Ship repair and maintenance services market is anticipated to grow at a CAGR of 5.3% during the forecast period (2024-2031). In recent years, the ship industry has recorded a steady rise in the number of ship repair and maintenance contracts owing to the increase in the naval fleet of various naval organizations, aging marine fleets, delegating of contracts for optimizing domestic or state-run shipyard workloads, and measures to improve geopolitical ties between countries. Furthermore, naval organizations are focusing on developing and maintaining novel shipyards for the maintenance and repair of their domestic naval fleet, as well as gaining contracts for the repair and servicing of international clients aimed at strengthening ties.
Browse the full report description of “Ship Repair and Maintenance Services Market Size, Share & Trends Analysis Report by Vessel Type (Commercial Vessel, and Naval Vessel), by Service Type (General Services, Electric Works, Dockage, Auxiliary Services, Engine Part Maintenance, and Others), and by End-User (Government & Defense, and Commercial) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/ship-repair-and-maintenance-services-market
Recent Developments-
• In December 2023, the state-run Cochin Shipyard Limited (CSL) stated that it had signed a Master Shipyard Repair Agreement (MSRA) with the US Navy, allowing the yard to repair boats under the Military Sealift Command. Last year, two additional Indian shipyards, L&T Kattupalli, and Mazagon Dock Shipbuilders, entered a similar warship repair deal with the US Navy. These agreements demonstrate the US' commitment to following through on its pledge to use Indian repair facilities, thereby decreasing maintenance turnaround time and costs for the US naval assets deployed in the Indo-Pacific area.
• In October 2023, General Dynamics NASSCO, a General Dynamics subsidiary, reported that the US Navy awarded it a contract to maintain, modernize, and repair the USS Chung-Hoon (DDG 93) and USS James E. Williams (DDG 95). The contract for an initial $15.6 million includes options, which, if exercised, would increase the total value to $753.8 million.
Market Coverage
· The market number available for 2024-2031
· Base year: 2023
· Forecast period: 2024-2031
· Segment Covered-
o By Vessel Type
o By Service Type
o By End-User
· Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape: BAE Systems plc, China Shipbuilding Industry Corp., Damen Shipyards Group, Fincantieri S.p.A., and Sembcorp Industries Ltd. among others
Key questions addressed by the report
Global Ship Repair and Maintenance Services Market Report Segment
By Vessel Type
By Service Type
By End-User
Global Ship Repair and Maintenance Services Market Report Segment by Region
North America
· United States
· Canada
Europe
· UK
· Germany
· Italy
· Spain
· France
· Rest of Europe
Asia-Pacific
· China
· India
· Japan
· South Korea
· Rest of Asia-Pacific
Rest of the World
· Latin America
· The Middle East and Africa
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