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Report Overview
The global ship spares and equipment market value reached nearly USD 9.02 Billion in 2024. The market value is further anticipated to grow at a CAGR of 4.40% in the forecast period of 2025-2034, to reach USD 13.87 Billion in 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
Compound Annual Growth Rate
Value in USD Billion
4.4%
2025-2034
Ship Spares and Equipment Market Outlook
*this image is indicative*
| Global Ship Spares and Equipment Market Report Summary | Description | Value |
| Base Year | USD Billion | 2024 |
| Historical Period | USD Billion | 2018-2024 |
| Forecast Period | USD Billion | 2025-2034 |
| Market Size 2024 | USD Billion | 9.02 |
| Market Size 2034 | USD Billion | 13.87 |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 4.40% |
| CAGR 2025-2034 - Market by Region | Asia Pacific | 5.2% |
| CAGR 2025-2034 - Market by Country | Brazil | 5.4% |
| CAGR 2025-2034 - Market by Country | China | 5.0% |
| CAGR 2025-2034 - Market by Ship Type | Containers | 5.1% |
| CAGR 2025-2034 - Market by End Use | Cargo Ships | 5.4% |
| Market Share by Country 2024 | Mexico | 3.2% |
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Ship Spares and Equipment Market Growth
Increase in Maritime Transport to Aid the Growth of the Market
Shipping plays a crucial role in the global economy with a large percentage of merchandise being transported over water. Rapid commercialisation and a rise in the demand for commodities and consumer goods have fuelled the demand for transportation and bulk carriers in various countries across the continents, increasing the need for maritime transport services and boosting the growth of the ship spares and equipment market.
Governments in various countries across the globe are investing in the development of the shipbuilding sector owing to the growing demand for vessels to conduct cross-border trades and to meet the needs of the expanding travel and tourism market. This is compelling governments to financially support shipbuilders and to introduce and expand policies to assist them.
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Ship Spares and Equipment Market Trends
The adoption of digitalisation in the shipping sector is a prominent trend in ship spares and equipment market as ship owners and operators can manage their spare part inventory efficiently and cost-effectively. Digitalisation has helped the shipping sector increase its efficiency of quickly procuring spare parts, leading to a more resilient shipping segment.
Recent Developments
As per the ship spares and equipment market dynamics and trends, Transnet Port Terminals (TPT) announced in December 2023 that it has concluded a seven-year agreement with 4 OEMs. This agreement included the supply of critical spares to the ports in South Africa to meet the equipment demand.
Industry Outlook
According to United Nations Conference on Trade and Development (UNCTAD), in 2023, the count of vessels globally totalled 106,715 ships. As per the ship spares and equipment industry analysis, General cargo ships constitute the largest segment of the fleet, numbering 20,553 vessels. This is followed closely by 'Other vessels', which total 54,816 and include various types of specialized and support vessels. Bulk carriers are also significant in the global fleet, with a count of 13,182, used primarily for transporting unpackaged bulk cargo. Oil tankers, which are crucial for the transportation of liquid cargo, make up 12,309 of the total. Lastly, container ships, essential for shipping goods in containers, account for 5,855 vessels.
Additionally, as per UNCTADstat, Asia leads significantly in terms of the total number of vessels, accounting for 50,688 ships in 2023, which boosts the growth of the ship spares and equipment industry. Within this total, Asia has the highest number of general cargo ships at 11,284, other vessels at 26,247, and the majority of container ships with 2,489. Additionally, Asia possesses 6,000 oil tankers and 4,668 bulk carriers. The Americas follow with a total fleet of 20,749 vessels. This includes a high count of 11,297 other vessels and substantial numbers in other categories: 3,481 general cargo ships, 3,378 bulk carriers, 1,628 oil tankers, and 965 container ships. Europe has a diverse fleet comprising 17,440 vessels, including 10,482 other vessels, 3,161 general cargo ships, 1,672 oil tankers, 1,109 bulk carriers, and 1,016 container ships.
