The global ship repair and maintenance services market is projected to show upward curve of revenues during the forecast period of 2020 to 2030. This growth is attributed to plethora of reasons. One of the key reasons for this growth is increased demand for ship repair and maintenance services from all across the world.
The upcoming report from TMR on the global ship repair and maintenance services market performs the segmentation of this market on the basis of vessel type, service type, and region. This report offers comprehensive analysis of key elements driving or obstructing market growth. Based on vessel type, the ship repair and maintenance services market is bifurcated into bulk carriers, oil and chemical tankers, container ships, general cargo, offshore vessels, and passenger ships and ferries.
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Global Ship Repair and Maintenance Services Market: Growth Dynamics
Maintenance is a key factor that allows for smooth functioning of any machine or device. The global ship repair and maintenance services market is growing on the back of increased use of ships for various purposes. In addition to this, the government bodies of many countries are taking initiatives to support the shipping industry. For instance, shipyards are provided with various tax benefits for regular ship repair and maintenance activities. This factor is working as a driver for the global ship repair and maintenance services market.
Continuous increase in shipbuilding activities is one of the key factors fueling the growth of the global ship repair and maintenance services market. There are numerous services available in the market for ship repair and maintenance services. It includes electric works, general services, engine parts, auxiliary services, hull parts, and dockage.
Global Ship Repair and Maintenance Services Market: Notable Development and Competitive Analysis
The ship repair and maintenance services market is fragmented in nature. Presence of many players denotes that the competitive landscape of the market ship repair and maintenance services is moderately intense. To maintain the prominent position in this high competition, players are executing various strategies such as mergers and acquisitions. A case in point here is the latest announcement by Damen Shipyards Group. The firm stated that it has completed the acquisition process of Shipdock. This move by Damen Shipyards Group will strengthen its position in the global ship repair and maintenance services market.
Major enterprises working in the global ship repair and maintenance services market are growing efforts to offer superior quality services. Apart from this, several players in the market for ship repair and maintenance services are focused on advancing their vessel connectivity. A case in point here is latest partnership between Damen and Tata Consultancy Services (TCS). The main motive of this partnership is the development of an integrated IoT platform for Damen. This move by the firm connotes that the global ship repair and maintenance services market will grow at stupendous speed in the forthcoming years.
The list of important players in the global ship repair and maintenance services market includes:
- Damen Shipyards Group
- Sembcorp Industries Ltd.
- Cochin Shipyard Limited
- China Shipbuilding Industry Corporation
- Dae Sun Shipbuilding and Engineering Co., Ltd.
- Hyundai Mipo Dockyards Co., Ltd.
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Global Ship Repair and Maintenance Services Market: Regional Assessment
The global ship repair and maintenance services market is spread across various regions such as Latin America, North America, Eastern Europe, Western Europe, India, China, South East Asia and Pacific, Japan, Nigeria, Middle East and Africa, Morocco, Egypt, and South Africa. Of them, Asia Pacific is one of the lucrative regions in the market for ship repair and maintenance services. Key reason for this growth is increased sea-borne trade activities in this region. The market for ship repair and maintenance services is expected to grow at remarkable pace owing to cost-effective and quality focused services provided by vendors in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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