The Ship Repair and Maintenance Services Market size is predicted to hit US$ 14 Bn by 2030, growing at a CAGR of 2.2% during the forecast period 2021 to 2030. The market for ship repair and maintenance services is expanding due to rise in the fleet of shipping vessels globally. The global marine fleet size reached 2.06 million units in 2020, from 1.27 million units in 2010. Therefore, year-on-year rise in the number of vessels is expanding the ship repair and maintenance services market.
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Expansion of Ship Repair and Maintenance Services Market
The global ship repair and maintenance services market is expanding due to increased use of ships for various purposes. Moreover, government bodies of numerous countries are taking initiatives to support the shipping industry. For instance, shipyards are provided with various tax benefits for regular ship repair and maintenance services activities. This is one of the key factors driving the global ship repair and maintenance services market. The increase in average vessel age is also expected to propel the global ship repair and maintenance services market. For instance, in 2019, 41.91% of the global vessel fleet was permitted to use beyond 20 years, and the average age of the fleet was 20.98 as compared to 20.48 in 2018. Therefore, an increase in the average age of vessels is offering significant opportunity for the global ship repair and maintenance market.
The COVID-19 pandemic has negatively impacted the global economy and thus, disrupted the global trade and allied ship repair and maintenance services industry. Ship repair and maintenance service activities were significantly reduced or suspended for several weeks, starting in the last weeks of April and through the month of May. At the peak of the crisis, when the contraction of cargo volumes brought an additional challenge to structural market imbalance, the container shipping industry adopted more discipline, cutting capacity, postponing maintenance activities, thus reducing costs to maintain liquidity. Operations globally gradually resumed with new safety measures in place. These factors collectively hampered the global ship repair and maintenance market.
IoT Sensors to Create Entire Network of Efficient Ship Operations
IoT (Internet of Things) is bringing about a significant change in the ship repair and maintenance services market. With the help of IoT, ship owners are able to connect onboard sensors to the shore for enabling better ship and fleet operations. This has led to data analytics, and is facilitating optimized maintenance of vessels, route planning, and cargo management.
Companies in the ship repair and maintenance services market are innovating in IoT platforms to derive fuel savings, reduce service costs, and lower lubes consumption. It is anticipated that in future, an entire network of sensors will help to measure all aspects of ship operations.
SaaS-based Platforms Game Changer for Minimizing Friction Between Repair Tasks
Ship repair and maintenance is a potentially cost intensive and complex process for ship owners. This probably explains why the global ship repair and maintenance services market is predicted to advance at a sluggish CAGR during the forecast period. This has led to the proliferation of SaaS (Software as a Service) models in the ship repair and maintenance industry. Maindeck is a maritime startup, which is gaining popularity for its SaaS-based ship repair and maintenance platform that helps to minimize the friction between tasks and reduces the time spent at yards.
SaaS-based platforms are helping to reduce unforeseen costs in the ship repair and maintenance industry. Companies are increasing their R&D capabilities to develop SaaS platforms that deploy scanning of project specifications and implement data science to generate content suggestions before it is sent to the shipyards or service providers.
- Based on vessel type, goods carrying cargo ships designed to transport unpackaged bulk cargo, such as grains, coal, ore, steel coils, and cement. Consequently, the cargo segment accounts for a major share, in terms of revenue, of the ship repair and maintenance services market. Rise in global trading activity for the past few years has increased these ships’ volume.
- Based on repair type, electrical and instrumentation repairs, such as electrical motors, generators, and electrical equipment maintenance and repair are estimated to be major repair types. Therefore, the electrical and instrumentation repairs segment accounted for a major share of the global ship repair and maintenance services market.
- Based on maintenance type, corrective or breakdown maintenance is a major revenue segment of the ship repair and maintenance services market. Equipment and machinery, especially sea-based ones, are more susceptible to failures, defects, and uncalled-for repairs.
- Asia Pacific is projected to be a highly lucrative region of the global ship repair and maintenance services market during the forecast period. This is primarily due to the fact that half of the world’s fleet is owned by Asia-based companies, wherein 93% of the shipbuilding was carried out in China, Republic of Korea, and Japan in 2020. Mostly, repair activity is carried out by shipbuilding companies. Therefore, high shipbuilding activity in the region is estimated to propel the ship repair and maintenance services sector.
Key players operating in the global ship repair and maintenance services market include Cosco Shipyard Group Co.,Ltd, Damen Shipyards Group, Hyundai Mipo Dockyard, and Cochin Shipyard Limited.
By Vessel Type
By Repair Type
- Emergency Repairs
- Underwater Cleaning and Repairs
- Main Engine Maintenance and Repairs
- Mechanical Repairs
- Electrical and Instrumentation Repairs
- Motor Rewind Repairs
By Maintenance Type
- Preventive or Scheduled Maintenance
- Corrective or Breakdown Maintenance
- Condition Maintenance
- North America
- Asia Pacific
- Middle East & Africa
- South America
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