Ship Repair and Maintenance Services Market Assessed to Grow Robustly, Bringing In Revenues Worth over US$ 20,532.6 Mn and High Value Growth at 6.9% CAGR by End 2028
Ship Repair and Maintenance Services include typical repair and maintenance activity, subject to vessels, either planned or unplanned. The vessel is taken to a repair dock where it is washed; rust, old paint and vegetation is removed; and antifouling agents & marine paints are renewed.
The global market for Ship Repair and Maintenance Services is expected to witness significant growth in 2018, reaching a market value of US$ 20,532.6 Mn while growing at a y-o-y growth rate of 6.4% as compared to 2017. Furthermore, the global demand for Ship Repair and Maintenance Services will also be influenced by the growing seaborne trade and the cyclical nature of shipping industry.
Ship Repair and Maintenance Services Market: Overview and Analysis
In the recent past, the Ship Repair and Maintenance Services market has witnessed significant developments from the competition perspective. Increase in the demand for new ships and activities associated with ship repair and maintenance services can mainly be attributed to the improvements in mainland trade routes, such as Far East-Europe trade route. Another factor impacting the growth of the ship repair and maintenance services market is shortening of supply chains, in terms of both distance and number of nodes. This particular factor has been responsible for reducing the volume of the global trade as fewer factories and countries are involved in the production process. The aforementioned factors will play a crucial role in the development of the global ship repair and maintenance services market during the forecast period.
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Based on vessel type, the oil & chemical tankers and bulk carriers segments are expected to remain dominant in the global Ship Repair and Maintenance Services market, in terms of value share, and will account for approximately 60% share by the end of 2028. Moreover, Singapore, Dubai and Bahrain have the required infrastructure to repair offshore support vessels and are likely to forge ahead in the ship repair and maintenance services market
Based on services type, dockage, hull part and engine parts are the key segments contributing to the growth of the global ship repair and maintenance services market revenue. In the ship repair and maintenance services market, Dockage and hull part services are expected to grow at a CAGR of 7.7% and 7.3%, respectively.
In 2017, South East Asia & Pacific ship repair and maintenance services market is estimated to be the most attractive region in the global Ship Repair and Maintenance Services market and accounted for more than 34.8% of the global ship repair and maintenance services market share. Further, SEAP is pegged to control the global Ship Repair and Maintenance Services market in the future as well. Within the SEAP Ship Repair and Maintenance Services market, Singapore dominates the world with its quality and cost-effective ship repair and maintenance services. Indonesia, Singapore, Vietnam and the Philippines will create and witness fierce competition in the regional ship repair and maintenance services market.
Increased seaborne trade against the backdrop of recent economic boom in China and other Asian countries has prompted trans-shipment activities. As a result, demand for ship repair and maintenance services activities in the region is set to witness strong growth rate. Tax incentives to shipyards provided by various government across the globe will augment the growth of the ship repair and maintenance services market.
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Hanjin Heavy Industries, Hyundai Mipo Dockyard Co., Ltd., China Shipbuilding Industry Corporation (CSIC), Damen Shipyards Group, Cochin Shipyard Limited, Swissco Holdings Limited, Egyptian Ship Repair & Building Company, Desan Shipyard, Sembcorp Marine Ltd. and United Shipbuilding Corporation are some of the key players operating in the global Ship Repair and Maintenance Services market.
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