Ship repair and maintenance services market is anticipated to grow at a CAGR of 5.3% during the forecast period (2024-2031). The global market is driven by the rising investment in building shipyard infrastructure, aging marine fleets, increasing maritime trade, and government initiatives to tighten ship maintenance and repair norms for environmental sustainability. Further, the market is expected to be positively influenced by the integration of robotics and IoT devices for repair & maintenance works. The growing trend for predictive maintenance, and the development of specialized facilities for several vessel types such as container ships, oil tankers, and cruise liners is further aiding the global market growth.
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The rebound and growth of maritime trade post-pandemic has highly influenced the ship repair and maintenance service market. The increase in circulation of naval fleets for global trade necessitates regular maintenance and contingent repair works for keeping fleets operational and evading possible breakdowns. For instance, as per the Indian Ministry of Ports, Shipping, and Waterways, cargo handling in national waterways has grown by more than 1700.0% to 126.1 million metric tons (MMT) in 2022–23 from 6.83 MMT in 2013–14. wherein, as reported by the United Nations Conference on Trade and Development (UNCTAD), in 2020, due to the fallout of COVID-19, international maritime trade contracted by nearly 4.0%, which saw a rebound in 2022 with the global economy starting to recover and continued consumer spending, along with an easing in pandemic-related restrictions, causing maritime trade to grow by 3.2%, reaching a total of 11.0 billion tons, close to pre-pandemic levels.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Ship Repair and Maintenance Services Market Report Segment
By Vessel Type
- Commercial Vessel
- Naval Vessel
By Service Type
- General Services
- Electric Works
- Dockage
- Auxiliary Services
- Engine Part Maintenance
- Others (Emergency Collision Repairs, Hull Part Maintenance)
By End-User
- Government & Defense
- Commercial
Global Ship Repair and Maintenance Services Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- The Middle East and Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global ship repair and maintenance services market. Based on the availability of data, information related to new vessel launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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