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The Ship Repair and Maintenance Services Market size is predicted to hit US$ 14 Bn by 2030, growing at a CAGR of 2.2% during the forecast period 2021 to 2030.

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.

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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.

COVID-19 Impact

The COVID-19 pandemic has negatively impacted the global economy and thus, disrupted the global trade and allied ship repair and maintenance services industry. Ship repair and maintenance service activities were significantly reduced or suspended for several weeks, starting in the last weeks of April and through the month of May. At the peak of the crisis, when the contraction of cargo volumes brought an additional challenge to structural market imbalance, the container shipping industry adopted more discipline, cutting capacity, postponing maintenance activities, thus reducing costs to maintain liquidity. Operations globally gradually resumed with new safety measures in place. These factors collectively hampered the global ship repair and maintenance market.

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.

SaaS-based Platforms Game Changer for Minimizing Friction Between Repair Tasks

Ship repair and maintenance is a potentially cost intensive and complex process for ship owners. This probably explains why the global ship repair and maintenance services market is predicted to advance at a sluggish CAGR during the forecast period. This has led to the proliferation of SaaS (Software as a Service) models in the ship repair and maintenance industry. Maindeck is a maritime startup, which is gaining popularity for its SaaS-based ship repair and maintenance platform that helps to minimize the friction between tasks and reduces the time spent at yards.

SaaS-based platforms are helping to reduce unforeseen costs in the ship repair and maintenance industry. Companies are increasing their R&D capabilities to develop SaaS platforms that deploy scanning of project specifications and implement data science to generate content suggestions before it is sent to the shipyards or service providers.

Report Highlights

• Based on vessel type, goods carrying cargo ships designed to transport unpackaged bulk cargo, such as grains, coal, ore, steel coils, and cement. Consequently, the cargo segment accounts for a major share, in terms of revenue, of the ship repair and maintenance services market. Rise in global trading activity for the past few years has increased these ships’ volume.
• Based on repair type, electrical and instrumentation repairs, such as electrical motors, generators, and electrical equipment maintenance and repair are estimated to be major repair types. Therefore, the electrical and instrumentation repairs segment accounted for a major share of the global ship repair and maintenance services market.
• Based on maintenance type, corrective or breakdown maintenance is a major revenue segment of the ship repair and maintenance services market. Equipment and machinery, especially sea-based ones, are more susceptible to failures, defects, and uncalled-for repairs.
• Asia Pacific is projected to be a highly lucrative region of the global ship repair and maintenance services market during the forecast period. This is primarily due to the fact that half of the world’s fleet is owned by Asia-based companies, wherein 93% of the shipbuilding was carried out in China, Republic of Korea, and Japan in 2020. Mostly, repair activity is carried out by shipbuilding companies. Therefore, high shipbuilding activity in the region is estimated to propel the ship repair and maintenance services sector.

Key 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.

Market Segmnentation

By Vessel Type

• • Cargo
  • Offshore
  • Naval
  • Tankers
  • Workboats
  • Others

By Repair Type

• • Emergency Repairs
  • Underwater Cleaning and Repairs
  • Main Engine Maintenance and Repairs
  • Mechanical Repairs
  • Electrical and Instrumentation Repairs
  • Motor Rewind Repairs
  • Others

By Maintenance Type

• • Preventive or Scheduled Maintenance
  • Corrective or Breakdown Maintenance
  • Condition Maintenance

