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Gradual Reopening of Borders Revives Market Growth as COVID-19 Subsides

Companies in the ship repair and maintenance services market are remotely conducting their business activities due to the onset of the COVID-19. Marine Marketing International Ltd. has come into the spotlight for assisting ship owners during the pandemic to find yards in order to carry out emergency steel repairs in the Indian Ocean. Stakeholders are helping clients to find repair options for LNG carriers from the Middle East through to China.

Several countries are gradually opening their borders for trade, such as Sri Lanka and other South East Asian countries. Companies in the ship repair and maintenance services market are capitalizing on China, since their ship repair yards are back to full capacity. As such, many countries have restricted their borders, which is hampering the movement of service engineers, crew, and spare parts.

ship repair and maintenance services market segmentation

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Sustainable Management, Maintenance Strategies Augment Repair Services

The global ship repair and maintenance services market is slated to register a sluggish CAGR of ~2% during the assessment period. This is evident since regions such as Andaman Nicobar are facing inadequacy of dry docking facilities. In order to augment ship repair facilities, stakeholders in the Andaman and Nicobar Islands are planning a floating dry-dock at Port Blair on a Public Private Partnership (PPP) basis.

Even the Tema Drydock and Shipbuilding Yard in Ghana is facing challenges in deploying ship maintenance and repair services. Sustainable management and maintenance strategies for improved repair services of the yard has been recognized by service providers in the Ghana ship repair and maintenance services market.

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SaaS-based Platforms Game Changer for Minimizing Friction Between Repair Tasks

Ship repair and maintenance is a potentially cost intensive and complex process for ship owners. This probably explains why the global ship repair and maintenance services market is predicted to advance at a sluggish CAGR during the forecast period. This has led to the proliferation of SaaS (Software as a Service) models in the ship repair and maintenance industry. Maindeck is a maritime startup, which is gaining popularity for its SaaS-based ship repair and maintenance platform that helps to minimize the friction between tasks and reduces the time spent at yards.

SaaS-based platforms are helping to reduce unforeseen costs in the ship repair and maintenance industry. Companies are increasing their R&D capabilities to develop SaaS platforms that deploy scanning of project specifications and implement data science to generate content suggestions before it is sent to the shipyards or service providers.

Collaborating with Engineers, Composite Specialists Helps to Devise Cost-efficient Repair Plans

The ship repair and maintenance services market is estimated to cross the value mark of US$ 14.1 Bn by 2030. COMPA Repairs - a provider of innovative repair technology is being highly publicized for successful applications in repair of ballast piping & tanks, sewage, and HFO tanks. There is a growing demand for cost-efficient repair solutions in order to prevent fuel leakage between water ballast and heavy fuel tank components. Companies in the ship repair and maintenance services market are collaborating with engineers and composite specialists to investigate damage parameters and then come up with repair plans using software technology.

IoT Sensors to Create Entire Network of Efficient Ship Operations

IoT (Internet of Things) is bringing about a significant change in the ship repair and maintenance services market. With the help of IoT, ship owners are able to connect onboard sensors to the shore for enabling better ship and fleet operations. This has led to data analytics, and is facilitating optimized maintenance of vessels, route planning, and cargo management.

Companies in the ship repair and maintenance services market are innovating in IoT platforms to derive fuel savings, reduce service costs, and lower lubes consumption. It is anticipated that in future, an entire network of sensors will help to measure all aspects of ship operations.

ship repair and maintenance services market infographic

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Analysts’ Viewpoint

Digital innovations are growing during the COVID-19 outbreak, where Stottler Henke Associates has bagged a contract with the U.S. Navy to demonstrate critical chain and critical path scheduling system for surface ship maintenance operations. Companies in the ship repair and maintenance services market are focusing on damage inspection in cases of surface preparation to ensure a good bond between the steel surface and composite patch. However, inadequacy of dry docking facilities are causing huge delay in ship repairs and leading to disruption of local sailing schedules. Hence, companies in the ship repair and maintenance services market should invest in establishing floating dry docks with the possible help of public and private partnership to transform ship repair facilities.

Ship Repair and Maintenance Services Market: Overview

  • The global ship repair and maintenance services market is anticipated to expand at a CAGR of ~2% during the forecast period, driven by initiatives by various government bodies to support the shipping industry. For instance, shipyards are being offered various tax benefits for regular ship repair and maintenance activities.
  • The Malaysia Ministry of International Trade and Industry has introduced an incentive scheme providing tax exemptions to existing and new shipbuilding, and ship repair and maintenance services companies in Malaysia. While the Government of India has encouraged shipbuilding, ship repair, and maintenance services industries by offering financial assistance and infrastructure status to the shipbuilding, ship repair, and maintenance services industries.
  • The U.S. Department of Maritime Administration has offered grants to small shipyards to support small shipyard projects that make capital and related improvements; or provide training for workers in shipbuilding, ship repair, and maintenance services industries. Supporting these types of projects drives efficiency, competitive operations, quality ship construction, ship repair, and maintenance services reconfiguration across the industry.
  • Forward steps toward the ease of geopolitical tensions between global major economies, i.e., China and the U.S., are likely to lift restrictions on trade activities among countries and hence, normalize cargo trade activity. This is consequently aiding the cargo shipping industry, and the allied ship repair and maintenance services industry.

