Newark, NJ, March 02, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ship repair and maintenance services market is expected to grow from USD 18.89 Billion in 2018 to USD 39.93 Billion by 2026 at a CAGR of 7.04% during the forecast period from 2019-2026
Ship repair and maintenance service suppliers are offering adaptable and affordable solutions for all classes of seaward, marine, and naval platforms, vessels, marine and mooring units alongside underwater and above water inspection, repair and maintenance services. Maintenance is unique thing that props any motorised equipment. Expanding modern generation, generally stable financial conditions, and reliable development in seaborne exchange both the nations are the key variables expected to drive the development of ship repair and maintenance services.
The key contributing factors for the market growth are increase in the demand for new ships and activities, shortening of supply chains in ship repair and maintenance services, increased seaborne trade against the backdrop of recent economic boom, increase in the production of vessels.
The petition for ship repair and maintenance services is anticipated to keep fluctuating over the years. Rising range of repair activities, environmental scenario, growth in the production of vessels and increase in average vessel age are expected to reinforce the outlook of the global ship repair and maintenance services market.
Growing industrial manufacture, comparatively stable economic situations, and steady growth in seaborne trade in both the countries are the key factors expected to drive the growth of ship repair and maintenance services. Further, constant growth in shipbuilding actions also propels the growth of the ship repair and maintenance services market.
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Important companies functioning in the global ship repair and maintenance services market include Hanjin Heavy Industries, Hyundai Mipo Dockyard Co., Ltd., China Shipbuilding Industry Corporation (CSIC), Damen Shipyards Group, Cochin Shipyard Limited, Swissco Holdings Limited, Egyptian Ship Repair & Building Company, Desan Shipyard, Sembcorp Marine Ltd., and United Shipbuilding Corporation. and among others. To improve their market situation in the global ship repair and maintenance services market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- In Hyundai Mipo Dockyard (HMD) is vigorously marking its occurrence in the global market for medium-sized container ships, propelled by superior technical capabilities in building eco-friendly ships. The South Korean shipbuilder on Wednesday that it has won a KRW 110 billion new construction order for four units of 1,800 TEU container transporters from Taiwanese shipping line EVERGREEN MARINE CORPORATION.
The bulk carriers segment is anticipated to remain dominant in the global ship repair and maintenance services market with USD 4.12 billion
Vessel type segment is divided into oil and chemical tankers, container ships, gas carriers, offshore vessels, passenger ships and ferries, and bulk carriers. The bulk carriers section is anticipated to remain leading in the global ship repair and maintenance services market with USD 4.12 billion. The growing structure requirement in various countries such as Singapore, Dubai and Bahrain to repair offshore support containers will enlarged the ship repair and maintenance services market. The bulk carriers section is anticipated to emerge as the most attractive segment in the worldwide ship repair and maintenance services market in the coming years. In totalling to that, the oil and chemical tankers section is predictable to gain 80 BPS in the ship repair and maintenance services market over the forecast period. In terms of growth, ship repair and maintenance services for vessel ships are set to raise at a moderate pace against the backdrop of changing trade across the sphere.
The dockage part is the fastest growing segment with the highest CAGR of 7.55% in the forecast period
Application section is categorized into general services, dockage, hull part, engine parts, electric works, and auxiliary services. The dockage and hull part are the important portions contributing to the growth of the global ship repair and maintenance services market due to the increasing usage of dockage in bulk carriers ships.
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Regional Segment Analysis of the Ship Repair and Maintenance Services Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region conquered the global ship repair and maintenance services market with USD 7.9 Billion in 2018 where as the North America region held the second dominant position in the market.
- Singapore is predictable to control the global ship repair and maintenance services market. China and India ship repair and maintenance services markets are expectable to advance traction over the forecast period, owing to the anticipated increase in trade with the Middle East and SEAP countries. Geographical benefit and low-labor cost are the key factors defining the growth curve of the ship repair and maintenance services market in SEAP and India. The Middle East and Africa ship repair and maintenance services markets are set to produce at comparatively tougher rates as compared to the markets in Europe and Americas.
- North America led by, the U.S., Canada and Mexico ship repair and maintenance services market demand should go faster with substantial gains by 2026. Upsurge in cruise tourism, typically determined by North America, is paying to the growth of ship repair and maintenance services in passenger ships and ferries.
About the report:
The global ship repair and maintenance services market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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