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Ship Repair and Maintenance Services Market to Reach US$ 14.11 Bn by 2031; Adoption of Sustainable Strategies by Ship Repair and Maintenance Service Providers to Drive Global Market: TMR Study
ALBANY, N.Y. , Dec. 6, 2021 /PRNewswire/ --
Shipyards offer a wide spectrum of ship repair and maintenance services. Their offerings have evolved on back of use of advanced maritime software and technology platforms to offer reliable corrective or breakdown maintenance and electrical & instrumentation repairs. Collaborations between companies across the value chain in ship repair and maintenance services market have facilitated cost-effective services, especially to meet the needs of the cargo shipping industry.
The rise in fleet size around the world is a key underpinning that has nudged big and small shipyards to advance dry dock facilities and other repair facilities. The demand for such facilities has grown substantially for the repair of ballast piping and tanks, sewage, and HFO tanks. By 2031, the global valuation of the market is expected to reach the mark of US$ 14.11 Bn .
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The onset of COVID-19 pandemic had caused supply chain delays and disruptions in maritime trade particularly in middle of 2020, concerning ship owners and crews. Nonetheless, in subsequent months, the shipping industry has made a promising recovery. The reopening of economic activities has led to a rise in seaborne trade volumes in recent months, notably in China , Sri Lanka , and South East Asian countries. As a result, the demand for machinery breakdown services and repair activities has also rebounded, boosting the market outlook of ship repair and maintenance services.
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The marked presence of several companies of small and medium scale have led to a fair degree of fragmentation in the market. Some of the key players in the ship repair and maintenance services market are Cochin Shipyard Limited, Hyundai Mipo Dockyard, Damen Shipyards Group, and Cosco Shipyard Group Co., Ltd.
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