Ship Repair and Maintenance Services Market: Introduction
According to the report, the global ship repair and maintenance services market is projected to surpass US$ 14.1 Bn by 2031, expanding at a CAGR of ~2% during the forecast period. The market for ship repair and maintenance services is expanding due to rise in the fleet of shipping vessels globally. The global marine fleet size reached 2.06 million units in 2020, from 1.27 million units in 2010. Therefore, year-on-year rise in the number of vessels is expanding the ship repair and maintenance services market.
Expansion of Ship Repair and Maintenance Services Market
The global ship repair and maintenance services market is expanding due to increased use of ships for various purposes. Moreover, government bodies of numerous countries are taking initiatives to support the shipping industry. For instance, shipyards are provided with various tax benefits for regular ship repair and maintenance services activities. This is one of the key factors driving the global ship repair and maintenance services market. The increase in average vessel age is also expected to propel the global ship repair and maintenance services market. For instance, in 2019, 41.91% of the global vessel fleet was permitted to use beyond 20 years, and the average age of the fleet was 20.98 as compared to 20.48 in 2018. Therefore, an increase in the average age of vessels is offering significant opportunity for the global ship repair and maintenance market.
Regional Analysis of Ship Repair and Maintenance Services Market
In terms of region, the global ship repair and maintenance services market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is projected to be highly lucrative region for global ship repair and maintenance services market during the forecast period. This is primarily due to the fact that half of the world fleet is owned by Asia-based companies, and among which 93% of shipbuilding occurred in China, Republic of Korea, and Japan in 2019. Mostly, the repair activities was carried out by shipbuilding companies. Therefore, rise in shipbuilding is estimated to boost the ship repair and maintenance services market in the region.
Ship Repair and Maintenance Services Market Players
Key players operating in the global ship repair and maintenance services market include Cosco Shipyard Group Co.,Ltd, Damen Shipyards Group, Hyundai Mipo Dockyard, and Cochin Shipyard Limited.
Global Ship Repair and Maintenance Services Market: Segmnentation
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