Ship Repair and Maintenance Services Market Business Opportunities, Top Manufacture, Growth, Share Report, Size, Regional Analysis and Global Forecast to 2030

he global ship repair and maintenance services market size was valued at USD 33.60 billion in 2021. The market is projected to grow from USD 34.60 billion in 2022 to USD 45.70 billion by 2029, exhibiting a CAGR of 4.10% during the forecast period.

This information is provided by Fortune Business Insights, in its report titled, "Ship Repair and Maintenance Services Market, 2022-2029."

The report answers the following questions:

What is the overall industry outlook and how will impact the market?
What are the main drivers and trends shaping the market growth?
Which factors are stalling the growth of the market?
What are the regional prospects for the market?
Who are key market players and what are their preferred strategies?

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List of Key Players Mentioned in the Report:

Sembcorp Marine Ltd (Singapore)
Cochin Shipyard Limited (India)
Austal (Australia)
Chantiers de l'Atlantique (France)
Detyens Shipyards (U.S.)
Mazagon Dock Shipbuilders Ltd (India)
Garden Reach Shipbuilders and Engineers Limited (India)
Damen Shipyards Group (Netherlands)
BAE Systems (U.S.)
Goa Shipyard Ltd (India)
With this market research report, comprehensive analysis of the market structure along with forecast of the various segments and sub-segments of the industry can be obtained. In this report, each trend of the market is watchfully analyzed and researched by the market analysts. The market research report comprises of a detailed analysis of the vendor landscape and thorough company profiling of leading players of the worldwide market. The report also recognizes and analyses the emerging trends along with major drivers, challenges and opportunities in the market.

Segments:

Naval Vessel Segment Dominated the Market in 2021 Owing to the High Investment to Modernize Naval Fleet by Governments
By vessel type, the market is bifurcated into commercial vessel and naval vessel. The naval vessel segment dominated the market in 2021. Increasing demand for technologically advanced and modern naval ships due to cross border tension will drive the ship repair and maintenance services market growth.

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COVID-19 Impacts:

COVID-19 Pandemic Hampered the Market Due to Decrease in Maritime Trade Activities

The World Health Organization (WHO) has declared COVID-19 a pandemic due to the disease's outbreak in December 2019. The market for ship repair and maintenance services will be significantly impacted by the COVID-19's global effects in 2020 and 2021.

Container Ship to Grow at Highest CAGR Due to the Wide Usage in E-Commerce During Forecast Period

Based on commercial vessel, the market is segmented into fishing vessel, container ship, passenger ship & ferry, and others. The container ship segment is expected to become dominant in the market due to its wide range of applications in the e-commerce sector.

Aircraft Carrier Segment to Grow at Highest CAGR Due to Rise in Demand for Modernization During the Forecast Period

Based on naval vessel, the market is segmented into aircraft carrier, submarines, frigates, corvettes and others. The aircraft carriers segment is expected to become dominant in the market due to increase in focus by naval forces for upgrades and modernization projects.

General Service Segment to Grow at Highest CAGR Due to Low Cost Associated with the Repair Work
Based on service, the market is segmented into general service, engine parts, dockage, electric work, and others. The general service segment consists of services such as painting, coating, general inspection, and others.

Graving Dock Segment to Dominate the Market Due to Wide Application in Repair and Maintenance Work
Based on dock type, the market is segmented into graving dock, floating dock, and others. The graving dock segment is anticipated to dominate the market during the forecast period.

Government & Defense Segment to Dominate the Market Due to Increase in Investment in Ship Repair and Maintenance
Based on end-user, the market is segmented into government & defense and commercial. The government & defense segment is anticipated to dominate the market during the forecast period.

By region, the market is segmented into North America, Europe, Northern Europe, Asia Pacific, South East Asia, and the Middle East.

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Report Coverage:

The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered.

Drivers and Restraints:

Increase in Sea Trade Activities and Satisfactory Rules Related to Maritime Trade Drives Market Growth

Due to the unique benefits of international trade, 90% of the world's import and export items are transported by sea, and the increasing average age of ships is also anticipated to fuel the expansion of the global market for ship repair and maintenance services. Several national governments have also taken action to assist the maritime sector. For instance, shipyards are qualified for a number of tax credits for routine ship maintenance and repair. It is one of the fundamental forces propelling the market for ship maintenance and repair services globally.

Regional Insights:

During the projection period, the market is expected to grow significantly in North America. North America is regarded as a significant region for ship trade and has the largest ship repair and maintenance services market share.

It is anticipated that the European market would expand significantly during the projection period. Recent advancements in frigates and offshore patrol vessels for their lethality, speed, and mobility are driving the market in Europe.

The market's greatest CAGR is anticipated to be seen in Asia Pacific over the forecast period. Growing investments by major participants in the expansion of ship repair facilities and ship building capabilities are responsible for the region's growth.

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Competitive Landscape:

Important Business-related Announcements by Key Players to Influence Market Dynamics

Important market players frequently announce significant business decisions, which have a positive or negative impact on the market. Players buy businesses, introduce products, enter into partnership agreements, agree to terms with governmental bodies, and so forth.

Key Industry Development:

December 2021: The U.S. Navy has presented four five-year contracts worth USD 1.74 billion combined to acquire maintenance, repair, and modernization services for non-nuclear surface combatants as well as for amphibious ships.'

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This release was published on openPR.