(MENAFN- Ameliorate Digital Consultancy)
The global ship hull inspection services market is projected to expand at a value CAGR of 7.2% to reach a valuation of more than US$ 5.8 Bn by the end of 2032, as per detailed industry analysis by Persistence Market Research. The rise of the ship hull inspection services market to maintain and change aging ships into new ships is aided by continuous development in infrastructure and seaborne trade for export and security purposes.
The marine industry relies heavily on ship repair and upkeep. The market for ship inspection services is expected to increase significantly over the projected period owing to the increasing use of ships for freight and passenger transportation. The smooth operation of these ships necessitates frequent inspections, maintenance, and repair. Increasing use of ships for international cargo transportation is the main driver of this market. The European region is expected to offer a lot of market opportunities in the years ahead.
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Key Takeaways from Market Study
By vessel type, bulk carriers are projected to account for a market share of more than 38% by 2032. Contract-based services are estimated to hold the largest market share of more than 64%. By end user, ship owners are expected to create an absolute $ opportunity of nearly US$ 1.3 Bn. By region, South Asia and Pacific is projected to account for the largest share of 25% by 2032.
“Increase in shipbuilding activities and strong demand for maintenance services are the primary factors driving the growth of the ship hull inspection services market,” says a Persistence Market Research analyst.
Market Landscape
To expand their geographical footprints, key market players employ a range of strategies, including new product launches, mergers & acquisitions, and forays into new markets.
Some of the key ship hull inspection service providers included in the report are Royal Marine Management Pte Ltd, Carisbrooke Shipping Limited, IMF Technical Services Ltd, Inuktun Services Ltd., Marine Inspection Services Ltd, NIPPON KAIJI KENTEI KYOKAI., Norwegian Marine & Cargo Survey, Overseas Merchandise Inspection Co., Ltd., SolidTech, TechKnowServ, TECHNOS MIHARA Co., Ltd., Ultramag, AIM Control Group, Blueye, and Commercial Diving Services Pty Ltd.
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Conclusion
Europe, along with North America and Asia Pacific, is a major contributor to the global market for ship hull inspection services. Non-destructive testing is being offered by industry service providers to create connections with ship owners, which is assisting market expansion. Software companies provide solutions for tracking the state of a ship's hull and other machinery.
Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the ship hull inspection services market that contains global industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, vessel type, service type, end user, and region.
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About Persistence Market Research – Automotive and Transportation
The automotive and transportation division of Persistence Market Research provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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