According to the research report titled ‘Global Ship Repair and Maintenance Services Market Size study, by Vessel Type (Oil and Chemical, Tankers, Bulk Carriers, General Cargo, Container Ships, Gas Carriers, Offshore Vessels, Passenger Ships and Ferries, Mega Yachts and Other Vessels) by service type (General Services, Dockage, HullPart, Engine Parts, Electric Works, Auxiliary Services) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global ship repair and maintenance services market size is expected to grow significantly during the forecast timespan 2021-2027.
 

As per the findings of the report, expanding seaborne trade between countries is largely fueling global ship repair and maintenance services market growth. In fact, International Chamber of Shipping claims that the international shipping industry transports 90% of goods and raw materials worldwide.
 

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For the unversed, all overhauls, ship conversions, maintenance programming, minor equipment, and major damage repairs are included in ship repair and maintenance. Client seeking such work include commercial shipowners, the navy, and other marine structure owners.
 

Experts cite that rapidly evolving offloading boats and floating production storage are expected to boost market growth over the analysis period. However, lack of maritime export and high maintenance costs are likely to hamper the industry growth in the upcoming years.
 

 industry is segmented on the basis of vessel type (oil and chemical, bulk carriers, tankers, general cargo, container ships, gas carriers, offshore vessels, mega yachts, passenger ships and ferries, and other vessels) by service type (general services, dockage, hullpart, auxiliary services, engine parts, electric works).
 

As per the regional assessment ship repair and maintenance services market in North America holds a coveted position and will likely garner strong returns in the ensuing years, attributable to expanding industrial manufacturing sector and modernization of offloading vessels.
 

Meanwhile, Asia-Pacific market is expected to grow substantially over the forecast duration due to growing seaborne trade.
 

Considering the competitive setting, JSC United Shipbuilding Corp., Keppel Corp. Ltd., Arab Shipbuilding and Repair Yard Co., Hyundai Mipo Dockyards Co. Ltd., Dae Sun Shipbuilding & Engineering Co. Ltd., Sembcorp Industries Ltd., Cochin Shipyard Ltd., China Shipbuilding Industry Corp., Fincantieri SPA, and Damen Shipyards Group are the major companies influencing the global ship repair and maintenance services industry dynamics.