Global Ship Spares and Equipment Market Report and Forecast 2022-2027: Sector to Reach $10.70 Billion by 2027

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Mar 01, 2023, 17:30 ET

DUBLIN, March 1, 2023 /PRNewswire/ -- The "Global Ship Spares and Equipment Market Report and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global ship spares and equipment market attained a value of USD 8285.38 million in 2021. Aided by the growing international trade via sea route, the market is projected to further grow at a CAGR of 4.31% between 2022 and 2027 to reach a value of USD 10,707.26 million by 2027.

Ship spares and equipment are defined as the components which support the or fix the structure of a ship. These equipment are used to enhance the quality of a ship and to save the ship by fixing the failed unit. Good quality ship is directly proportional to the quality of ship spares and equipment used. Ship spares and equipment, such as propulsion systems and auxiliary systems, are crucial for a ship to keep it safe, which is why the global ship spares and equipment market is witnessing a steady growth.

The thriving marine transport sector across the emerging economies, owing to the growing sea trade of merchandise, consumer goods, and electrical equipment, among others, is fuelling the demand for ship spares and equipment. In addition to this, the increasing deployment of bulk carriers due to the increasing transportation of heavy goods is further bolstering the demand for high quality ship spares and equipment.

Cargo vessels, on the other hand, are witnessing a steady demand to delivery chemicals, which is another crucial driving factor of the market. Chemicals can be hazardous and mishandling or faulty ship unit can lead to a great harm to the environment and sea life. In this regard, the growing trade of commercial and industrial chemicals is further bolstering the global ship spares and equipment market growth.

Geographically, North America holds a significant share of the market. The United States of America is the largest spender on military and defence and has been upgrading its naval fleet owing to the rise in geopolitical tensions. Hence, the upgradation of naval ships is likely to bolster the demand for ship spares and equipment.

Market Segmentation

The market can be divided into the following segmentations.

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 Segmentation by Type

OEM
Aftermarket

Market Classification by Ship Type

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

Market Segmentation by End Use

Cargo Ships
Passengers Ships
Defence Ships

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Companies Mentioned

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

For more information about this report visit https://www.researchandmarkets.com/r/44lkpn-ship?w=5

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