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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 2030, the global valuation of the market is expected to reach the mark of US$ 14.11 Bn.

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Key Findings of Ship Repair and Maintenance Services Market Study

Shipyards Focus on Improving Dry Docking Facilities to Better Services: Variouscompanies in the ship repair and maintenance services market are keen on modernizing drydock facilities. In particular, a growing number of them are focusing on building floating dry docks to overcome the limitations of standard docks or graving docks. Public-private partnership models have emerged as a convenient option for shipyards to strengthen their repair and maintenance facilities, finds a market study on the ship repair and maintenance services.

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Implementation of Cloud-based Automation Platforms for Sustainable Maintenance Strategies Presents Lucrative Gains to Market Players: Continuous focus of market players to enrich the value chain has motivated them to adopt advanced software and automation platforms to facilitate ship repair and maintenance services. These solutions notably harness data science models for vessel maintenance plans before vessels reach shipyards for maintenance. The trend has stridently boosted the scope for commercialization of cutting-edge technologies. SaaS (Software as a Service) models have proved to be attractive especially for small shipyards and startup maritime companies to offer cost-effective services to their customers. In particular, a number of service providers in the market are adopting SaaS solutions for minimizing frictions between tasks and eventually reducing cost of dry-docking projects.

Collaborations Between Engineers, Composite Specialists, Service Providers to Lead to Cost-effective Repair Plans: Vesselsurface repair activities have proved to be profitable area for ship repair and maintenance services market players. They are increasingly appraising the benefits of onboard sensors and the IoT framework in optimizing operations in repair and maintenance projects. The trend has driven service providers to enter into collaborations with engineers and composite specialists, paving the way for the demand for better repair plans.

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Ship Repair and Maintenance Services Market: Drivers

High costs incurred in unforeseen repairs and maintenance by ship owners have propelled the need for optimizing these services. Rise in shipbuilding industry development and constant growth of maritime trade are key factors driving the steady demand in the ship repair and maintenance services market.

Government bodies in various countries offer financial incentives to shipyards and support to boost businesses in shipbuilding industry. For instance, support by the Malaysia Ministry of International Trade and Industry and the U.S. Department of Maritime Administration have benefitted shipbuilding activities and small shipyard projects, respectively.

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