Albany, NY -- (SBWIRE) -- 09/22/2020 -- Marine Vessel Maintenance Services: Introduction

Marine vessel maintenance is the process adopted by almost all shipping companies to ensure that the ship's machinery maintains a particular standard of operation and safety. Maintenance plan is an imperative element of a vessel's routine operations. It also forms an integral component of a vessel's maintenance mechanism.
The primary objective of a marine vessel maintenance plan is to ensure that the work is carried out efficiently at an optimum minimum cost
Maintenance interval forms the most important aspect of the marine vessel maintenance plan and is based on a number of factors such as practical experience of engineers in operation, predictive maintenance determination techniques, and maintenance of ship and its machinery. This also includes the type of the ship, its condition, and age.
Maintenance of a marine vessel helps keep machinery up to date and in smooth running condition. The maximum number of machines are located in a vessel's engine room. Engineers and their crew carry out maintenance operations for safe and efficient operation of these machines. Thus, maintenance operations are carried out at regular intervals of time.

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Key Drivers of Global Marine Vessel Maintenance Services Market

Developing countries across the world are investing significantly in the manufacturing sector. This has led to a steady growth in seaborne trade. Stable conditions of most of the economies are likely to boost the marine vessel maintenance services market.
Increase in demand for new vessels for various applications in the oil & gas sector and shipping business, dearth of supply chains in ship repair and maintenance services, and rise in production of vessels are projected to augment the demand for marine vessel maintenance services in the near future.
Ambitious national targets, rapid technological advancements, and international agreements have prompted companies across the world to upgrade their shipping vessels. This, in turn, is expected to augment the global marine vessel maintenance services market between 2020 and 2030.
Restraints of Global Marine Vessel Maintenance Services Market
Maintenance of a vessel requires manpower and time. These may not be available all the time, due to the insufficient number of crew members or lack of enough machinery. These are some of the major restraints of the market.

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Major Developments
In December 2019, Hyundai Mipo Dockyard (HMD) announced that it had bagged a US$ 90 Mn new building order for four units of 1,800 TEU container carriers from Taiwanese shipping line EVERGREEN MARINE CORPORATION. The vessels are 172 meters in length, 27.4 meters in width, and 14.3 meters in height. The order is expected to be completed by 2021. The company also announced that these vessels would be built in HMD's yard based in Ulsan, South Korea.
In June 2018, Foss Maritime Company, LLC announced that it had started a company-wide project to centralize fleet management and operations with Helm CONNECT, a leading marine software platform. The announcement comes as Foss Maritime moves forward on an initiative to better organize and streamline operations across core business units and wholly-owned subsidiaries along the U.S. West Coast, and in Hawaii and Alaska.
Europe to Hold Major Share of Global Marine Vessel Maintenance Services Market
Based on region, the global marine vessel maintenance services market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa

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Europe is expected to be a key region of the global marine vessel maintenance services market from 2020 to 2030. High investments in shipping infrastructure and government subsidies are likely to drive the market in the region between 2020 and 2030
The marine vessel maintenance services market in Middle East & Africa is estimated to expand at a significant pace during the forecast period, owing to extensive oil and gas export and presence of large numbers of vessel companies in the region
Growth in cruise tourism and export business in North America, especially the U.S., is likely to boost the demand for vessel maintenance services for passenger ships and ferries in the region. This is estimated to drive the marine vessel maintenance services market in North America.