What is the global Ship Conversion market and how much is it worth? | Cochin Shipyard, VARD Group, Lamprell

Description

Ship conversion involves the reconstruction or alteration of existing ships to suit new purposes or requirements without compromising the hull integrity. This process helps extend the lifespan of ships and adapt them according to changing market needs in a cost-effective manner.

Coherent Market insights announces the release of the report "Ship Conversion Market - Demand, Growth, Opportunities and Analysis of Top Key Player Forecast to 2030", The Ship Conversion market research report provides a comprehensive analysis of the current state and future potential of the Ship Conversion market. The report covers various aspects, including market size, growth trends, key players, market segmentation, competitive landscape, industry drivers, and challenges. The objective of this report is to assist stakeholders, investors, and businesses in making informed decisions and formulating effective strategies to thrive in the Ship Conversion market, are provided. In addition, the report provides key insights about market drivers, restraints, opportunities, new product launches or approvals, COVID-19 and Russia-Ukraine War Influence.

According to Coherent Market Insights study, The global Ship Conversion market size was valued at US$ 13.46 billion in 2023 and is expected to reach US$ 22.63 billion by 2030, grow at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030.

Get Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/6270

The major players operating in the market include:

➱ Sembcorp Marine
➱ Hyundai Heavy Industries
➱ CSSC Chengxi Shipyard
➱ Damen Shipyards Group
➱ Cochin Shipyard
➱ Fincantieri
➱ Orient Shipyard
➱ VARD Group
➱ Wilson Sons
➱ Oman Drydock Company
➱ Bahri Abha Shipyard
➱ Abu Dhabi Ship Building
➱ N-KOM
➱ Keppel Shipyard
➱ Tebma Shipyards
➱ Lamprell
➱ Drydocks World
➱ Dae Sun Shipbuilding
➱ Shunzheng Shipyard
➱ HHIC-Phil

These companies are focusing on new product development, partnerships, collaborations, and mergers and acquisitions to increase their market share and maintain their position in the market.

Request for Customization @ https://www.coherentmarketinsights.com/insight/request-customization/6270

Market Dynamics:

The ship conversion market is expected to grow owing to increasing sea trade volumes around the world and growing maritime tourism industry. Shipping companies are increasingly opting for ship conversion to upgrade their existing fleets or change ship functions depending on business needs. This offers a financially viable solution compared to building new ships. Furthermore, rising environmental regulations regarding emission norms are also driving ship owners to retrofit their vessels to cleaner propulsion systems, which benefits market growth during the forecast period.

Drivers:

Growing preference for cruise ships to promote tourism: The cruise ship industry has experienced phenomenal growth over the past few decades. Cruise tourism is becoming increasingly popular as it provides an enjoyable and hassle-free vacation experience. Many countries and ports around the world are investing heavily in developing cruise ship infrastructure like passenger terminals to capitalize on this booming market. This rising demand for cruise ships is driving the need for ship conversion work where older vessels are renovated and refitted to meet current safety and functionality standards. Ship owners look to extend the operational life of aging ships through cost-effective conversions rather than building new cruise vessels from scratch.

Strict environmental regulations pushing retrofits of existing ships: With growing environmental concerns, maritime regulations regarding emission limits from ships have been tightened significantly. The International Maritime Organization (IMO) has set stringent targets to cut both sulfur oxide and nitrogen oxide emissions from vessels. This is forcing ship owners and operators to proactively invest in retrofitting their existing fleets to comply with the stricter norms. Conversion projects focused on installing exhaust gas cleaning systems, upgrading engines and fuel systems have increased considerably. Some ships are even modified to run on cleaner alternative fuels like liquefied natural gas. The implementation of new emission control areas will further propel the requirement for emissions-related ship conversions.

Opportunity:

Growing demand for ship conversions to transport goods by sea: With international trade witnessing consistent expansion, the shipping industry plays a vital role in transporting a major part of global trade by sea. As cargo volumes handled by ships increase exponentially, there is rising demand for freight carrying capacity. Ship owners are finding it economical to repurpose old tankers and bulk carriers into container ships, car carriers and general cargo ships through conversions rather than buying new built vessels. Developing economies with burgeoning imports and exports also offer lucrative opportunities to set up coastal and short-sea shipping routes which rely on converted ships. Overall, the constant growth of global seaborne trade presents a long-term opportunity for ship conversion businesses to cater to the need for converted cargo vessels.

Trend:

Increasing use of advanced technologies in ship conversions: Digitalization and new technologies are massively disrupting various industries including shipping. Their adoption in ship conversions is slowly gaining momentum. Cutting-edge technologies like 3D printing, augmented reality, robotics, big data analytics and the industrial internet of things (IIoT) are aiding ship conversion projects. 3D printing helps fabricate complex components on demand. Robots assist with tasks like welding and surface treatment, improving quality, safety and reducing manpower needs. IIoT solutions provide real-time data analysis to optimize conversion schedules and monitor equipment performance post upgrades. Augmented reality helps crews and technicians virtually visualize plans and train on new systems before actual implementation. This growing use of advanced technologies is a major trend that will significantly enhance the efficiency, quality and overall experience of ship conversions.

Ship Conversion Market Segmentation:

By Vessel Type

◘ Container Vessels
◘ Tankers
◘ Bulk Carriers
◘ Ferries & Passenger Ships
◘ Offshore Vessels
◘ Naval Vessels
◘ Others (Tugs, Dredgers etc.)

By Services

◘ Conversion
◘ Repair
◘ Maintenance
◘ Refurbishment
◘ Modernization
◘ Life Extension
◘ Others

By End Use

◘ Commercial
◘ Defense
◘ Offshore
◘ Passenger Transport
◘ Cargo Transport
◘ Others

Market segment by Region/Country including:

- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Spain etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
- South America (Brazil, Argentina and Colombia etc.)
- Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

Buy Now @ https://www.coherentmarketinsights.com/insight/buy-now/6270

Frequently Asked Questions (FAQs):

➱ What are the key factors hampering growth of the Ship Conversion market?
➱ What are the major factors driving the global Ship Conversion market growth?
➱ Which is the leading component segment in the Ship Conversion market?
➱ Which are the major players operating in the Ship Conversion market?
➱ Which region will lead the Ship Conversion market?
➱ What will be the CAGR of Ship Conversion market?
➱ What are the drivers of the Ship Conversion market?

Contact Us:

Mr. Shah
US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.