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Ship Repair and Maintenance Services Market

Ship Repair and Maintenance Services Market By Vessel Type (Oil and Chemical Tankers, Bulk Carriers, General Cargo, Container Ships, Gas Carriers, Offshore Vessels, Passenger Ships and Ferries), Service Type (General Services, Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary Services) & Region - Forecast to 2021 - 2031

Ship Repair and Maintenance Services Market By Vessel Type (Oil and Chemical Tankers, Bulk Carriers, General Cargo, Container Ships, Gas Carriers, Offshore Vessels, Passenger Ships and Ferries), Service Type (General Services, Dockage, Hull Part, Engine Parts, Electric Works, Auxiliary Services) & Region - Forecast to 2021 - 2031

Ship Repair and Maintenance Services Market - Analysis, Outlook, Growth, Trends, Forecasts

Ship Repair and Maintenance Services Market Snapshot

[186 Pages] As per Future Market Insight (FMI), the ship repair and maintenance services market is expected register year-on-year (YoY) growth of 5.9%, reaching US$ 23.6 Bn in 2021.

Rising demand for passenger ships and ferries across East Asia and South Asia & Pacific is anticipated to drive the ship repair and maintenance services market. As per FMI, the market is poised to expand at 6.5% CAGR over the forecast period from 2021 to 2031.

Damen Shipyards Group, Sembcorp Industries Ltd., Cochin Shipyard Limited, China Shipbuilding Industry Corporation, Fincantieri S.p.A., Dae Sun Shipbuilding & Engineering Co. Ltd., Hyundai Mipo Dockyards Co. Ltd. and Keppel Corporation Limited are among the top companies operating in the market.

Attribute

Details

Base Year Value (2020A)

US$ 22.2 Bn

Estimated Year Value (2021E)

US$ 23.5 Bn

Projected Year Value (2031F)

US$ 44.3 Bn

Value CAGR (2021-2031)

6.5%

Collective Value Share: Top 3 Countries (2021)

42.8%

Ship Repair and Maintenance Services Market Outlook 2016-2020 Compared to 2021-2031 Forecast

The ship repair and maintenance services market is expected to rise at a CAGR of 6.5% between 2021 and 2031. The inclination of international trade has been towards seaborne route due to the substantially lower cost of transportation and significantly higher carrying capacity.

On the back of this, the market for ship repair and maintenance services is predicted to grow. It will gain traction as a result of the rising import-export activity around the world. Governments across the globe have been making attempts for sustainable development in recent years as a result of global climate change.

In order to comply with domestic and international norms and laws, ship repair and maintenance services firms are now using environmentally sustainable procedure, reducing the potential threat to the environment from these activities.

Based on aforementioned factors, demand for ship repair and maintenance services market is anticipated to surge at a robust pace, reaching US$ 44.3 Bn by 2031-end.

What is the Impact of COVID-19 on Ship Repair and Maintenance Services Industry?

Production facilities and supply chain activities plummeted in 2020 as a result of the loss in the transportation and marine sector induced by COVID-19. Marine industry is heading for a rebound in terms of profitability, as several countries have already begun to execute relaxations in shipbuilding activities.

As national borders are re-opening for trade and tourism, the ship repair and maintenance services market is expected to regain its pre-pandemic status at a steady pace over the forthcoming decade.

However, as demand for crude oil has dropped substantially as a result of the novel coronavirus outbreak, production, on the other hand, has remained constant. This situation has resulted in a significant supply and demand gap in the market, lowering crude oil prices in the global market.

Many countries are focusing on filling oil ship carriers to boost their stockpile capacity in order to limit losses and increase reserve capacity. Over the next few years, the current trend of increasing oil ship carriers is predicted to drive the expansion of the ship repair and maintenance services industry.

Ship Repair and Maintenance Services Market Country-wise Insights

Why is China Considered as a Lucrative Market for Ship Repair and Maintenance Services?

China is predicted to remain one of the primary markets during the forecast period, according to Future Market Insights. Majority of the ship building activities carried out in China in 2019, accounted for more than 50% of the total volume of ships produced globally.

Leading ship building businesses are extensively using ship repair and maintenance services, providing a boost to the shipbuilding companies in the region. Availability of low cost raw materials and the constant investment in the upgradation of manufacturing plants and facilities has provided an impetus for the market growth.

What is the Demand Outlook of Ship Repair and Maintenance Services Market in Europe?

As per FMI, Europe is expected to be the one of the most lucrative market in the global market. Germany is predicted to lead the Europe ship repair and maintenance services owing to the emphasis on research and development activities in new technology.

