The growth of the ship conversion market is driven by two key factors. Firstly, rising offshore oil and gas exploration activities are prompting companies to convert existing tankers and cargo ships into floating production storage and offloading (FPSO) units, floating storage regasification units (FSRUs), and drill ships. According to industry estimates, around 120 FPSOs and FSRUs will be required by 2030 to support new offshore oil and gas field development globally. Secondly, an increasing number of cruise operators are converting general cargo ships and ferries into small-sized cruise vessels to benefit from the burgeoning coastal and river cruise markets. Expansion of maritime tourism is expected to open up new growth avenues for ship conversion market players over the forecast period.

The Ship Conversion market can be segmented into Oil and Chemical Tankers, Bulk Carriers, Container Ships, Gas Carriers, Roll-on/Roll-off Vessels and Other Type of Ships. The oil and chemical tankers segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is because oil and chemical tankers require frequent repairs, retrofitting and refurbishments in order to comply with the changing maritime regulations on safety, security and environmental protection.

The global Ship Conversion market is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period 2023 to 2030, due to increasing seaborne trade volumes globally. The market size for Ship Conversion is expected to reach US$ 23.57 billion by 2030 from US$ 13.46 billion in 2023.

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