Press release
Ship Repair and Maintenance Services Market Expected to Surpass USD 53.23 Billion by 2032 | Growing at 4.60% CAGR
Ship Repair and Maintenance Services Market
The ship repair and maintenance services market plays a vital role in maintaining the operational efficiency, safety, and durability of marine vessels. It includes a broad spectrum of services such as hull repairs, engine overhauls, electrical system maintenance, and general servicing, supporting both commercial and naval fleets.
Key growth drivers include the rising volume of maritime trade, aging global fleets, and increasingly strict regulations focused on vessel safety and environmental standards. In addition, innovations such as automation and predictive maintenance technologies are enhancing the efficiency and effectiveness of service delivery.
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● List of Key Players Mentioned in the Ship Repair and Maintenance Services Market 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)
● Report Coverage:
The report presents a holistic study of the ship repair and maintenance services 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.
● Report Scope & Segmentation:
Market Size Value in 2023: USD 35.72 Billion
Market Size Value in 2024: USD 37.14 Billion
Market Size Value in 2032: USD 53.23 Billion
Growth Rate: CAGR of 4.60% (2024-2032)
Study Period: 2019-2032
Base Year: 2023
Historical Data: 2019-2022
Number of Report Pages: 250
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● Segmentation:
The global ship repair and maintenance services market is segmented based on vessel type, service, dock type, and end-user. By vessel type, the market is divided into commercial vessels and naval vessels. The commercial vessel segment includes fishing vessels, container ships, passenger ships & ferries, and others, while the naval vessel segment comprises aircraft carriers, submarines, frigates, corvettes, and others. In terms of service, the market is categorized into general service, engine parts, dockage, electric works, and others. Based on dock type, the industry is segmented into graving docks, floating docks, and others. Lastly, by end-user, the market is classified into government & defense and commercial sectors.
● 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.
● 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.
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● Key Industry Development:
February 2024: One of the nine contractors providing maintenance, repair, and modernization services for the U.S. non-nuclear surface vessels is a Navy systems expert. Under contracts collectively worth USD 943 million, the contractor will provide maintenance, repair, and modernization services for the U.S. Navy (USN) surface vessels based in the northwest of the country, which are short-term or less than ten months in duration.
February 2024: To ensure the long term availability and resilience of critical assets used by Royal Navy ships and submarines over the next 15 years, the U.K.'s security will be enhanced through a large new contract worth almost USD 2 billion. The contract will provide the Royal Navy with maximum days available to deploy by using data technologies, such as Artificial Intelligence (AI) and Virtual Reality (VR) to be more efficient and anticipate maintenance needs.
● Read Related Insights:
Robotics in Shipbuilding Market Size, Share, Growth and Forecast, 2032
https://www.fortunebusinessinsights.com/robotics-in-shipbuilding-market-103548
Autonomous Ship Market Share, Growth Drivers, Report, 2032
https://www.fortunebusinessinsights.com/industry-reports/autonomous-ship-market-101797
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