Global Ship Spares and Equipment Market Report and Forecast 2024-2032

Global Ship Spares and Equipment Market Size

The global ship spares and equipment market value reached nearly USD 9.02 billion in 2023. The market value is further anticipated to grow at a CAGR of 4.4% in the forecast period of 2024-2032, to reach USD 13.3 billion in 2032.

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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.

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

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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.

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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.

Key Highlights of the Report

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Ship Spares and Equipment Market Report Snapshots

Ship Spares and Equipment Market Size

Ship Spares and Equipment Market Growth

Ship Spares and Equipment Market Trends

Ship Spares and Equipment Companies

Ship Spares and Equipment Market Regional Analysis