The ship conversion market involves the retrofitting or rebuilding process of an existing ship to extend its useful lifespan and upgrade capabilities to meet evolving operational requirements. Ship conversion services allow shipowners to modify vessels according to the changing needs of several end-use industries including oil and gas exploration, defense, shipping, and offshore support. The growing demand for specialized vessels from the oil & gas industry coupled with tightening emission norms have considerably boosted the need for converted tankers, bulk carriers, and offshore support vessels globally.

Key Takeaways

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, and Shunzheng Shipyard. Major players are focusing on geographical expansion and capacity addition through partnerships and acquisitions to strengthen their presence in the growing ship conversion market.

The abundant availability of feedstock from new offshore oil and gas exploration projects presents significant opportunities for Ship Conversions Market Size players to supply support vessels. In addition, the implementation of stringent emission norms by IMO is driving the need for liquefied natural gas-powered vessels, thereby creating more conversion opportunities for modifying existing ships.Key players are rapidly expanding their global footprint by establishing new ship repair facilities across major maritime trading hubs to cater to the increasing requirement for converted vessels across geographic regions including South East Asia, Middle East, and Africa.

Market Drivers
Growing oil and gas exploration and production activities in deep and ultra-deep waters across the globe: Conversion helps in upgrading tankers, drilling rigs and other offshore support vessels enabling them to operate under stringent safety guidelines for deep-sea oil and gas projects.Tightening emission regulations and availability of emission-cutting technologies: IMO emission norms are pushing ship owners to adopt cleaner fuels like LNG and install emission control systems through ship retrofits, benefiting the conversion market.

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