By Region

• • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Table of Contents

1. Executive Summary

    1.1. Global Ship Repair and Maintenance Services Market Volume (Units) and Value (US$ Bn), 2017-2030

2. Market Overview

    2.1. Introduction

    2.2. Global Market – Macro Economic Factors

    2.3. Industry Dynamics

    2.4. Market Dynamics

        2.4.1. Drivers

        2.4.2. Restraints

        2.4.3. Opportunity

        2.4.4. Impact Analysis of Drivers and Restraints

    2.5. Market Factor Analysis

        2.5.1. Porter’s Five Force Analysis

        2.5.2. PESTEL Analysis

        2.5.3. Value Chain Analysis

            2.5.3.1. List of Key Manufacturers

            2.5.3.2. List of Customers

            2.5.3.3. Level of Integration

        2.5.4. SWOT Analysis

    2.6. Regulatory Scenario

    2.7. Key Industry Development

    2.8. Key Industry Trends

3. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Vessel Type

    3.1. Definition

    3.2. Market Snapshot

    3.3. Global Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type, 2017-2030

        3.3.1. Cargo

        3.3.2. Offshore

        3.3.3. Naval

        3.3.4. Tankers

        3.3.5. Workboats

        3.3.6. Others

4. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Repair Type

    4.1. Definition

    4.2. Market Snapshot

    4.3. Global Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type, 2017-2030

        4.3.1. Emergency Repairs

        4.3.2. Underwater Cleaning and Repairs

        4.3.3. Main Engine Maintenance and Repairs

        4.3.4. Mechanical Repairs

        4.3.5. Electrical and Instrumentation Repairs

        4.3.6. Motor Rewind Repairs

        4.3.7. Others

5. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Maintenance Type

    5.1. Definition

    5.2. Market Snapshot

    5.3. Global Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030

        5.3.1. Preventive or Scheduled Maintenance

        5.3.2. Corrective or Breakdown Maintenance

        5.3.3.  Condition Maintenance

6. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Region

    6.1. Market Snapshot

    6.2. Global Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Region, 2017-2030

        6.2.1. North America

        6.2.2. Europe

        6.2.3. Asia Pacific

        6.2.4. Middle East & Africa

        6.2.5. South America

7. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030

    7.1. Market Snapshot

    7.2. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type

        7.2.1. Cargo

        7.2.2. Offshore

        7.2.3. Naval

        7.2.4. Tankers

        7.2.5. Workboats

        7.2.6. Others

    7.3. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type

        7.3.1. Emergency Repairs

        7.3.2. Underwater Cleaning and Repairs

        7.3.3. Main Engine Maintenance and Repairs

        7.3.4. Mechanical Repairs

        7.3.5. Electrical and Instrumentation Repairs

        7.3.6. Motor Rewind Repairs

        7.3.7. Others

    7.4. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030

        7.4.1. Preventive or Scheduled Maintenance

        7.4.2. Corrective or Breakdown Maintenance

        7.4.3.  Condition Maintenance

    7.5. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country

        7.5.1. U.S.

        7.5.2. Canada

        7.5.3. Mexico

8. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030

    8.1. Market Snapshot

    8.2. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type

        8.2.1. Cargo

        8.2.2. Offshore

        8.2.3. Naval

        8.2.4. Tankers

        8.2.5. Workboats

        8.2.6. Others

    8.3. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type

        8.3.1. Emergency Repairs

        8.3.2. Underwater Cleaning and Repairs

        8.3.3. Main Engine Maintenance and Repairs

        8.3.4. Mechanical Repairs

        8.3.5. Electrical and Instrumentation Repairs

        8.3.6. Motor Rewind Repairs

        8.3.7. Others

    8.4. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030

        8.4.1. Preventive or Scheduled Maintenance

        8.4.2. Corrective or Breakdown Maintenance

        8.4.3.  Condition Maintenance

    8.5. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country and Sub-region

        8.5.1. Germany

        8.5.2. U. K.

        8.5.3. France

        8.5.4. Italy

        8.5.5. Spain

        8.5.6. Nordic Countries

        8.5.7. Russia & CIS

        8.5.8. Rest of Europe

9. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030

    9.1. Market Snapshot

    9.2. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type

        9.2.1. Cargo

        9.2.2. Offshore

        9.2.3. Naval

        9.2.4. Tankers

        9.2.5. Workboats

        9.2.6. Others

    9.3. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type

        9.3.1. Emergency Repairs

