Ship Repair Market to Reach $40Bn by 2026
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.
According to report published by Fior Markets, 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 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.
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.
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.
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 motorized 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.
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.