New global ship repair and maintenance study says market will surge to USD 50 billion by 2030
A new study* into the global ship repair and maintenance market (SR&M) says that the industry is expected to grow by 6.5% throughout the forecast period 2023-2029, and will reach USD 50 billion by 2030.
As vessels age and undergo wear and tear from prolonged use, the demand for repair and maintenance services grows, driven by the need to adhere to stringent safety regulations, as well as increasing environmental regulations, while at the same time maintaining optimal performance standards. To meet the industry’s ever-changing demands, the SR&M sector continues to expand, supported by technological advancements and a focus on sustainability and efficiency in operations.
The study says the dynamics of the SR&M service market are witnessing several key trends shaping its trajectory. One prominent trend is the adoption of advanced technologies, such as predictive maintenance systems and robotics, which enhance efficiency and reduce downtime by enabling proactive identification and rectification of potential issues. Another significant trend is the increasing emphasis on environmental sustainability, driving the use of eco-friendly coatings and solutions that comply with stringent environmental regulations. Moreover, there is a growing preference for specialised services such as LNG retrofitting and ballast water treatment system installations, reflecting evolving regulatory requirements and industry standards.
The study also looks into the SR&M industry’s market dynamics, market opportunities, as well as regional insights, and market segmentation by vessel type and repair type and by application.
*Ship Repair & Maintenance Service Market: Global Industry Analysis and Forecast 2023-2029. Published by India’s Maximize Market Media Pvt Ltd www.maximisemediaresearch.com. Contact: sales@maximiseresearch.com. Price: USD 4,600 for a single user or USD 6,900 for a corporate user
