According to a new XploreMR report, the ship repair and maintenance services market is projected to close in on US$ 40,000 Mn by 2028-end. The ship repair and maintenance industry is influenced by a slew of aspects, including flexible & affordable offerings of providers along with afloat and underwater inspection, and declining need for decommissioning, dry docking and off-hire that results in cost and time savings.
Sensing the economic benefits of ship repair & maintenance services for a nation, and the impact of industry 4.0 on the industry’s ecosystem, relevant governing bodies are embarking on the exercises for assessing the awareness and readiness of the ship repair & maintenance industry. The permeation of industry 4.0 into the ship repair & maintenance services landscape is no longer an ephemeral trend, and it is evident that advances in technologies such as the IoT, software, and wireless sensors, are enabling optimization of processes and improving customer satisfaction.
The study finds that frameworks developed by the governments for the ship repair & maintenance services unveil various roadblocks apropos of the infrastructure readiness and ecosystem, critical human capital development, harmonization of standards, and lack of incentives & funding. Stakeholders in the ship repair & maintenance services market, who focus on maneuver across these obstacles with innovative strategies, and driving changes in their internal structure & processes, are expected to gain a competitive edge.
Gains from Ship Repair and Maintenance Services for Oil & Chemical Tankers Remain Remarkable
The study finds that maintenance and repair services account for low shares of the overall cost of ship operations, however, the cumulative impact of these services is notably substantial. Gains from ship repair and maintenance services for oil & chemical tankers, and bulk carriers will remain remarkable, collectively accounting for over 60% market shares. Growing number of projects for port infrastructure in countries such as Singapore, Bahrain, and Dubai, have led a surge in the requirement of repair & maintenance services for oil & chemical tankers and bulk carriers.
According to the study, key players in the ship repair and maintenance services market are focusing on adopting systematic approaches and reliability-centered maintenance methods, to aid their workers in developing effective, focused, and affordable, repair and maintenance programs. Growth of the ship repair and maintenance services market is also expected to remain influenced by rising demand for ships with longer lifespan, with optimum safety features and quality for transporting goods. Surging number of trade activities between countries will further contribute to demand for ship repair and maintenance services.
The study opines that implementation of new regulations, including the 2020 sulfur cap and the Ballast Water Management Convention, are set to bring notable transformations in the shipping industry, thereby creating opportunities for the ship repair and maintenance service providers. Compliance with the new regulations alludes the requirement for more time for ships at the yard during their retrofit/repair. This, along with the deferment of costly decisions by several ship owners, is expected to increase risk of backlogs, while adding to off-hire at yards over the upcoming years.