Ship Repair and Maintenance Services Market

2020 Analysis and Review of Ship Repair and Maintenance Services Market by Service Type - General Services, Dockage, Hull Parts, Engine Parts, Electric Works, and Auxiliary Services for 2020-2030

  • 2020-05-06
  • REP-GB-5645
  • 37 Tables
  • 168 Figures
  • 290 pages
  • Format: PDF/PPT/Excel
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Ship Repair and Maintenance Services Market Size to Double by 2030

Maintenance is imperative for motorized machinery or equipment. Efficacious planning and proper usage of equipment is critical to effective repair and maintenance. Be it small machines or large structures, effective repair and maintenance enhances service life and ensures desirable outcomes. On ships or vessels, repair and maintenance activities are quintessential in keeping machinery up-to-date and assure smooth ship repair and maintenance market operations.Following a promising growth trajectory, the global ship repair and maintenance services market will soar nearly twice over 2020-2030. Furthermore, governments across the globe are offering tax incentives to shipyards for regular ship repair and maintenance.

Ship Repair and Maintenance Services Market: Key Insights

  • Upswing in sea-borne trade activities and rising need for regular maintenance of vessels are critical in shaping market growth.
  • Bulk carrier vessels would attract significant stakeholders’ investments; oil and chemical tankers to gain traction.
  • Hull part and dockage would remain the preferred services in the ship repair and maintenance services market.
  • Market players continue to target South East Asia & Pacific (SEAP) for lucrative growth prospects.

KEY FACTORS SHAPING SHIP REPAIR AND MAINTENANCE SERVICES MARKET

Rise in Seaborne Trade to Provide New Growth Avenues

Due to the comparatively lower cost of transportation and considerably higher carrying capacity, the proclivity of international trade has been towards the seaborne route. Increasing import-export activities across the globe are expected to provide development opportunities for the ship repair and maintenance services market.

Increasing Oil Ship Carriers as Storage for Crude Oil Reserves to Drive Growth 

Amid the coronavirus pandemic, the demand for crude oil has considerably reduced. However, the production of crude oil has stayed the same as earlier. This scenario has created a substantial production and consumption gap in the market, subsequently slashing the prices of crude oil in the international market. In order to limit losses and increase reserve capacity, many countries are emphasizing on filling oil ship carriers in order to enhance their stockpile capacity. The current activity of increment in oil ship carriers is expected to push the growth of the ship repair and maintenance services market over the coming years.

Impact of COVID 19 Pandemic

The global economy has taken a massive hit due to the spread of the novel coronavirus across the world. According to recent findings, even in the best possible scenario, the global economy is anticipated to witness a fallout of US$ 2.3 trillion. As per the International Monetary Fund (IMF), around 170 countries are expected to witness negative per capita income growth. All this economic downfall is anticipated to curb the manufacturing and sales of ship repair and maintenance services. The downfall is anticipated for a limited period, after which, the market is expected to recover from its losses.

Introduction of Environmental-friendly Techniques Augmenting Market Growth

Over the recent years, due to global climate change, continuous efforts for sustainable development have been made by governments of respective countries. Ship repair and maintenance services companies have also made developments in their traditional methods as an effort to comply with national and international norms and regulations. To reduce the potential threat to the environment of these activities, ship repair and maintenance service techniques introduced are now environmentally-friendly. For instance, the conventional method of shot blasting is being replaced by ultra-high pressure water blasting systems.

Ship Repair and Maintenance Services Market Region Outlook

In terms of growth, the Asia Pacific ship repair and maintenance services market is anticipated to propel at a promising pace. Due to increasing exploration of natural gas reserves coupled with substantial demand of these fuels, and noteworthy growth in marine cargo and shipping in countries such as India and China, the region will account for a hefty share in the global market.

Ship Repair and Maintenance Services Market: Structure Analysis

  • Tier-3 players cater to 57.3% of the global ship repair and maintenance services market share, while the remaining share is being held by tier-1 and tier-2 players, with operations mainly in international markets.
  • Sembcorp Industries Ltd., China Shipbuilding Industry Corporation, Cochin Shipyard Limited, and Hyundai Mipo Dockyard Co., Ltd. are amongst the few prominent market participants in the global ship repair and maintenance services market.
  • Service providers in the market focusing on providing services to vessels in compliance with the rules, regulations, and norms that are being imposed by governmental authorities of respective nations. These providers are also looking to venture into the international market to increase their sales footprint across diverse regions.

