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.
- 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
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
SHIP REPAIR AND MAINTENANCE SERVICES MARKET TAXONOMY
- Oil and Chemical Tankers
- Bulk Carriers
- General Cargo
- Container Ships
- Gas Carriers
- Offshore Vessels
- Passenger Ships and Ferries
- Mega Yachts and Other Vessels
- General Services
- Hull Parts
- Engine Parts
- Electric Works
- Auxiliary Services
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia and Pacific
- Middle East and Africa
- South Africa