Global Ship Repair and Maintenance Services Market is projected to grow, driven by increased marine trade and technology

From GlobeNewswire: 2024-06-17 14:00:00

The Global Ship Repair and Maintenance Services Market is projected to grow from USD 39.5 billion in 2023 to USD 55.4 billion by 2033, with a CAGR of 3.44%. This market is crucial for ensuring the operational efficiency and safety of ships in the global maritime industry, driven by factors such as increased marine trade and technological advancements. Key challenges include competitive rivalry and the need for continuous investment. North America dominates this market, supported by a large coastline and stringent regulatory requirements. Asia Pacific is experiencing rapid growth due to increased maritime traffic and government initiatives to promote safety and sustainability. Major players in the market include Unithai Shipyard and Engineering, Dundee Marine and Industrial Services Pte Ltd., and Haiphong Marine Services. In February 2024, the UK signed a significant contract worth around USD 2 billion to enhance security measures for Royal Navy assets. Market segmentation includes vessel types, services, and end users, with regional analysis covering North America, Europe, Asia Pacific, South America, and Middle East & Africa. Learn more about this expanding market with Spherical Insights & Consulting’s in-depth report.



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