Africa's fleet totals 9,287 vessels, with significant numbers across different types: 3,222 other vessels, 1,973 bulk carriers, 1,628 oil tankers, 1,389 general cargo ships, and 1,075 container ships which can aid the ship spares and equipment industry revenue. Oceania, while having the smallest total of 6,744 vessels, still maintains a varied fleet, including 2,431 other vessels, 2,047 bulk carriers, 1,209 oil tankers, 757 general cargo ships, and 300 container ships in 2023. Thus Asia plays a key role in global maritime activities, with its fleet size surpassing other regions across almost all types of merchant ships.
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Ship Spares and Equipment Industry Segmentations
Ship spares and equipment refer to components/equipment like propulsion systems, auxiliary systems, and ship operation equipment designed to form part or to be fixed in a ship. These can also be used to replace the failed units of machinery. The ship parts need to be changed from time to time and these spare parts and equipment must be supplied in good quality, correctly and quickly.
On the basis of product type, the ship spares and equipment industry is divided into:
- 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
Based on type, the market can be bifurcated into:
- OEM
- Aftermarket
By ship type, the ship spares and equipment industry is segmented into:
- Containers
- Bulk Carriers
- Transportation and General Cargo
- Cruise/Passengers Carriers
- Others
On the basis of end use, the market is categorised into:
- Cargo Ships
- Passengers Ships
- Defence Ships
Market Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
| CAGR 2025-2034 - Market by | Ship Type |
| Containers | 5.1% |
| Transportation and General Cargo | 4.5% |
| Cruise / Passengers Carriers | 4.2% |
| Bulk Carriers | XX% |
| Others | XX% |
| CAGR 2025-2034 - Market by | End Use |
| Cargo Ships | 5.4% |
| Defence Ships | 4.1% |
| Passengers Ships | XX% |
| CAGR 2025-2034 - Market by | Region |
| Asia Pacific | 5.2% |
| Latin America | 4.7% |
| Europe | 4.1% |
| North America | XX% |
| Middle East and Africa | XX% |
| CAGR 2025-2034 - Market by | Country |
| Brazil | 5.4% |
| China | 5.0% |
| UK | 4.9% |
| Mexico | 4.6% |
| Germany | 3.9% |
| USA | XX% |
| Canada | XX% |
| France | 3.7% |
| Japan | XX% |
| India | XX% |
| Australia | XX% |
| Saudi Arabia | XX% |
| Italy | 3.4% |
| 2024 Market Share by | Country |
| Mexico | 3.2% |
| USA | XX% |
| Canada | XX% |
| UK | XX% |
Competitive Landscape
The report gives a detailed analysis of the following key players in the global ship spares and equipment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Mitsubishi Heavy Industries, Ltd
- Wärtsilä Corporation
- Hyundai Heavy Industries Co., Ltd.
- Fincantieri S.p.A
- MAN Energy Solutions SE
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Ship Spares and Equipment Market Regional Analysis
The development of waterways, especially in developing countries of the Asia Pacific, such as India, is anticipated to increase the number of vessels on these rivers, boosting the demand for new repair and maintenance facilities in their vicinity and contributing to the ship spares and equipment market revenue.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 4.40% between 2025 and 2034.
The major drivers of the market are rising commercialisation and globalisation, growing technological advancements and increased cruise travelling.
The key trends guiding the growth of the market include growing commercialisation and rise in the demand for commodities and consumer goods.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading product types of ship spares and equipment in the market are 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, and electrical and electronic equipment, among others.
The major types of ship spares and equipment in the market are OEM and aftermarket.
The significant ship types in the market are containers, bulk carriers, transportation and general cargo, and cruise / Passenger carriers, among others.
The leading end uses in the market are cargo ships, passengers ships, and defence ships.
The major players in the global ship spares and equipment market are Mitsubishi Heavy Industries, Ltd, Wärtsilä Corporation, Hyundai Heavy Industries Co., Ltd., Fincantieri S.p.A, and MAN Energy Solutions SE, among others.
The market attained a value of USD 9.02 Billion in 2024.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 13.87 Billion in 2034.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product Type |
|
| Breakup by Type |
|
| Breakup by Ship Type |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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