Press release
Dry Docking Services Market is projected to grow at a CAGR of 5.5% within the forecast period of 2023 to 2030: Cognitive Market Research
Dry Docking Services Market is projected to grow at a CAGR of 5.5% within the forecast period of 2023 to 2030
Dry docking services refer to the process of repairing a ship or transporting it to a servicing yard. The entire ship is transported to dry land during dry docking so that the submerged areas of the ship can be cleaned or assessed.
The global dry-docking services market has continued to expand in recent years, due to the factors such as global economic expansion, increased international trade, and rising demand for goods delivered through water. Dry docking is an important technique for assuring the seaworthiness, regulatory compliance, and operating efficiency of ships and other shipping vessels during maintenance, repair, and refurbishing. The marine industry's constant expansion has increased demand for dry docking services. Dry docking is required at varying times for different types of vessels, such as commercial ships, navy vessels, and offshore rigs, depending on their operational needs and regulatory requirements. The market is distinguished by the presence of specialized dry-docking facilities as well as shipyards that provide these services.
Technological improvements and digitalization are influencing the dry-docking services business significantly. Robotics, automation, artificial intelligence, and data analytics are transforming the dry-docking process. These technologies offer efficient vessel inspection, predictive maintenance, and streamlined operations, resulting in reduced downtime and increased output.
Summary:
The Global Dry Docking Services Industry's Compound Annual Growth Rate will be 5.5% from 2023 to 2030.
To know more about The Dry Docking Services Market statistics click here: https://www.cognitivemarketresearch.com/dry-docking-services-market-report
Market Dynamics:
• Rise in the Number of Global Merchant Ships
The increase in the number of merchant ships is a significant driver for the dry-docking services market. As shipping fleets expand, so does the need for regular maintenance, repair, and refurbishing to ensure the operational efficiency and safety of these vessels. Dry docking is an important method for addressing concerns like ship damage, corrosion, mechanical breakdowns, and regulatory compliance. The demand for dry docking services grows in line with the number of ships in operation i.e., the more the number of ships more is the demand for marine services like dry docking service. For instance, in 2023, the global fleet consists of 118,928 trade vessels totaling 1,479,783 Gross Tonnage (in 1000 gt). Container ships account for 4.64% of this fleet which is 5,517 ships, while oil and chemical tankers account for 12.02% i.e., 14,309 ships (Source: The United Nations Conference on Trade and Development).
As of 2022, over 17,800 of the approximately 58,000 merchant ships sailing internationally were Ro-Ro/general cargo ships. Thus, Ro-Ro/general cargo ships accounted for roughly 31% of the total trade fleet. As a result, the growing global ship directly contributes to the expansion of the dry-docking services market, as ship owners and operators seek dependable and cost-effective maintenance solutions to keep their vessels safe and operational.
• Increasing expenditure in the procurement of military vessels to upgrade naval bases (Access Detailed Analysis in the Full Report Version)
• Growing reliance on waterways for transportation (Access Detailed Analysis in the Full Report Version)
Market Segmentation:
Type:
• Coating
• Repairs and Maintenance
• Cleaning
• Others
End Use:
• Container Ships
• Bulk Carrier Ships
• Cargo Ships
• Tanker Ships
• Passenger Ships
• Naval Ships
• Special Purpose Ships
Get free sample pages of latest published Dry Docking Services Market Report: https://www.cognitivemarketresearch.com/dry-docking-services-market-report#request_sample
Competitive Analysis for Dry Docking Services Market:
• Wilhelmsen
• Carisbrooke Shipping Limited
• Sym Naval
• Oman Drydock Company (ODC)
• Drydocks
• SMS Group
• Survitec Group Limited
• Thamescraft Dry Docking Services Ltd
• Idwal
• Cruise Management International
• Others (Available on- https://www.cognitivemarketresearch.com/dry-docking-services-market-report)
Company Profile:
• SMS Group
SMS Group provides technology and services in mechanical engineering and plant construction for the metals industry. The company has a presence in around 30 countries worldwide with 100 offices and workshops across the globe. The company has a presence in the regions of Americas, Asia-Pacific, Middle East and Africa, and Europe with a network for project handling and services and sales. Along with dry docking services, the company also offers other services such as electrics and automation, digitalization, consulting and education, lifecycle partnerships, and technical services
The company's dry docking service is completely mobile which supports repair and maintenance works in ports, harbors, and shipyards, and alongside quay walls throughout Europe and UK. SMS Group offers its dry docking services for defense sector, interior outfits of ships, at estates and infrastructure (ports, harbors, navy bases, and utilities), and diving and subsurface docking services (shipside and shoreside) as well.
Recent News:
June 2022,
SMS Group signed a contract with UK based cruise operator
The SMS Group based in the ABP Southampton footprint, in the Port of Southampton, Hampshire, signed an interior outfit and engineering contract at Seawork in Southampton with the UK-based cruise operator. Under this contract, SMS Group worked on internal and external steel works, and repositioned the non-structural bulkheads, new pipe works, and associated systems. This helped the company to expand its market presence and strengthen its market position in the United Kingdom for the repair and maintenance of passenger ships.
To know more about the Dry Docking Services Market click here: https://www.cognitivemarketresearch.com/dry-docking-services-market-report
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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly
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