Ship Repair and Maintenance Services Market to Surpass USD 45.70 Billion by 2029 | Growing at 4.10% CAGR
Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global ship repair and maintenance services market was valued at USD 33.60 billion in 2021. It is anticipated to exhibit growth in the coming years, with an estimated value of USD 34.60 billion in 2022 and a projected increase of USD 45.70 billion by 2029. This indicates a compound annual growth rate (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, 2023-2029.*”
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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 Scope & Segmentation:**
*Report Coverage* *Details*
Forecast Period 2023-2029
Forecast CAGR 4.10%
2029 Value Projection USD 45.70 Billion
Market Size in 2022 USD 34.60 Billion
Historical Data 2018-2020
No. of Pages 295
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered · By Vessel Type
· By Service
· By End-use
· By Geography
Regions Covered · North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Ship Repair and Maintenance Services Market Growth Drivers Growing Demand for New and Advanced Ships in Maritime Industry to Boost Market Growth
Increase in Sea Trade Activities and Satisfactory Rules Related to Maritime Trade Drives the Market Growth
*Browse Summary of this Research Report:*
https://www.fortunebusinessinsights.com/ship-repair-and-maintenance-services-market-105801
*COVID-19 Impacts:*
*The COVID-19 Pandemic Hampered the Market Due to a 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 COVID-19's global effects in 2020 and 2021.
*Segments:*
*Service Type:*
· Routine Maintenance
· Emergency Repairs
· Overhaul and Refurbishment
*Vessel Type:*
· Commercial Ships
· Naval Vessels
· Offshore Vessels
· Cruise Ships
*Repair Method:*
· Dry Dock Repairs
· Wet Dock Repairs
· Afloat Repairs
*End-User:*
· Shipping Companies
· Naval Forces
· Offshore Industry
· Cruise and Leisure Industry
*Geography:*
· North America
· Europe
· Asia-Pacific
· Latin America
· Middle East and Africa
*The scale of Repair Facilities:*
· Small-Scale Repair Yards
· Medium-Scale Repair Yards
· Large-Scale Repair Yards
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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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*Detailed Table of Content:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
· Latest technological Advancements
· Porters Five Forces Analysis
· Supply Chain Analysis
· *Quantitative Insights-Impact of COVID-19 Pandemic on Global Ship Repair and Maintenance Services Market*
· Impact of the COVID-19 Pandemic on the Global Ship Repair and Maintenance Services
· Steps taken by Industry/ Companies/ Governments to overcome the impact
· Key Developments in the Industry in Response to the COVID-19 pandemic
· Potential Opportunities Due to COVID-19 Outbreak
· *Global Ship Repair and Maintenance Services Market Analysis, Insights and Forecast, 2018-2029*
· Key Findings / Definition
· Market Analysis, Insights and Forecast – By Vessel Type
· Commercial Vessel
· Naval Vessel
· Market Analysis, Insights and Forecast – By Commercial Vessel
· Fishing Vessel
· Container Ships
· Passenger Ships & Ferry
· Others
· Market Analysis, Insights and Forecast – By Naval Vessel
· Aircraft Carriers
· Submarine
· Frigates
· Corvettes
· Others
· Market Analysis, Insights and Forecast – By Service
· General Service
· Engine Parts
· Dockage
· Electric Works
· Others
· Market Analysis, Insights and Forecast – By Dock Type
· Graving Dock
· Floating Dock
· Others
· Market Analysis, Insights and Forecast – By End User
· Government & Defense
· Commercial
· Market Analysis, Insights and Forecast – By Region
· North America
· Europe
· Northern Europe
· Asia-pacific
· South-east Asia
· Middle East
*TOC Continued...!*
*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:*
*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 combatant as well as for amphibious ships.
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