Drivers of Ship Repair and Maintenance Services Market

  • Continuous increase in shipbuilding activities is a key factor driving the global ship repair and maintenance services market. In 2010, the global marine fleet size was 1.27 million units, while the fleet size reached 2.06 million units by 2020, registering an increase of 62.20%. Likewise, the world marine commercial fleet has grew by 81 million DWT between January 2019 and January 2020. Therefore, increasing fleet size is fueling the global ship repair and maintenance services market.

Challenges for Ship Repair and Maintenance Services Market

  • The COVID-19 pandemic has negatively impacted the global economy and thus, disrupted the global trade and allied ship repair and maintenance services industry. Ship repair and maintenance service activities were significantly reduced or suspended for several weeks, starting in the last weeks of April and through the month of May. At the peak of the crisis, when the contraction of cargo volumes brought an additional challenge to structural market imbalance, the container shipping industry adopted more discipline, cutting capacity, postponing maintenance activities, thus reducing costs to maintain liquidity. Operations globally gradually resumed with new safety measures in place. These factors collectively hampered the global ship repair and maintenance market.

Ship Repair and Maintenance Services Market Segmentation

  • The global ship repair and maintenance services market has been segmented based on vessel type, repair type, maintenance type, and region
  • Based on vessel type, goods carrying cargo ships designed to transport unpackaged bulk cargo, such as grains, coal, ore, steel coils, and cement. Consequently, the cargo segment accounts for a major share, in terms of revenue, of the ship repair and maintenance services market. Rise in global trading activity for the past few years has increased these ships’ volume.
  • Based on repair type, electrical and instrumentation repairs, such as electrical motors, generators, and electrical equipment maintenance and repair are estimated to be major repair types. Therefore, the electrical and instrumentation repairs segment accounted for a major share of the global ship repair and maintenance services market.
  • Based on maintenance type, corrective or breakdown maintenance is a major revenue segment of the ship repair and maintenance services market. Equipment and machinery, especially sea-based ones, are more susceptible to failures, defects, and uncalled-for repairs.

Ship Repair and Maintenance Services Market: Regional Analysis

  • Based on region, the global ship repair and maintenance services market has been segregated into North America, Asia Pacific, Europe, South America, and Middle East & Africa
  • Asia Pacific is projected to be a highly lucrative region of the global ship repair and maintenance services market during the forecast period. This is primarily due to the fact that half of the world’s fleet is owned by Asia-based companies, wherein 93% of the shipbuilding was carried out in China, Republic of Korea, and Japan in 2019. Mostly, repair activity is carried out by shipbuilding companies. Therefore, high shipbuilding activity in the region is estimated to propel the ship repair and maintenance services sector.

Ship Repair and Maintenance Services Market: Competition Landscape

  • Key players operating in the global ship repair and maintenance services market include
    • Cosco Shipyard Group Co.,Ltd
    • Damen Shipyards Group
    • Hyundai Mipo Dockyard
    • Cochin Shipyard Limited
  • The global ship repair and maintenance industry is fragmented with several small- and medium-sized players operating in the market

Ship Repair and Maintenance Services Market – Scope of the Report

Transparency Market Research’s recent report on the ship repair and maintenance services market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the ship repair and maintenance services market analyzes the scenario for the period of 2019 to 2031, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study.

This TMR study on the ship repair and maintenance services market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the ship repair and maintenance services market gives readers an individual understanding of the market.

Key Questions Answered in This Report on Ship Repair and Maintenance Services Market

  • How much value will the ship repair and maintenance services market generate by the end of the forecast period?
  • Which segment of the market is likely to have the maximum market share by 2031?
  • What are the impact factors and their effects on the market for ship repair and maintenance services market?
  • What regions currently contribute the maximum share to the overall ship repair and maintenance services market?
  • What are the indicators expected to drive the ship repair and maintenance services market?
  • What region is likely to be a lucrative market during the forecast period?
  • What are the essential strategies by key stakeholders in the ship repair and maintenance services market to expand their geographic presence?
  • What are the major advancements witnessed in the ship repair and maintenance services market?
  • How regulatory norms affected the market for ship repair and maintenance services market?

This report answers these questions and more about the ship repair and maintenance services market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Ship Repair and Maintenance Services Market – Research Methodology

This TMR report on the ship repair and maintenance services market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the ship repair and maintenance services market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the ship repair and maintenance services market arrive at predictions and estimations, and calculate the forecast for the market.

This report uses an analytical triangulation method to estimate the numbers and figures of the ship repair and maintenance services market, with both a bottom-up and top-down approach.

This detailed assessment of the ship repair and maintenance services market, along with an overview of the landscape is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the ship repair and maintenance services market is estimated to expand are based on carefully vetted primary and secondary sources.

Ship Repair and Maintenance Services Market – Segmentation

This report on the ship repair and maintenance services market provides information on the basis of vessel type, repair type, maintenance type, and region.

Vessel Type
  • Cargo
  • Offshore
  • Naval
  • Tankers
  • Workboats
  • Others
Repair Type
  • Emergency Repairs
  • Underwater Cleaning and Repairs
  • Main Engine Maintenance and Repairs
  • Mechanical Repairs
  • Electrical and Instrumentation Repairs
  • Motor Rewind Repairs
  • Others
Maintenance Type
  • Preventive or Scheduled Maintenance
  • Corrective or Breakdown Maintenance
  • Condition Maintenance
Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

This study also discusses the underlying trends and impact of various factors that are driving the ship repair and maintenance services market, along with their influence on the evolution of the market.

This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the ship repair and maintenance services market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.

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Ship Repair And Maintenance Services Market

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