Global Ship Repair and Maintenance Services Market Size Expands at CAGR of about 5% to Surpass USD 59.2 Billion by 2030

Published | 12 March 2024

Global Ship Repair and Maintenance Services Market is flourishing because of the rising shipbuilding activities and growing international trade.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Ship Repair and Maintenance Services Market size at USD 43.11 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Ship Repair and Maintenance Services Market size to expand at a CAGR of 4.83% reaching a value of USD 59.24 billion by 2030. The expansion of international trade and the growing use and integration of innovative technologies like artificial intelligence (AI) and the Internet of Things (IoT) are key drivers of growth for the global ship repair and maintenance services market. Furthermore, during the projected period, the building of seaports as part of infrastructure development projects is expected to propel the global ship repair and maintenance services market.

Opportunity: Rising demand for passenger ships

The flourishing tourism sector is influencing the growth in the demand for passenger ships worldwide. The global demand for passenger ships is increasing owing to the thriving tourism industry. According to the Cruise Lines International Association (CLIA), 35.7 million passengers are anticipated to cruise in 2024, up from 31.5 million in 2023 – a 6% increase over the number of passengers that sailed in 2019. The global market for ship repair and maintenance is projected to expand faster due to the increase in demand for passenger ships and ferries, particularly in East Asia, South Asia, and the Pacific region.

Impact of Escalating Geopolitical Tensions on Global Ship Repair and Maintenance Services Market

The escalating geopolitical tensions are impacting the growth of the Global Ship Repair and Maintenance Services Market. For instance, Russia’s invasion of Ukraine which resulted in trade sanctions by various countries, including the United States and the United Kingdom, halted a significant number of economic activities with Russia, which disrupted the transportation of goods and services via waterways. As a result, the demand for ship repair and maintenance services declined in the region. In another instance, Yemen Houthis, a political and military organization, are attacking United States and United Kingdom cargo ships, which is further impacting the growth of Global Ship Repair and Maintenance Services Market.

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Global Ship Repair and Maintenance Services Market

Segmental Coverage

Global Ship Repair and Maintenance Services Market – By Application

Based on application, the Global Ship Repair and Maintenance Services Market is segmented into general services, dockage, engine parts, electric works, and auxiliary services. The general service segment accounts for the highest market share. General maintenance services ensure the smooth functioning and operation of the vessels by replacing deteriorated parts, testing and maintaining safety equipment, and enhancing appearance. Their services are relatively cheaper and based on contracts, which is crucial in driving its growth in the global ship repair and maintenance services market.

Global Ship Repair and Maintenance Services Market – By Region

The in-depth research report on the Global Ship Repair and Maintenance Services Market covers a number of country-specific markets across five major regions: North America, Europe, Asia Pacific (APAC), Latin America, the Middle East and Africa. Europe dominates the global ship repair and maintenance services market owing to its expanding import and export activities and rising investment in research and development activities in new technology. North America is also predicted to grow at a substantial rate owing to rising demand for naval vessels.

Competitive Landscape

Major players operating in the Global Ship Repair and Maintenance Services Market include Bac Viet Commercial and Shiptech JSC, HSD Marine and Shiprepair Pte Ltd, Damen Shipyards Group, Sembcorp Marine Ltd, Phu Duc Trading & Marine Service Co., Ltd, Dundee Marine & Industrial Services Pte Ltd, Unithai Shipyard and Engineering Ltd, Blue Ocean Marine Service, Jobson Asia Pte Ltd, Hyundai Mipo Dockyard, Seacom Marine and Services Pte. Ltd, Hai Phong Marine Services Company, Tsuneishi Shipbuilding Co., Ltd, Egyptian Ship Repair & Building Company, and Desan Shipyard.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Ship Repair and Maintenance Services Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Ship Repair and Maintenance Services Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Ship Repair and Maintenance Services Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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