Valley Cottage, NY -- (SBWIRE) -- 09/20/2018 -- Ship repair and maintenance service providers are offering flexible and affordable solutions for all classes of offshore, marine, and naval platforms, rigs, vessels, marine and mooring units along with underwater and afloat inspection, repair and maintenance services. Furthermore, the need for decommissioning, off-hire, dry docking, and downtime is expected to reduce, resulting in time and cost savings. The share of ship maintenance and repair services in the overall cost of a ship is relatively low (range 5-7%) than crew and fuel expenses, and may go up to 20% as the ship becomes old. Economic factors such as maintenance and repair cost, quality, safety, duration, marketing, and environment may impact downtime due to failure or voyage repairs, fines and penalties for air & sea pollution, possible cargo damages, and other failures. A systematic approach, reliability-centered maintenance, should be taught to the workers to develop an effective, cost-effective, and focused maintenance program for such complicated system, as a ship. The French shipbuilding industry has witnessed significant implementation due to their increased capacity for innovation, adaptability of human resources, business efficiency and building of most complex units: power projection warships, support vessels, cruise liners, and submarines.

Ship Repair and Maintenance Services Market: Dynamics

The global ship repair and maintenance services market is estimated to grow during the forecast period owing to strong demand for repair and maintenance programs with the increasing lifespan of ships and to provide best possible quality and safety to the crew and goods during transportation. Furthermore, with the increasing trade in various countries, such as Russia, China, France, and India, the demand for ships is expected to increase leading to increasing ship repair and maintenance repair services for the new ships in the fleet.

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Lack of training to the personnel regarding repair and maintenance of a ship is the major factor which is estimated to hamper the growth of ship repair and maintenance services market during the forecast period. Furthermore, with the growing use of advanced fiber materials for ship construction by replacing steel and iron may significantly lower the demand for ship repair and maintenance services, which may hinder the global ship repair and maintenance services market over the forecast period.

Ship Repair and Maintenance Services Market: Segmentation

The global ship repair and maintenance services market can be segmented based on ship type and service type.

By ship type, the global ship repair and maintenance services market is segmented into:

Cargo Ships
Tankers
Passenger Ships
Fishing Vessel
High Speed Craft
By service type, the global ship repair and maintenance services market is segmented into:

Engineering & Retrofit
Load tests
Interior
Solas
Cleaning
Others (Painting, spare parts, insulation, etc.)
Ship Repair and Maintenance Services Market: Regional Outlook

Europe is estimated to be the most matured and dominating region in the global ship repair and maintenance services market due to strong investments in France, Russia, and other EU countries over the last couple of years with innovations and high-efficient shipbuilding in progress. Asia Pacific has witness substantial growth over the last 50 years due to investments in Korea, China, and Japan. Furthermore, the service providers and ship manufacturers are shifting focus towards India, Vietnam, and other ASEAN countries to combine their own high level skills with relatively low-cost labor in order to gain maximum profit. Latin America and the Middle East & Africa are further expected to witness substantial growth in the ship repair and maintenance services market owing to strong demand for maintenance programs and services in countries such as Brazil, UAE, South Africa, and Turkey.

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Ship Repair and Maintenance Services Market: Key Participants

Examples of some of the key market participants in the global ship repair and maintenance services market are:

GARANT
IHC Parts & Services
Vigo Ship Repair
Calvey Marine Ltd
Damen Shipyards Group
UMC International
PartYard Lda
Kable
Zamakona Yards
Técnico Corporation
Burgess Marine