Global Ship Spares and Equipment Market Report and Forecast 2023-2028

Global Ship Spares and Equipment Market Report and Forecast 2023-2028

Market Outlook

As per the report by Expert Market Research (EMR), the global ship spares and equipment market attained a value of USD 8670.65 million in 2022. Aided by the growing shipbuilding industry and the expansion of global maritime trade, the market is expected to grow at a CAGR of 4.4% between 2023 and 2028 to reach a value of USD 11168.73 million by 2028.

Ship spares and equipment refer to the parts, machinery, and systems that are essential for the operation, maintenance, and repair of ships, including cargo vessels, tankers, passenger ships, and naval vessels, among others. These components play a vital role in ensuring the efficient and safe operation of ships in various maritime activities, such as transportation, defence, and leisure.

One of the primary drivers of the ship spares and equipment market is the expansion of global maritime trade. As international trade continues to grow, the demand for efficient and sustainable transportation of goods and passengers across the globe has increased significantly. This has led to the need for the construction of new ships and the modernisation of existing fleets, driving the demand for the ship spares and equipment market.

The shipbuilding industry plays a crucial role in driving the growth of the market for ship spares and equipment. With the increased demand for new ships and the need for fleet modernisation, the shipbuilding industry is experiencing a surge in demand. This, in turn, has positively impacted the demand for various ship spares and equipment, propelling the ship spares and equipment market growth.

Technological advancements and innovation in the shipbuilding industry have led to the development of more efficient, sustainable, and sophisticated ships, which require advanced ship spares and equipment. This has resulted in increased demand for modern ship spares and equipment, such as advanced propulsion systems, navigation equipment, and communication systems, accelerating the ship spares and equipment market expansion.

The increasing focus on maritime safety and the implementation of stringent regulations by various governing bodies have also driven the demand for high-quality ship spares and equipment. Ship owners and operators are required to adhere to these regulations and standards to ensure the safety of their vessels, crew, and cargo, leading to increased demand for reliable and efficient ship spares and equipment.

Market Segmentation

The market can be divided based on product type, type, ship type, end use, and region.

Market Breakup by Product Type

• Ship Fittings and Equipment
• Shipbuilding and Shipyard Industrial Equipment and Spare Parts
• Propulsion Systems and Equipment
• Auxiliary Systems and Equipment
• Ship Operation Equipment
• Rigging and Lifting Equipment
• Electrical and Electronic Equipment
• Others

Market Breakup by Type

• OEM
• Aftermarket

Market Breakup by Ship Type

• Containers
• Bulk Carriers
• Transportation and General Cargo
• Cruise / Passengers Carriers
• Others

Market Breakup by End Use

• Cargo Ships
• Passengers Ships
• Defence Ships

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global ship spares and equipment companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Mitsubishi Heavy Industries, Ltd
• Hyundai Heavy Industries Co., Ltd.
• Wärtsilä Corporation
• Fincantieri S.p.A
• MAN Energy Solutions SE
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.