Prominent development in the shipbuilding activities across Europe is also another factor aiding market growth. This is primarily due to rapid changes and improvements in regions like Croatia, Nordics and the Netherlands. This is further expected to propel the market forward throughout the forecast period.

Germany is estimated to create an absolute $ opportunity of more than US$ 180 Mn during the forecast period, estimates FMI.

How Big is the U.S. Ship Repair and Maintenance Services Market?

The ship repair and maintenance services market in the U.S. is anticipated to expand at a robust pace. The market is projected to witness steady growth in 2021. With key players adopting additional initiatives, the market is predicted to rise throughout the forecasted period.

The U.S. market is expected to continue dominating the North America and will continue to do so during the assessment period. The market in US is projected to register an absolute $ opportunity worth US$ 541.1 Mn from 2021 to 2031.

What are the Factors Fueling the Ship Repair and Maintenance Services Demand in India?

India is expected to grow at an impressive CAGR of more than 10% between 2021 and 2031. South Asia & Pacific region.

Growth in India is primarily due to the increasing seaborne trade activities and expansion of the tourism industry. Also, due to the availability of cost-effective labor, raw materials, and favorable government regulations, leading manufacturers and service providers are eyeing the India market.

Why is the Demand for Ship Repair and Maintenance Services Market High in Singapore?

According to FMI, the Singapore market is expected to grow at a remarkable pace of CAGR of 9.2% during the forecast period. This region is also anticipated to register the highest absolute $ opportunity, accounting for the largest market share across South Asia & Pacific.

Demand across the country is high due to its demographic advantage,which helps it to provide rapid solutions with minimum delays. Also, high prevalence of few leading companies is expected to spur the growth through 2031.

Ship Repair and Maintenance Services Market Category-wise Insights

Why are Bulk Carriers the Most Preferred Vessel Type?

Bulk carriers are projected to hold more than 30% of the global market share under vessel type in 2021. Demand for bulk carriers is especially high in the developing countries such as India, Brazil, Mexico and ASEAN countries.

Bulk carrier ships transport unpacked bulk cargo such as coal, grains, ore and cement. As a result, the cargo segment accounts for a significant portion of the market for ship repair and maintenance services in terms of revenue. The volume of these ships has increased in recent years due to an increase in global economic activities.

Which Service Type Is Anticipated to Exhibit High Demand?

A hull forms an integral part of a ship. It is the main supporting framework of a ship often regarded as the body of the ship in some regions. As per the study, the hull part segment is anticipated to hold a leading share in the global market, accounting for nearly 29% of the total sales.

As hull is an important part of the ship’s body structure, it needs to be constantly checked and maintained for the optimal performance and safety of the ship. This aspect is projected to bolster the demand and spur the growth of the hull part segment in the global market throughout the forecast period.

Competitive Landscape

Companies operating in ship repair and maintenance services industry are aiming at technological innovations and improving their overall procedures in order to deliver timely repair and maintenance services.

Key players are entering into strategic partnerships, mergers, acquisitions and collaborations in order to extend their reach and global presence.

Some of the key companies operating in the market are:  

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

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa

Key Countries Covered

US, Canada, Mexico, Brazil, Germany, U.K., France, Italy, Spain, Russia, Poland, China, Japan, South Korea, India, Oceania, Singapore, ASEAN, GCC, Turkey and South Africa

Key Segments Covered

Vessel Type, Service Type and Region

Key Companies Profiled

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

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

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Ship Repair and Maintenance Services Key Market Segments Covered

 By 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

By Service Type:

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

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Questions Answered in the Report

What is the current ship repair and maintenance services market value?

The ship repair and maintenance services market is anticipated to total US$ 23.6 Bn in 2021.
The ship repair and maintenance services market registered growth at a 5.2% CAGR between 2016 and 2020.
Increasing development of floating production storage and offloading vessels, growth of wireless technology and introduction of internet of things in ship repair are the key trends driving ship repair and maintenance services sales.
Leading players operating in the ship repair and maintenance services market include Sembcorp Industries Ltd., Damen Shipyards Group, Hyundai Mipo Dockyard Co., Ltd., China Shipbuilding Industry Corporation, Fincantieri S.p.A.
Leading players in the global ship repair and maintenance services market are estimated to account for 4.6% of the total market share.
North America ship repair and maintenance services market is projected to grow at a steady 4.1% CAGR during the forecast period.
Japan and South Korea are anticipated to hold 12.2% of the global ship repair and maintenance services market share collectively.

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