forecasted period.
Also, deficiency of capital expenditure is the major market restraint in the ship and maintenance services market which may slow down the production rate in the upcoming years.
This ship and maintenance services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the ship and maintenance services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Ship and Maintenance Services Market
The outbreak of COVID-19 pandemic has continued to impact the growth of the vehicles sector across the globe. Major industries recorded a decrease in product manufacturing due to factory closures caused by this epidemic. This pandemic is expected to negatively affect the ship and maintenance services which is directly related to the ship industry. The ongoing COVID-19 pandemic can be a limitation for many businesses and the marine business.
However, high demand is predicted to occur within the for coming years that is predicted to recover the business output performance, growth consumption and the expansion of the ship and maintenance services market .
Global Ship and Maintenance Services Market Scope
The ship and maintenance services market is segmented on the basis of vessel type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Vessel Type
- Oil and Chemical Tankers
- Bulk Carriers
- Gas Carriers
- Offshore Vessels
- Passenger Ships And Ferries
Application
- General Services
- Dockage
- Hull Part
- Engine Parts
- Electric Works
- Auxiliary Services
Ship and Maintenance Services Market Regional Analysis/Insights
The ship and maintenance services market is analysed and market size insights and trends are provided by country, vessel type and application as referenced above.
The countries covered in the ship and maintenance services market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
Asia-Pacific dominates the ship and maintenance services market in terms of market share and revenue. This is due to the constant investment in the upgradation of manufacturing plants and facilities and availability of low cost raw materials in this region.
Europe is expected to be the fastest developing regions during the forecast period of 2022-2029 due to the emphasis on research and development activities in new technology.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Ship and Maintenance Services Market Share Analysis
The ship and maintenance services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to ship and maintenance services market.
Some of the major players operating in the ship and maintenance services market are:
- Sembcorp Industries (Singapore)
- China Shipbuilding Industry Corporation (China)
- Damen Shipyards Group (Netherlands)
- Hyundai Mipo Dockyard Co, ltd (South Korea)
- DAE SUN Shipbuilding & Engineering Co, Ltd (South Korea)
- Cochin Shipyard Limited (Kochi)
- Dundee Marine & Industrial Services Pte Ltd (Singapore)
- Tsuneishi Shipbuiding Co, Ltd, HOSEI Co, LTD (South Korea)
- Keppel Corporation Limited (Singapore)
- Swissco Holdings Limited (Singapore)
- Egyptian Ship Repair & Building Company (Egypt)
- Sembcorp Marine LTD (Singapore)
- Hanjin Heavy Industry Co.Ltd (South Korea)
- Desan Shipyard (Turkey)
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