Marine Vessel Maintenance Services: Introduction
- Marine vessel maintenance is the process adopted by almost all shipping companies to ensure that the ship’s machinery maintains a particular standard of operation and safety. Maintenance plan is an imperative element of a vessel’s routine operations. It also forms an integral component of a vessel’s maintenance mechanism.
- The primary objective of a marine vessel maintenance plan is to ensure that the work is carried out efficiently at an optimum minimum cost
- Maintenance interval forms the most important aspect of the marine vessel maintenance plan and is based on a number of factors such as practical experience of engineers in operation, predictive maintenance determination techniques, and maintenance of ship and its machinery. This also includes the type of the ship, its condition, and age.
- Maintenance of a marine vessel helps keep machinery up to date and in smooth running condition. The maximum number of machines are located in a vessel’s engine room. Engineers and their crew carry out maintenance operations for safe and efficient operation of these machines. Thus, maintenance operations are carried out at regular intervals of time.
Key Drivers of Global Marine Vessel Maintenance Services Market
- Developing countries across the world are investing significantly in the manufacturing sector. This has led to a steady growth in seaborne trade. Stable conditions of most of the economies are likely to boost the marine vessel maintenance services market.
- Increase in demand for new vessels for various applications in the oil & gas sector and shipping business, dearth of supply chains in ship repair and maintenance services, and rise in production of vessels are projected to augment the demand for marine vessel maintenance services in the near future.
- Ambitious national targets, rapid technological advancements, and international agreements have prompted companies across the world to upgrade their shipping vessels. This, in turn, is expected to augment the global marine vessel maintenance services market between 2020 and 2030.
Restraints of Global Marine Vessel Maintenance Services Market
- Maintenance of a vessel requires manpower and time. These may not be available all the time, due to the insufficient number of crew members or lack of enough machinery. These are some of the major restraints of the market.
- In December 2019, Hyundai Mipo Dockyard (HMD) announced that it had bagged a US$ 90 Mn new building order for four units of 1,800 TEU container carriers from Taiwanese shipping line EVERGREEN MARINE CORPORATION. The vessels are 172 meters in length, 27.4 meters in width, and 14.3 meters in height. The order is expected to be completed by 2021. The company also announced that these vessels would be built in HMD’s yard based in Ulsan, South Korea.
- In June 2018, Foss Maritime Company, LLC announced that it had started a company-wide project to centralize fleet management and operations with Helm CONNECT, a leading marine software platform. The announcement comes as Foss Maritime moves forward on an initiative to better organize and streamline operations across core business units and wholly-owned subsidiaries along the U.S. West Coast, and in Hawaii and Alaska.
Europe to Hold Major Share of Global Marine Vessel Maintenance Services Market
- Based on region, the global marine vessel maintenance services market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe is expected to be a key region of the global marine vessel maintenance services market from 2020 to 2030. High investments in shipping infrastructure and government subsidies are likely to drive the market in the region between 2020 and 2030
- The marine vessel maintenance services market in Middle East & Africa is estimated to expand at a significant pace during the forecast period, owing to extensive oil and gas export and presence of large numbers of vessel companies in the region
- Growth in cruise tourism and export business in North America, especially the U.S., is likely to boost the demand for vessel maintenance services for passenger ships and ferries in the region. This is estimated to drive the marine vessel maintenance services market in North America.
Key Players Operating in Global Market
Major players operating in the global marine vessel maintenance services market are:
- Foss Maritime Company, LLC
- HYUNDAI MIPO DOCKYARD CO., LTD.
- China Shipbuilding Industry Corporation (CSIC)
- Damen Shipyards Group, Cochin Shipyard Limited
- Swissco Holdings Limited
- United Shipbuilding Corporation.
- Egyptian Ship Repair & Building Company
- Desan Shipyard
- Sembcorp Marine Ltd.
Global Marine Vessel Maintenance Services Market, by Type
- Preventive or Scheduled Maintenance
- Corrective or Breakdown Maintenance
- Condition Maintenance
Global Marine Vessel Maintenance Services Market, by Vessel Type
- Cargo Vessels
- Service Vessels
- Fishing Vessels
- Off-shore Vessels
- Passenger Ships & Ferries
Global Marine Vessel Maintenance Services Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?