- Ship repair and maintenance services are essential for ensuring the operational efficiency and safety of maritime vessels, encompassing activities like dry-docking, engine overhauls, hull repairs, and system upgrades
- The market's growth is significantly driven by factors such as the aging global fleet requiring more frequent maintenance, stringent environmental regulations necessitating eco-friendly retrofitting, and the adoption of advanced technologies like AI, IoT, and predictive analytics
- The Asia-Pacific region stands out as a dominant market for ship repair and maintenance services with market share 36.89%, attributed to its extensive shipbuilding industry, significant trade activities, and well-established shipyards in countries such as China, South Korea, and Japan
- For instance, On November 15, 2024, South Korea's Hanwha Ocean secured a contract with the U.S. Navy to provide maintenance, repair, and overhaul (MRO) services for the 31,000-ton replenishment vessel, USNS Yukon (T-AO-202). This agreement highlights Hanwha’s expanding role in global naval support and strengthens defense ties between South Korea and the U.S.
- Globally, ship repair and maintenance services are recognized as critical components in the maritime industry, playing a pivotal role in maintaining the longevity and performance of vessels, second only to shipbuilding in importance
