Ship Repair and Maintenance Services Market by Ship Type (Oil and Chemical Tankers, Bulk Carriers, General Cargo Container, Passenger Ships, and Ferries), Application (Dockage, General Services, Hull Part, Engine Parts, Electric Works, and Auxiliary Services), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

The ship repairing and maintenance services is crucial for ships as it keeps them in smooth running condition and is essential for desired working life of the ship. These services include ship modifications, overhauling, replacement of damaged parts, and many others.

Ship Repair and Maintenance Services Market Analysis:

Ship repair and maintenance is an essential part of the marine industry. Ship repairing and maintenance services market is anticipated witness a notable growth in the forecast period, due to the growing number of utilization of ships for cargo and passenger transportation.  These ships require regular maintenance and repairing for their smooth functioning. These factors are expected to drive the growth of the market functioning.  The major factor driving the market is the growing utilization of ships in the international cargo transportation. The major restraint is the high cost of repairment and maintenance of the ships. European region is anticipated to have immense opportunities for the market.

The increasing utilization of ships in international trade is expected to drive the market.

The increasing utilization of ships of international cargo transport and global trade is anticipated to grow the market. As per, United Nations Conference on Trade and Development (UNCTAD) review of Maritime Transport Report 2019, the international maritime trade in 2018 raised to 11800 million tons by cargo. In addition to this, initiatives by various governments to support the shipping industry for example under the United States Department of Transportation maritime administration Small Shipyard Grant Program of $20,000,000 is assigned for the small ship builders, that is expected to boost the construction of number of ships and increase the demand for ship repairing and maintenance services. These factors are expected to drive the growth of the market.

The capital intensive repairment is projected to restrain the growth of the market

The ship building industry is capital intensive in nature which requires specific technologies for ship construction, maintenance and repairing and specialized professionals of the shipping industry.

However, the cost of these services is quite expensive for people. These factors can hamper the growth of the market.

Increasing in exports in low-income countries is expected to create enormous opportunities for the market

The growth in industrial manufacturing sector and increase in the number of exports in low-income countries is expected to increase the trade of manufactured goods from the route of shipping. Export requires ships for trade and that can be done by modification or reuse of old non-working ships for cost reduction, and the process of reusing old ships requires a lot of repairing and maintenance services. These factors are expected to increase the demand for the ship repair and maintenance industry and open new scope of opportunities.

Ship Repair and Maintenance Services Market, by Ship Type:

The bulk carrier’s sub-segment is projected to be most lucrative in metals recovered till the 2027

On the basis of ship type, this market can be sub-categorized into oil and chemical tankers, bulk carriers, general cargo container, passenger ships and ferries, and others. Bulk carriers are predicted to be the most lucrative subsegment of the ship repairing and maintenance services market as it is used in transportation of bulk cargo, such as crops, coal, ore, steel, and cement, and others. These factors are expected to drive the growth of bulk carriers and contribute in the expansion of the ship repairing and maintenance services market.

Ship Repair and Maintenance Services Market, by Application:

Electric works sub-segment is estimated to grow at a substantial rate till 2027

On the basis of application, the ship repair and maintenance services market are subcategorized into dockage, general services, hull part, engine parts, electric works, and auxiliary services. Ship repair and maintenance services with the use of equipment such as generators, electrical motors, and electrical equipment maintenance are expected to grow at a substantial rate as the electrical equipment’s operate for a large amount of time on a daily basis and experience wear and tear. These factors are expected to drive the growth of electric works sub-segment and contribute in the expansion of the ship repairing and maintenance services market

Ship Repair and Maintenance Services Market, by Region:

Asia-Pacific region is anticipated to dominate the global ship repair and maintenance services market

Asia pacific is anticipated to dominate the global ship repair and maintenance services market in the forecast period, due to presence of major shipbuilding and repairing countries in the region such as China, Korea and Japan. As per information by United Nations Conference on Trade and Development (UNCTAD) in 2019, China, The Republic of Korea, and Japan accounted around 93 per cent of global shipbuilding, in terms of tonnage. These factors are expected to grow the ship repair and maintenance services market in the region.

European region is anticipated to have immense opportunities for the market investors

European market is estimated to grow at a healthy CAGR during the projected period, due to the presence of major ship-owning economies such as Greece. Greece held a market share of 18 per cent of worlds fleet ownership as of January 2020 as per United Nations Conference on Trade and Development (UNCTAD). Such factors are contributing in the growth of the market in the region.

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Key Participants in the Global Ship Repair and Maintenance Services Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players.

Source: Research Dive Analysis

Some of the significant ship repair and maintenance services market players are Dundee Marine and Industrial Services Pte Ltd., Phu Dcu Trading and Marine Services, Bac Viet Commercial and Shiptech JSC, Haiphong Marine Services, Unithai Shipyard and Engineering, Seacom Marine Pte Ltd., HSD Marine, All Seas Marine Pte Ltd., Jobson Asia, Blue Ocean Marine Service, and others.

Market players prefer inorganic growth strategies to expand into local markets.

Ship Repair and Maintenance Services Market players are emphasizing more on merger & acquisition and advanced product development. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, the Porter’s five force model is explained in the report.