Cutting Edge Technologies

Jul 25, 2022

The global boat restoration market is expected to grow at a CAGR of 11.5% during the forecast period of 2022 to 2030. The market for ship restoration services is expected to be driven by the increasing demand for passenger ships and ferries across East Asia, South Asia, and the Pacific. A primary element that is driving the growth of the worldwide ship repair and maintenance services market is the continuous rise in shipbuilding operations. The size of the worldwide marine fleet was 1.3 million units in 2010, and reached about 2 million units at the end of 2020, representing a growth of 53%. Because shipping by water has a noticeably lower overall cost compared to other modes of transportation and a noticeably greater carrying capacity, international commerce has a tendency to choose this mode of transport. As a result of this, it is anticipated that the market for ship repair and maintenance services would continue to expand. Increasing Demand from Recreational Boating Industry It is projected that the growing need for boats used for leisure purposes will enhance demand in the market for boat construction. Boating for pleasure is a well-liked pastime activity in many countries throughout the world. Recreational boating includes a wide variety of activities, such as water skiing, fishing, and travel, that is enjoyed by a large number of people. Application of Cutting Edge Technologies to Increase Efficiency In the marine business, robots are utilised for the performance of a wide variety of duties, ranging from cleaning and maintenance to fully driverless ships, with the goals of lowering the danger of injury to humans and improving the overall efficacy of the process. . Therefore, cutting-edge robotics that are having an impact on maritime operations is a significant development that is driving a crucial trend in the maritime business. Platforms based on the SaaS model are assisting in the reduction of unanticipated costs in the field of ship repair and maintenance. Environment-Friendly Solutions to Boost the Market Growth Shipbuilding enterprises all around the world are rapidly turning to environmentally friendly shipbuilding technology in order to comply with environmental laws and standards. Ships with no ballast systems, which prevent organisms from entering the ship and eliminate the need for sterilisation equipment, sulphur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, fuel and solar cell propulsion systems, and the use of LNG fuels for propulsion and auxiliary engines are all examples of technologies that are currently being used in shipbuilding. Bulk Carriers to Dominate in terms of type of Vessels In 2021, it is anticipated that bulk carriers will hold more than 30 % of the market share for vessels categorised as bulk transport. Ships specialised in carrying unpackaged bulk cargo, such as coal, grains, ore, and cement, are known as bulk carrier ships. The demand for bulk carriers is particularly high in developing countries like India, Brazil, Mexico, and the countries of the ASEAN. Electrical Repairs to Account for Most of the Restoration Activities Electrical and instrumentation repairs, including electrical motors, generators, and electrical equipment maintenance and repair, are estimated to be major forms of repairs. This is based on the fact that these types of repairs are common. As a consequence of this, the electrical and instrumentation repairs segment accounted for a significant portion of the global ship repair and maintenance services market. Market Segmentation Oil and Chemical Tankers