        9.3.2. Underwater Cleaning and Repairs

        9.3.3. Main Engine Maintenance and Repairs

        9.3.4. Mechanical Repairs

        9.3.5. Electrical and Instrumentation Repairs

        9.3.6. Motor Rewind Repairs

        9.3.7. Others

    9.4. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030

        9.4.1. Preventive or Scheduled Maintenance

        9.4.2. Corrective or Breakdown Maintenance

        9.4.3.  Condition Maintenance

    9.5. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country and Sub-region

        9.5.1. China

        9.5.2. India

        9.5.3. Japan

        9.5.4. South Korea

        9.5.5. ASEAN

        9.5.6. ANZ

        9.5.7. Rest of Asia Pacific

10. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030

    10.1. Market Snapshot

    10.2. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type

        10.2.1. Cargo

        10.2.2. Offshore

        10.2.3. Naval

        10.2.4. Tankers

        10.2.5. Workboats

        10.2.6. Others

    10.3. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type

        10.3.1. Emergency Repairs

        10.3.2. Underwater Cleaning and Repairs

        10.3.3. Main Engine Maintenance and Repairs

        10.3.4. Mechanical Repairs

        10.3.5. Electrical and Instrumentation Repairs

        10.3.6. Motor Rewind Repairs

        10.3.7. Others

    10.4. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030

        10.4.1. Preventive or Scheduled Maintenance

        10.4.2. Corrective or Breakdown Maintenance

        10.4.3.  Condition Maintenance

    10.5. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country and Sub-region

        10.5.1. GCC

        10.5.2. South Africa

        10.5.3. Rest of Middle East & Africa

11. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2030

    11.1. Market Snapshot

    11.2. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Vessel Type

        11.2.1. Cargo

        11.2.2. Offshore

        11.2.3. Naval

        11.2.4. Tankers

        11.2.5. Workboats

        11.2.6. Others

    11.3. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Repair Type

        11.3.1. Emergency Repairs

        11.3.2. Underwater Cleaning and Repairs

        11.3.3. Main Engine Maintenance and Repairs

        11.3.4. Mechanical Repairs

        11.3.5. Electrical and Instrumentation Repairs

        11.3.6. Motor Rewind Repairs

        11.3.7. Others

    11.4. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Maintenance Type, 2017-2030

        11.4.1. Preventive or Scheduled Maintenance

        11.4.2. Corrective or Breakdown Maintenance

        11.4.3.  Condition Maintenance

    11.5. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, by Country and Sub-region

        11.5.1. Brazil

        11.5.2. Argentina

        11.5.3. Rest of South America

12. Competition Landscape

    12.1. Market Analysis By Company (2019)

    12.2. Market Player – Competition Matrix (By Tier and Size of companies)

    12.3. Key Market Players (Details – Overview, Recent Developments, Strategy)

        12.3.1. Cosco Shipyard Group Co.,Ltd

            12.3.1.1. Overview

            12.3.1.2. Recent Developments

            12.3.1.3. Strategy

        12.3.2. Damen Shipyards Group 

            12.3.2.1. Overview

            12.3.2.2. Recent Developments

            12.3.2.3. Strategy

        12.3.3. Hyundai Mipo Dockyard 

            12.3.3.1. Overview

            12.3.3.2. Recent Developments

            12.3.3.3. Strategy

        12.3.4. Cochin Shipyard Limited 

            12.3.4.1. Overview

            12.3.4.2. Recent Developments

            12.3.4.3. Strategy

        12.3.5. Allied Shipbuilders Ltd.

            12.3.5.1. Overview

            12.3.5.2. Recent Developments

            12.3.5.3. Strategy

        12.3.6. Chantier Davie Canada Inc

            12.3.6.1. Overview

            12.3.6.2. Recent Developments

            12.3.6.3. Strategy

        12.3.7. Mainstar

            12.3.7.1. Overview

            12.3.7.2. Recent Developments

            12.3.7.3. Strategy

        12.3.8. Star MarinePro

            12.3.8.1. Overview

            12.3.8.2. Recent Developments

            12.3.8.3. Strategy

        12.3.9. Varren Marines Shipping Pvt. Ltd.

            12.3.9.1. Overview

            12.3.9.2. Recent Developments

            12.3.9.3. Strategy

        12.3.10. N&P Maritime and Industrial Technology

            12.3.10.1. Overview

            12.3.10.2. Recent Developments

            12.3.10.3. Strategy

Research Methodology

The research methodology adopted by analysts for compiling the global ship repair and maintenance services market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global ship repair and maintenance services market.

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