Report Metrics

Details

Base Year

2019

Historical Period

2015-2019

Forecast Period

2020-2030

Market Value in 2019

US$ 21.7 Bn

Segments Covered

Vessel Type, Service Type, and Region

Regions Covered

North America, Latin America, Western Europe, Eastern Europe, China, India, Japan, South East Asia & Pacific, Middle East & Africa, Nigeria, Egypt, Morocco, and South Africa

Key Companies

Sembcorp Industries Ltd., Damen Shipyards Group, China Shipbuilding Industry Corporation, Cochin Shipyard Limited, Hyundai Mipo Dockyards Co. Ltd., Dae Sun Shipbuilding & Engineering Co. Ltd., Arab Shipbuilding and Repair Yard Company, Fincantieri S.p.A., United Shipbuilding Corporation, Keppel Corporation Limited, Orskov Group, Oman Drydock Company, Dundee Marine & Industrial Services Pte Ltd., HOSEI CO. LTD., and TSUNEISHI SHIPBUILDING Co. Ltd.

Growth Drivers

  • Upsurge in ocean-based trade activities
  • Stringent safety regulations and specialization
  • Increasing need for routine maintenance to curb expenses

Bulk Carriers and Oil & Chemical Tankers to Shape Revenue Pool

Ship repair and maintenance service providers continue to glean greater return on investment (ROI) from bulk carriers. They are witnessing demand upsurge in countries - Singapore and Bahrain - to repair offshore support bulk carriers. In similar fashion, service providers are also targeting oil & chemical tankers for worthwhile profit margins. Over the coming years, both these vessel types will register over twofold revenue growth. Further, around 6 out of 10 market players are providing repair and maintenance services either to bulk carriers or oil & chemical tankers.

Regional Analysis - Asian Markets Take Lead

Opportunities for growth and profitability continue to hover around South East Asia & Pacific (SEAP). Singapore represents the regional market, given its quality-focused and cost-efficient ship repair and maintenance services. Further, South Korea and the Philippines are creating and seeing intense competition in the SEAP ship repair and maintenance services market. Going ahead, rise in sea-borne trade activities, driven by the recent economic boost in China, is fueling trans-shipment activities. As such, the ship repair and maintenance services market in the country is witnessing staggering growth. 

Sustainability-centered Repair & Maintenance Techniques - The Next Normal

Climate change has been a confounding challenge all over the world over the past few decades. Several governments are walking the extra mile for sustainable development. Ship repair and maintenance service providers are also in line with the trend; they are rethinking their conventional methods in an effort to abide by sustainable regulations. To curb the possible threats to the environment, market players are offering environmental-friendly ship repair and maintenance services. Case in point, the traditional approach of using shot blasting machines is being replaced by ultra-high pressure water blasting systems.

Bulk carriers hold leading value share

Oil and chemical tankers to witness gradual rise

High preference for hull part services

Preference for dockage services to soar

How Growth will Unfold

Hull part and dockage services, together, procure around half of overall market revenue. FMI reveals that, this figure will increase robustly over the decade ahead. Towards the end of the forecast period, both these service types would register over US$ 10 Bn revenue each. Moving on, players in the ship repair and maintenance services market are also viewing engine parts and auxiliary services to maintain their competitive edge. Nevertheless, they will reap greater returns from hull part and dockage services.

Ship Repair and Maintenance Services Market by Service Type 2020 (E)

* This data is only a representation. Actual data may vary and will be available in report.

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Overview

A recent market study published by FMI on the ship repair and maintenance services market includes global industry analysis of 2015-2019 and opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. Our analysts conduct thorough research on the historical as well as current growth parameters of the market to obtain the growth prospects with maximum precision.

Ship Repair and Maintenance Services Market Taxonomy

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

Service Type

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

Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • China
  • India
  • Japan
  • South East Asia and Pacific
  • Middle East and Africa
  • Nigeria
  • Egypt
  • Morocco
  • South Africa

What's Included

The report stars with the executive summary of the ship repair and maintenance services market, which includes a summary of the key findings and statistics of the market. It also includes the market analysis pertaining to the ship repair and maintenance services market.

In this chapter, readers can find the definition and a detailed taxonomy of the ship repair and maintenance services market, which will help them understand the basic information about the market. This section also highlights the inclusions and exclusions, which helps readers understand the scope of the ship repair and maintenance services market report.

This chapter explains key macroeconomic factors that are expected to influence the growth of the ship repair and maintenance services market over the forecast period. Along with the macroeconomic factors, this section also highlights the supply chain and forecast factors for the ship repair and maintenance services market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section. This section also includes a COVID-19 impact analysis for the ship repair and maintenance services market.

This section explains the global market value analysis and forecast for the ship repair and maintenance services market for the forecast period of 2020-2030. This chapter includes a detailed analysis of the historical market, along with an opportunity analysis for the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the forecast period (2020-2030).

This chapter provides details about the ship repair and maintenance services market on the basis of vessel type, and has been classified into oil and chemical tankers, bulk carriers, general cargo, container ships, gas carriers, offshore vessels, passenger ships and ferries and mega yachts, and other vessels. In this chapter, readers can understand the market attractiveness analysis based on vessel type.

