PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424416
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424416
Ship Conversion Market, By Vessel Type, By Services, By End Use, By Geography
The global ship conversion market size is expected to be valued at US$ 14.34 billion in 2023 and is expected to reach US$ 24.10 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030.
| Report Coverage | Report Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2023/2024: | US$ 14.34 Bn |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 - 2030 |
| Forecast Period 2023/2024 to 2030/2031 CAGR: | 7.70% | 2030/2031 Value Projection: | US$ 24.10 Bn |
The Ship Conversion Market plays a crucial role in the maritime sector. Ship conversion refers to the process of modifying existing ships to serve different purposes or improve their performance. It involves structural modifications, installation of new equipment, and upgrading existing systems. Ship conversion is driven by the need to adapt to changing market conditions, advancements in technology, and regulatory requirements. The global ship conversion market has been witnessing steady growth over the past few years. Ship conversion involves rebuilding or repurposing existing ships to extend their operational life or modify their role. Conversion helps ship owners maximize returns from aging vessels and adapt them for new purposes. Factors such as stringent emissions norms, expanding offshore energy sectors, and growing marine tourism are fueling the demand for converting ships. Shipowners are modifying cargo ships into floating hotels, offshore accommodation, and fuel vessels to tap new revenue streams. The market is expected to grow further in the coming years driven by rising energy demand, infrastructure development, and focus on reducing the environmental footprint of the shipping industry.
Market Dynamics:
The ship conversion market is expected to witness significant growth in the coming years. Several factors are driving this growth such as increasing demand for specialized vessels, the need to comply with international environmental regulations, and the expansion of offshore industries. Ship conversion offers a cost-effective alternative to building new ships, enabling companies to meet specific demands without significant capital investments.
One of the key drivers of the ship conversion market is the growing demand for offshore support vessels (OSVs) in the oil and gas sector. With the increasing exploration and production activities in deep water and ultra-deep water regions, there is a need for specialized vessels that can provide support and transportation services. Ship conversion allows companies to retrofit existing vessels to meet these requirements, leading to a significant cost advantage.
However, the ship conversion market also faces certain challenges. The complexity of ship conversion projects, along with limited availability of skilled labor and technical expertise, high conversion costs, overcapacity, and volatile freight rates can pose hurdles for market players. Additionally, strict regulatory standards related to safety, environment, and operational efficiency need to be adhered to during the conversion process.
Key features of the study:
- This report provides an in-depth analysis of the global ship conversion market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023-2030), considering 2022 as the base year
- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global ship conversion market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Sembcorp Marine, Hyundai Heavy Industries, CSSC Chengxi Shipyard, Damen Shipyards Group, Cochin Shipyard, Fincantieri, Orient Shipyard, VARD Group, Wilson Sons, Oman Drydock Company, Bahri Abha Shipyard, Abu Dhabi Ship Building, N-KOM, Keppel Shipyard, Tebma Shipyards, Lamprell, Drydocks World, Dae Sun Shipbuilding, Shunzheng Shipyard, HHIC-Phil.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global ship conversion market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global ship conversion market
Detailed Segmentation:
- By Vessel Type
- Container Vessels
- Tankers
- Bulk Carriers
- Ferries & Passenger Ships
- Offshore Vessels
- Naval Vessels
- Others (Tugs, Dredgers etc.)
- By Services
- Conversion
- Repair
- Maintenance
- Refurbishment
- Modernization
- Life Extension
- Others
- By End Use
- Commercial
- Defense
- Offshore
- Passenger Transport
- Cargo Transport
- Others
- By Region
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
- Key Players
- Sembcorp Marine
- Hyundai Heavy Industries
- CSSC Chengxi Shipyard
- Damen Shipyards Group
- Cochin Shipyard
- Fincantieri
- Orient Shipyard
- VARD Group
- Wilson Sons
- Oman Drydock Company
- Bahri Abha Shipyard
- Abu Dhabi Ship Building
- N-KOM
- Keppel Shipyard
- Tebma Shipyards
- Lamprell
- Drydocks World
- Dae Sun Shipbuilding
- Shunzheng Shipyard
- HHIC-Phil
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Ship Conversion Market, By Vessel Type
- Ship Conversion Market, By Services
- Ship Conversion Market, By End Use
- Ship Conversion Market, By Region
- Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Increasing seaborne trade and cargo transportation
- Rising energy exploration activities
- Growth in passenger cruise tourism
- Demand for green ships
- Increasing focus on maritime security
- Opportunities
- Navy fleet modernization programs
- Development of autonomous ships
- Expansion into emerging economies
- Inland waterway vessel conversions
- Restrains
- High cost of ship conversion
- Long downtime required
- Key Highlights
- Regulatory Scenario
- Product Launches/Approvals
- PEST Analysis
- PORTER's Analysis
- Merger and Acquisition Scenario
4. Ship Conversion Market - Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Epidemiology
- Supply Side and Demand Side Analysis
- Economic Impact
5. Ship Conversion Market, By Vessel Type, 2017-2030, (US$ Billion)
- Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
- Container Vessels
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Tankers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Bulk Carriers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Ferries & Passenger Ships
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Naval Vessels
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Others (Tugs, Dredgers etc.)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
6. Ship Conversion Market, By Services, 2017-2030, (US$ Billion)
- Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
- Conversion
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Repair
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Maintenance
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Refurbishment
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Modernization
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Life Extension
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
7. Ship Conversion Market, By End Use, 2017-2030, (US$ Billion)
- Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
- Commercial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Defense
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Offshore
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Passenger Transport
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Cargo Transport
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
8. Ship Conversion Market, By Region, 2017-2030, (US$ Billion)
- Introduction
- Market Share Analysis, By Region, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Region, 2018 -2030
- Country Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Services, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By End Use, 2017-2030,(US$ Billion)
- Market Size and Forecast, By Country, 2017-2030, (US$ Bn)
- U.S.
- Canada
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Services, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By End Use, 2017-2030,(US$ Billion)
- Market Size and Forecast, By Country, 2017-2030, (US$ Bn)
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Services, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By End Use, 2017-2030,(US$ Billion)
- Market Size and Forecast, By Country, 2017-2030, (US$ Bn)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Services, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By End Use, 2017-2030,(US$ Billion)
- Market Size and Forecast, By Country, 2017-2030, (US$ Bn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Vessel Type, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Services, 2017-2030,(US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By End Use, 2017-2030,(US$ Billion)
- Market Size and Forecast, By Country, 2017-2030, (US$ Bn)
- Israel
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
9. Competitive Landscape
- Sembcorp Marine
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Hyundai Heavy Industries
- CSSC Chengxi Shipyard
- Damen Shipyards Group
- Cochin Shipyard
- Fincantieri
- Orient Shipyard
- VARD Group
- Cochin Shipyard
- Wilson Sons
- Oman Drydock Company
- Bahri Abha Shipyard
- Abu Dhabi Ship Building
- N-KOM
- Keppel Shipyard
- Tebma Shipyards
- Lamprell
- Drydocks World
- Dae Sun Shipbuilding
- Shunzheng Shipyard
- HHIC-Phil
- Others
- Analyst Views
10. Section
- Research Methodology
- About us
