Key Trends in Ship Spares and Equipment Growth

The global ship spares and equipment market is projected to grow from US$ 10.1 billion in 2025 to US$ 14.3 billion by 2032, reflecting a CAGR of 5.1% during the forecast period. The market is driven by the rising demand for commercial ships, fueled by increased international trade, and the growing procurement of naval ships supported by defense budgets. Ship operation equipment is expected to hold a 26.2% share in 2025, with upgrades in firefighting and monitoring systems being crucial for safety. Bulk carriers will contribute to 36.2% of the market share as operators seek to extend vessel life. North America is anticipated to hold 31.8% of the market, driven by fleet expansion and modernization initiatives. The popularity of modular ship components for quick installations is also on the rise.