Construction offshore exploration opens up for Ship Conversion Market

 

Ship Conversion Market

The global Ship Conversion Market is estimated to be valued at US$ 13.46 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Ship conversion involves rebuilding and upgrading existing ships to make them suitable for new purposes or to meet new regulations without building a new ship. Ship conversion is a cost-effective alternative to newbuild ships. It helps redeploy existing ship assets without incurring high capital costs.

 

Market key trends:

One of the key trends in the ship conversion market is the increasing adoption of environmental-friendly ship conversion solutions. Shipping industry is facing increasing pressure to reduce emissions and improve environmental performance of ships. This is driving the need to retrofit existing ships with latest emission reduction technologies such as exhaust gas cleaning systems, efficient engines, and alternative fuel systems. Ship owners are increasingly opting for ship conversion services that help meet stringent emission norms in a cost-effective manner.

Segment Analysis

 

Content: The ship conversion market is segmented into oil tankers, bulk carriers, container ships, general cargo ships and others. The oil tankers segment dominates the market and is expected to continue its dominance over the forecast period. This is owing to the increasing seaborne trade of crude oil and petroleum products across regions. Oil tankers require frequent conversions and retrofitting to transport diverse grades of crude and refined petroleum products.

 

Key Takeaways

 

The global ship conversion market is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to increasing seaborne trade volumes globally.

 

The market size for 2023 is US$ 13.46 Bn.

 

Regional analysis: Asia Pacific remains the largest and fastest growing market for ship conversion globally. This is attributed to presence of major ship conversion facilities and shipyards in China, Japan, South Korea and Philippines catering to ship repair, retrofitting, maintenance and conversion requirements.

 

Key players: Key players operating in the ship conversion market are 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.

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https://www.dailyprbulletin.com/ship-conversion-market-size-share-growth-outlook-2023/

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