Ship Repair and Maintenance Services Market Revenues to Hit US$ 43.2 billion by 2030, Expanding at a CAGR of 7.5% during 2023-2030, According to RationalStat Report

Wilmington, Delaware, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Ship Repair and Maintenance Services Market Revenues to Hit US$ 43.2 billion by 2030, Expanding at a CAGR of 7.5% during 2023-2030

Based on a Research Report titled “Ship Repair and Maintenance Services Market Size & Supplier Analysis - Growth Trends, Forecasts, and Share Analysis (2023-2030)”

Global Ship Repair and Maintenance Services Market is valued at US$ 24.3 billion in 2022 and is expected to grow at a significant CAGR of over 7.5% over the forecast period of 2023-2030, according to the latest market report by RationalStat

Market Definition, Market Scope, and Report Overview

Several factors contribute to the market's growth and demand for ship repair and maintenance services. The global ship fleet is ageing, and as ships age, they require more regular repairs and upkeep. Repair and maintenance services are in high demand due to the need to extend the lifespan and operational efficiency of ageing ships.

Furthermore, maritime legislation and international safety, security, and environmental requirements are becoming increasingly stringent. Ship owners and operators must follow these laws, which frequently demand regular inspections, repairs, and maintenance to ensure that the appropriate requirements are met.

• According to a deep-dive market assessment by RationalStat, the global ship repair and maintenance services market has been analyzed on the basis of market segments, including on type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
• Market intelligence for the global ship repair and maintenance services market covers market sizes on the basis of market value (US$/EUR Million) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
• In addition, the long-term sector and products/services 10-year outlook and its implications on the global ship repair and maintenance services market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Ship Repair and Maintenance Services Market: Segmental and Market Share Analysis

• On the basis of type, aircraft carrier is expected to grow at highest CAGR due to an increase in modernization demand throughout the forecast period.
• On the basis of application, the general service sector is expected to dominate the market due to a large number of contracts for such services due to their low cost.

Report Synopsis

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Competition Analysis and Market Structure

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global ship repair and maintenance services market include,

• In December 2021, The US Navy proposed four five-year contracts worth US$ 1.74 billion to procure maintenance, repair, and modernization services for non-nuclear surface combatants and amphibious ships.

Some of the prominent players and suppliers operating and contributing significantly to the global ship repair and maintenance services market growth include Sembcorp Industries, China Shipbuilding Industry Corporation, Damen Shipyards Group, Hyundai Mipo Dockyard Co, ltd, DAE SUN Shipbuilding & Engineering Co, Ltd, Cochin Shipyard Limited, Dundee Marine & Industrial Services Pte Ltd, Tsuneishi Shipbuiding Co, Ltd, HOSEI Co, LTD, Keppel Corporation Limited, Swissco Holdings Limited among others.

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RationalStat has segmented the global ship repair and maintenance services market based on type, application and region

• Global Ship Repair and Maintenance Services Market Value (US$ Million), and Market Share (2019-2030) Analysis by Type
  • Oil and Chemical Tankers
  • Bulk Carriers
  • Gas Carriers
  • Aircraft Carriers
  • Offshore Vessels
  • Passenger Ships and Ferries
• Global Ship Repair and Maintenance Services Market Value (US$ Million), and Market Share (2019-2030) Analysis by Application 
  • General Services
  • Dockage
  • Hull Part
  • Electric Works
  • Others
• Global Ship Repair and Maintenance Services Market Value (US$ Million), and Market Share (2019-2030) Analysis by Region
  • North America Ship Repair and Maintenance ServicesMarket
    • US
    • Canada
  • Latin America Ship Repair and Maintenance ServicesMarket
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe Ship Repair and Maintenance ServicesMarket
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe Ship Repair and Maintenance ServicesMarket
    • Russia
    • Poland
    • Hungary
    • Other CIS Countries
    • Rest of Eastern Europe
  • Asia Pacific Ship Repair and Maintenance ServicesMarket
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN
      • Indonesia
      • Thailand
      • Philippines
      • Vietnam
      • Malaysia
      • Rest of ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa Ship Repair and Maintenance ServicesMarket
    • GCC
      • Saudi Arabia (KSA)
      • United Arab Emirates (UAE)
      • Rest of the GCC
    • South Africa
    • Nigeria
    • Turkey
    • Rest of the Middle East & Africa

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Key Questions Answered in the Ship Repair and Maintenance Services Report:

• What will be the market value of the global ship repair and maintenance services market by 2030?
• What is the market size of the global ship repair and maintenance services market?
• What are the market drivers of the global ship repair and maintenance services market?
• What are the key trends in the global ship repair and maintenance services market?
• Which is the leading region in the global ship repair and maintenance services market?
• What are the major companies operating in the global ship repair and maintenance services market?
• What are the market shares by key segments in the global ship repair and maintenance services market?  

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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