Ship Repair and Maintenance Services Market to Reach US$ 14.11 Bn by 2031; Adoption of Sustainable Strategies by Ship Repair and Maintenance Service Providers to Drive Global Market: TMR Study

ALBANY, N.Y., Dec. 6, 2021 /PRNewswire/ --

Ship Repair and Maintenance Services Market: Broad Contours

Shipyards offer a wide spectrum of ship repair and maintenance services. Their offerings have evolved on back of use of advanced maritime software and technology platforms to offer reliable corrective or breakdown maintenance and electrical & instrumentation repairs. Collaborations between companies across the value chain in ship repair and maintenance services market have facilitated cost-effective services, especially to meet the needs of the cargo shipping industry.

The rise in fleet size around the world is a key underpinning that has nudged big and small shipyards to advance dry dock facilities and other repair facilities. The demand for such facilities has grown substantially for the repair of ballast piping and tanks, sewage, and HFO tanks. By 2031, the global valuation of the market is expected to reach the mark of US$ 14.11 Bn.

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The onset of COVID-19 pandemic had caused supply chain delays and disruptions in maritime trade particularly in middle of 2020, concerning ship owners and crews. Nonetheless, in subsequent months, the shipping industry has made a promising recovery. The reopening of economic activities has led to a rise in seaborne trade volumes in recent months, notably in China, Sri Lanka, and South East Asian countries. As a result, the demand for machinery breakdown services and repair activities has also rebounded, boosting the market outlook of ship repair and maintenance services.

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Key Findings of Ship Repair and Maintenance Services Market Study

• Shipyards Focus on Improving Dry Docking Facilities to Better Services: Various companies in the ship repair and maintenance services market are keen on modernizing drydock facilities. In particular, a growing number of them are focusing on building floating dry docks to overcome the limitations of standard docks or graving docks. Public-private partnership models have emerged as a convenient option for shipyards to strengthen their repair and maintenance facilities, finds a market study on the ship repair and maintenance services.

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• Implementation of Cloud-based Automation Platforms for Sustainable Maintenance Strategies Presents Lucrative Gains to Market Players: Continuous focus of market players to enrich the value chain has motivated them to adopt advanced software and automation platforms to facilitate ship repair and maintenance services. These solutions notably harness data science models for vessel maintenance plans before vessels reach shipyards for maintenance. The trend has stridently boosted the scope for commercialization of cutting-edge technologies. SaaS (Software as a Service) models have proved to be attractive especially for small shipyards and startup maritime companies to offer cost-effective services to their customers. In particular, a number of service providers in the market are adopting SaaS solutions for minimizing frictions between tasks and eventually reducing cost of dry-docking projects. The demand for sustainable management strategies will further drive the prospects of the market.
• Collaborations between Engineers, Composite Specialists, and Service Providers to Lead to Cost-effective Repair Plans: Vessel surface repair activities have proved to be profitable area for ship repair and maintenance services market players. They are increasingly appraising the benefits of onboard sensors and the IoT framework in optimizing operations in repair and maintenance projects. The trend has driven service providers to enter into collaborations with engineers and composite specialists, paving the way for the demand for better repair plans.

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Ship Repair and Maintenance Services Market: Drivers

• High costs incurred in unforeseen repairs and maintenance by ship owners have propelled the need for optimizing these services. Rise in shipbuilding industry development and constant growth of maritime trade are key factors driving the steady demand in the ship repair and maintenance services market.
• Government bodies in various countries offer financial incentives to shipyards and support to boost businesses in shipbuilding industry. For instance, support by the Malaysia Ministry of International Trade and Industry and the U.S. Department of Maritime Administration have benefitted shipbuilding activities and small shipyard projects, respectively. The growing support by governments is likely to drive the evolution of the market.

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Ship Repair and Maintenance Services Market: Competitive Dynamics

The marked presence of several companies of small and medium scale have led to a fair degree of fragmentation in the market. Some of the key players in the ship repair and maintenance services market are Cochin Shipyard Limited, Hyundai Mipo Dockyard, Damen Shipyards Group, and Cosco Shipyard Group Co., Ltd.

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