Gradual Reopening of Borders Revives Market Growth as COVID-19 Subsides
Companies in the ship repair and maintenance services market are remotely conducting their business activities due to the onset of the COVID-19. Marine Marketing International Ltd. has come into the spotlight for assisting ship owners during the pandemic to find yards in order to carry out emergency steel repairs in the Indian Ocean. Stakeholders are helping clients to find repair options for LNG carriers from the Middle East through to China.
Several countries are gradually opening their borders for trade, such as Sri Lanka and other South East Asian countries. Companies in the ship repair and maintenance services market are capitalizing on China, since their ship repair yards are back to full capacity. As such, many countries have restricted their borders, which is hampering the movement of service engineers, crew, and spare parts.
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Sustainable Management, Maintenance Strategies Augment Repair Services
The global ship repair and maintenance services market is slated to register a sluggish CAGR of ~2% during the assessment period. This is evident since regions such as Andaman Nicobar are facing inadequacy of dry docking facilities. In order to augment ship repair facilities, stakeholders in the Andaman and Nicobar Islands are planning a floating dry-dock at Port Blair on a Public Private Partnership (PPP) basis.
Even the Tema Drydock and Shipbuilding Yard in Ghana is facing challenges in deploying ship maintenance and repair services. Sustainable management and maintenance strategies for improved repair services of the yard has been recognized by service providers in the Ghana ship repair and maintenance services market.
SaaS-based Platforms Game Changer for Minimizing Friction Between Repair Tasks
Ship repair and maintenance is a potentially cost intensive and complex process for ship owners. This probably explains why the global ship repair and maintenance services market is predicted to advance at a sluggish CAGR during the forecast period. This has led to the proliferation of SaaS (Software as a Service) models in the ship repair and maintenance industry. Maindeck is a maritime startup, which is gaining popularity for its SaaS-based ship repair and maintenance platform that helps to minimize the friction between tasks and reduces the time spent at yards.
SaaS-based platforms are helping to reduce unforeseen costs in the ship repair and maintenance industry. Companies are increasing their R&D capabilities to develop SaaS platforms that deploy scanning of project specifications and implement data science to generate content suggestions before it is sent to the shipyards or service providers.
Collaborating with Engineers, Composite Specialists Helps to Devise Cost-efficient Repair Plans
The ship repair and maintenance services market is estimated to cross the value mark of US$ 14.1 Bn by 2030. COMPA Repairs – a provider of innovative repair technology is being highly publicized for successful applications in repair of ballast piping & tanks, sewage, and HFO tanks. There is a growing demand for cost-efficient repair solutions in order to prevent fuel leakage between water ballast and heavy fuel tank components. Companies in the ship repair and maintenance services market are collaborating with engineers and composite specialists to investigate damage parameters and then come up with repair plans using software technology.
IoT Sensors to Create Entire Network of Efficient Ship Operations
IoT (Internet of Things) is bringing about a significant change in the ship repair and maintenance services market. With the help of IoT, ship owners are able to connect onboard sensors to the shore for enabling better ship and fleet operations. This has led to data analytics, and is facilitating optimized maintenance of vessels, route planning, and cargo management.
Companies in the ship repair and maintenance services market are innovating in IoT platforms to derive fuel savings, reduce service costs, and lower lubes consumption. It is anticipated that in future, an entire network of sensors will help to measure all aspects of ship operations.
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Ship Repair and Maintenance Services Market: Overview
- The global ship repair and maintenance services market is anticipated to expand at a CAGR of ~2% during the forecast period, driven by initiatives by various government bodies to support the shipping industry. For instance, shipyards are being offered various tax benefits for regular ship repair and maintenance activities.
- The Malaysia Ministry of International Trade and Industry has introduced an incentive scheme providing tax exemptions to existing and new shipbuilding, and ship repair and maintenance services companies in Malaysia. While the Government of India has encouraged shipbuilding, ship repair, and maintenance services industries by offering financial assistance and infrastructure status to the shipbuilding, ship repair, and maintenance services industries.
- The U.S. Department of Maritime Administration has offered grants to small shipyards to support small shipyard projects that make capital and related improvements; or provide training for workers in shipbuilding, ship repair, and maintenance services industries. Supporting these types of projects drives efficiency, competitive operations, quality ship construction, ship repair, and maintenance services reconfiguration across the industry.
- Forward steps toward the ease of geopolitical tensions between global major economies, i.e., China and the U.S., are likely to lift restrictions on trade activities among countries and hence, normalize cargo trade activity. This is consequently aiding the cargo shipping industry, and the allied ship repair and maintenance services industry.