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Ship repair and maintenance services involve repairing and maintaining ships, which may be either done in a planned or unplanned order. Vessels are taken to a locality, referred to as repair dock, to provide services such as rust removal, old paint removal, washing, etc. Moreover, the new marine paints, generally referred to as marine paints, are used for the correct servicing. Thus, the ship repair and maintenance service market provides necessary solutions to any or all categories of vessels, which may be above water or underwater.
Ship repair and maintenance facility suppliers are ready to offer affordable and adaptable solutions for all classes of marine, naval platforms, seaward, mooring units’ vessels, and marine alongside underwater and above water inspection, repair and maintenance services. Maintenance is one of the most exclusive things that are required by any motorized equipment. The high cost of capital investment required in the establishment of ship repair and maintenance service is one of the major factors that restraints the growth of the market.
Key Market Driver -
increase in amount of industrial manufacturing and rise in seaborne trade are some of the major factors that dive the market.
Key Market Restraint -
the high cost of capital expenditure is one of the major restraint for the market.
The global ship repair and maintenance services market is segmented by vessels , by application and by region. on the basis of vessels the market is further sub-segmented into Gas Carriage, Oil and Chemical Tankers, Bulk Carriers, General Cargo, Container Ship and Passenger Ship . The cargo segment accounted for major market share in terms of revenue, of the ship repair and maintenance services market. This is evident due to Rise in global trading activity for the past few years. Cargo segment is expected to dominate the market in the forecast period owing to the increase in demand for goods carrying cargo ships. Based on application the market is sub segmented into General Services, Dockage, Engine Parts,Electric Works and Auxiliary Services. Eectric works sub-segment is anticipated to be the largest sub-segment in the market. The repairmen of electrical instruments such as electrical motors, electrical equipment and generators maintenance and repair are projected to be major repair types. Therefore, the electric works segment registered for a major share of the ship repair and maintenance services market.
Key companies dominating 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 along with other players.
Based on region, the worldwide ship repair and maintenance services market has been segmented into North America, Asia Pacific, Europe and rest of the world. Asia Pacific is anticipated to hold a larger share of the market during the forecast period. This is attributed to the fact that around half the world’s navy is owned by Asia-based companies, wherein majority of the shipbuilding was allotted in Republic of Korea, China and Japan in 2019. Mostly, repair activity is administered by shipbuilding companies. Therefore, high shipbuilding activity within the region is estimated to propel the ship repair and maintenance services sector. Singapore is predictable to manage the world ship repair and maintenance services market. Ship repair and maintenance services in China and India markets are expected to rise over the forecast period, as a result of the anticipated increase in trade with the Middle East and ASEAN countries. North America is expected to show good growth in the market owing to the rise in seaborne trade. Europe is anticipated to show significant growth in the market. The increase in amount of industrial manufacturing and presence of several key players of the market are expected to be some of the major factors driving the growth of the market in this region.
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