The global boat restoration market is expected to grow at a CAGR of 11.5% during the forecast period of 2023 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. As a direct result of the growing import-export activity taking place all over the world, it will acquire traction. Because of the effects of climate change on a global scale, governments all over the world have increased their efforts to promote sustainable development in recent years. Ship repair and maintenance services companies are now employing ecologically sustainable processes in order to comply with domestic and international standards and laws.

Market to Fully Recover Post the Adverse Effect of Covid - 19

The spread of the COVID-19 disease has had a significant negative influence on a number of different types of businesses, one of which being the marine industry, which includes activities such as shipping, boating, and sailing. Due to the shutdown of facilities caused by this outbreak, boating repair and other activities related to boats have come to a halt. In an effort to contain the spread of the coronavirus, all commercial and marine recreational activities, as well as personal pleasure boats, have been temporarily halted. According to the insights provided by Willis Towers Watson, more than three billion people throughout the world have been placed under lockdown, which has led to a reduction in the amount of economic activity and a 3% decline in the global economy. The delay in re-establishing the supply chain networks and the capacities of logistics will have an impact on the industry of boat manufacturing and maintenance.

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 are enjoyed by a large number of people. For instance, in 2021, the National Marine Manufacturers Association (NMMA), which represents producers of recreational boats, engines, and marine accessories in North America, reported retail unit sales of new powerboats in the United States increased by approximately 12% compared to 2019. This was in comparison to the previous year, 2019. Over 311,000 brand-new powerboats were purchased in 2020, which brought the recreational boating industry to its previous level. It is probable that the increase in boating for recreational purposes will contribute to the demand in the market for boat repairs.

Expected Fair Performance Economic Indicators

The expectation of consistent performance of economic indicators in a large number of developed and developing nations is beneficial to the market for ship and boat construction as well as boat and ship repair. The International Monetary Fund (IMF) projects that the growth of the global GDP will be 3.3% in the year 2020 and 3.4% in the year 2021. It is anticipated that the rising commodity prices, which have experienced a major drop throughout the course of history, would further contribute to the expansion of the industry. It is also anticipated that developed economies will maintain stable growth over the time covered by this forecast. In addition, during the period covered by the forecast, it is anticipated that the growth of emerging markets will continue to be slightly ahead of that of developed markets. The market is likely to be driven during the forecast period by stable economic growth, which is expected to raise investments at end-user markets, which in turn drives the market.

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. For example, the Robotic Hull Bio-Inspired Underwater Grooming Tool, commonly known as the Hull BUG, is a miniature robot that can clean the surface of the hull of a ship by attaching itself to the underside of the ship. Estimates provided by Sea Robotics indicate that a reduction of one billion tonnes of greenhouse gas emissions and a saving of around $15 billion in annual fuel expenses can be achieved by increasing fuel efficiency by five % through routine cleanings. It is anticipated that robots would provide benefits that are green and favourable to the environment. 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. Before information is sent to shipyards or service providers, businesses are beefing up their research and development capabilities in order to develop SaaS and IoT platforms. These platforms will deploy scanning of project specifications and will implement data science in order to generate content suggestions and increase cost efficiency.

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. These methods result in large energy savings and reduced carbon emissions in the finished product, which is a ship.

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. Goods-carrying cargo ships are a specific type of vessel that are designed to transport unpackaged bulk cargo, such as grains, coal, ore, steel coils, and cement. As a direct consequence of this, the cargo sector of the ship repair and maintenance services industry accounts for a significant portion of the total revenue generated. The tonnage carried by these ships has increased as a direct result of the recent uptick in international commercial activity. 

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.

Hull is the Key Component Demanding Most of the Restoration Activity

A ship's hull is an essential component of the vessel. It is the primary supporting framework of a ship and is frequently considered to be the body of the ship in certain locations. According to the findings of the study, it is estimated that the hull part segment would hold a leading share in the global market. This segment accounted for roughly 29% of total sales in 2021. Because the hull is such an essential component of the ship's overall body structure, it must be inspected and maintained on a regular basis to ensure that the vessel functions properly and remains safe. Throughout the course of the forecast period, it is anticipated that this factor will contribute to the rise in demand for hull parts in the global market and propel their expansion.

APAC Region Remains as the Global Leader

Asia Pacific region is anticipated to emerge as a highly attractive segment of the worldwide market for ship repair and maintenance services. This is partly attributable to the fact that corporations based in Asia hold approximately half of the world's fleet, with China, the Republic of Korea, and Japan accounting for 93% of all shipbuilding in 2019. Shipbuilding businesses are responsible for the majority of the maintenance and repair work. As a result, it is anticipated that the high level of shipbuilding activity in the region will drive growth in the ship repair and maintenance services sector. the market in Singapore is anticipated to expand at a rapid pace of compound annual growth rate of 10% during the forecast period. Additionally, it is expected that this region would account for the largest market share across South Asia and the Pacific, making it the region with the highest level of opportunity. North America is the second largest market for boat restoration. It is anticipated that the market would continue its upward trend in 2023 due to aggressive approach of market players to enhance their market position. Europe will be one of the most lucrative markets in the global market in the near future. Due to the emphasis that Germany places on research and development operations in new technologies, it is anticipated that Germany would lead the ship repair and maintenance services market in Europe.

Technical Strength Remains as a Key Competitive Advantage

In order to provide ship repair services in a timely manner, businesses that operate in the ship repair services market are working toward the goal of implementing technical advances and enhancing their overall methods. In order to broaden their sphere of influence and establish a stronger presence on a global scale, key companies are engaging in strategic alliances, mergers, acquisitions, and collaborations. Key companies operating in this market segment include Brunswick, Riviera, Holyhead Boatyard, Ancasta International Boat Sales, Survitec Survival Craft, Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Samsung Heavy Industries, and General Dynamics and others. 

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Boat Restoration market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Boat Restoration market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Boat Restoration market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Boat Restoration market?
• Which is the largest regional market for Boat Restoration market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Boat Restoration market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Boat Restoration market worldwide?