Ship Repair and Maintenance Services Market will Generate New Growth Opportunities By 2021-2031

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 Ship Repair and Maintenance Services Market: Introduction

According to the report, the global ship repair and maintenance services market is projected to surpass US$ 14.1 Bn by 2031, expanding at a CAGR of ~2% during the forecast period. The market for ship repair and maintenance services is expanding due to rise in the fleet of shipping vessels globally. The global marine fleet size reached 2.06 million units in 2020, from 1.27 million units in 2010. Therefore, year-on-year rise in the number of vessels is expanding the ship repair and maintenance services market.

Expansion of Ship Repair and Maintenance Services Market

The global ship repair and maintenance services market is expanding due to increased use of ships for various purposes. Moreover, government bodies of numerous countries are taking initiatives to support the shipping industry. For instance, shipyards are provided with various tax benefits for regular ship repair and maintenance services activities. This is one of the key factors driving the global ship repair and maintenance services market. The increase in average vessel age is also expected to propel the global ship repair and maintenance services market.

For instance, in 2019, 41.91% of the global vessel fleet was permitted to use beyond 20 years, and the average age of the fleet was 20.98 as compared to 20.48 in 2018. Therefore, an increase in the average age of vessels is offering significant opportunity for the global ship repair and maintenance market.

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Regional Analysis of Ship Repair and Maintenance Services Market

In terms of region, the global ship repair and maintenance services market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is projected to be highly lucrative region for global ship repair and maintenance services market during the forecast period. This is primarily due to the fact that half of the world fleet is owned by Asia-based companies, and among which 93% of shipbuilding occurred in China, Republic of Korea, and Japan in 2019. Mostly, the repair activities was carried out by shipbuilding companies. Therefore, rise in shipbuilding is estimated to boost the ship repair and maintenance services market in the region.

Ship Repair and Maintenance Services Market Players

Key players operating in the global ship repair and maintenance services market include Cosco Shipyard Group Co.,Ltd, Damen Shipyards Group, Hyundai Mipo Dockyard, and Cochin Shipyard Limited.

Collaborating with Engineers, Composite Specialists Helps to Devise Cost-efficient Repair Plans

The ship repair and maintenance services market is estimated to cross the value mark of US$ 14.1 Bn by 2030. COMPA Repairs – a provider of innovative repair technology is being highly publicized for successful applications in repair of ballast piping & tanks, sewage, and HFO tanks. There is a growing demand for cost-efficient repair solutions in order to prevent fuel leakage between water ballast and heavy fuel tank components. Companies in the ship repair and maintenance services market are collaborating with engineers and composite specialists to investigate damage parameters and then come up with repair plans using software technology.

IoT Sensors to Create Entire Network of Efficient Ship Operations

IoT (Internet of Things) is bringing about a significant change in the ship repair and maintenance services market. With the help of IoT, ship owners are able to connect onboard sensors to the shore for enabling better ship and fleet operations. This has led to data analytics, and is facilitating optimized maintenance of vessels, route planning, and cargo management.

Companies in the ship repair and maintenance services market are innovating in IoT platforms to derive fuel savings, reduce service costs, and lower lubes consumption. It is anticipated that in future, an entire network of sensors will help to measure all aspects of ship operations.

Get More PR by TMR:

https://www.prnewswire.com/news-releases/automotive-ac-compressor-market-to-continue-to-gain-from-indispensable-hvac-systems-for-range-of-automobiles-market-projected-to-be-worth-us-32-39-bn-by-2026—tmr-301262966.html

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