This chapter provides details about the ship repair and maintenance services market on the basis of service type, and has been classified into general services, dockage, hull part, engine parts, electric works, and auxiliary services. In this chapter, readers can understand the market attractiveness analysis based on service type.

This chapter explains how the ship repair and maintenance services market will grow across various geographic regions such as North America, Latin America, Western Europe, Eastern Europe, China, India, Japan, South East Asia and Pacific, Middle East and Africa, Nigeria, Egypt, Morocco, and South Africa

This chapter includes a detailed analysis of the growth of the North America ship repair and maintenance services market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the regional trends, and market growth based on vessel type, service type, and countries in North America.

This chapter provides the growth scenario of the ship repair and maintenance services market in Latin American countries such as Panama, Brazil, and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.

Important growth prospects of the ship repair and maintenance services market based on vessel type and service type in several countries such as Germany, Netherlands, U.K., Nordic Countries, Italy, Spain, and France are included in this chapter.

This chapter provides the growth scenario of the ship repair and maintenance services market in Eastern Europe countries such as Poland, Russia, Croatia, and the Rest of Eastern Europe. Along with this, an assessment of the market across target segments has been provided.

This chapter highlights the growth of the ship repair and maintenance services market in South Asia and Pacific by focusing on Australia and New Zealand, South Korea, Singapore, Philippines, Indonesia, Malaysia, and the Rest of SEA and Pacific. This section also helps readers understand the key factors that are responsible for the growth of the market in South East Asia and Pacific.

This chapter provides information about how the ship repair and maintenance services market will grow in China during the forecast period of 2020-2030. Important growth prospects of the market based on vessel type and service type in China.

This chapter highlights the growth of the ship repair and maintenance services market in Japan by focusing on vessel type and service type segments. This section also helps readers understand the key factors that are responsible for the growth of the market in Japan.

This chapter provides information about how the ship repair and maintenance services market will grow in India during the forecast period of 2020-2030. Important growth prospects of the market based on vessel type and service type in India.

This chapter highlights the growth of the ship repair and maintenance services market in the Middle East and Africa by focusing on Turkey, GCC Countries, and the Rest of MEA. This section also helps readers understand the key factors that are responsible for the growth of the market in the Middle East and Africa.

This chapter provides information about how the ship repair and maintenance services market will grow in Nigeria during the forecast period of 2020-2030. Important growth prospects of the market based on vessel type and service type in Nigeria.

This chapter highlights the growth of the ship repair and maintenance services market in Egypt by focusing on vessel type and service type segments. This section also helps readers understand the key factors that are responsible for the growth of the market in Egypt.

This chapter provides information about how the ship repair and maintenance services market will grow in Morocco during the forecast period of 2020-2030. Important growth prospects of the market based on vessel type and service type in Morocco.

This chapter highlights the growth of the ship repair and maintenance services market in South Africa by focusing on vessel type and service type segments. This section also helps readers understand the key factors that are responsible for the growth of the market in South Africa.

In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the ship repair and maintenance services market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. In this chapter, readers can find detailed information about the tier analysis of key players in the market. Some of the market players featured in the report are Sembcorp Industries Ltd., Damen Shipyards Group, China Shipbuilding Industry Corporation, Cochin Shipyard Limited, Hyundai Mipo Dockyards Co., Ltd., Dae Sun Shipbuilding and Engineering Co., Ltd., Arab Shipbuilding and Repair Yard Company, Fincantieri S.p.A., United Shipbuilding Corporation, Keppel Corporation Limited, Orskov Group, Oman Drydock Company, Dundee Marine and Industrial Services Pte Ltd., HOSEI CO., LTD., and TSUNEISHI SHIPBUILDING Co., Ltd.

This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the ship repair and maintenance services market report.

This chapter helps readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the ship repair and maintenance services market.

How the research was conducted?

Primary Research

  • C - Level Executives
  • Marketing Directors
  • Product Managers 
  • Engineers
  • Business Development Officers 
  • Production Managers
  • Procurement Heads
  • Sales Executives
  • Distributors
  • Traders 
  • Raw Material Suppliers
  • Industry Experts
  • End Users
  • Current market dynamics and challenges
  • Yesteryear trends 
  • Market characteristics
  • Market performance and growth quadrants
  • Competition structure and market structure
  • Strategic growth initiatives
  • Near-term and long-term market growth prospects
  • Market segment splits and authenticity
  • Opinions on market projections and validity of assumptions

Secondary Research

  • Industry Publications
  • Industry Associations
    • United Nations Conference on Trade and Development
    • Cruise Lines International Association
    • IMF
    • World Bank
  • Factiva
  • Company Press Releases
  • Annual Reports and Investor Presentations
  • Research Papers
  • Government Websites and Publications
  • Trade Websites

Primary Interview Splits

Primary Interview Splits ship repair and maintenance services market designation

Primary Interview Splits ship repair and maintenance services market stakeholder

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