Jul 7, 2020 5:45 PM ET
iCrowd Newswire – Jul 7, 2020
Global Naval Vessel MRO Market is projected to account for USD 12,332.3 million with a CAGR of 6.03% from 2020 to 2025 (forecast period). The report identifies the strengths, opportunities, challenges, and emerging market risks and offers a full overview of the global market scenario with the impact of COVID-19. Naval vessels are differentiated by design and purpose from civilian vessels. These ships are resilient and armed. Naval vessels MRO is essential for sustaining and extending the life of a vessel. It comprises maintenance, overhauls, regular checks, inspections, repairs, and modifications of the vessel and its components. The MRO services ensure the safety and airworthiness of naval vessels.
The market for naval vessels MRO is driven by rising demand for the outsourcing of MRO services. Outsourcing of MRO services significantly decreases maintenance costs and increases efficiency. This creates opportunities for private players to partner with governments and provides naval vessels MRO services. This is expected to stimulate a rise in the demand for naval vessels MRO in the coming years. In addition, many countries are spending on naval vessels MRO and retrofits and enhancements like a more cost-effective alternative to the procurement of new naval fleets. It is one of the critical factors that is expected to fuel the naval vessel MRO sector’s growth in the coming years. However, with the aging of the naval fleet, the market for repair and maintenance services is projected to increase significantly. This will help provide the requisite boost to the demand for naval vessels MRO in the coming years. The major industry players are also focused on implementing innovative life-enhancing solutions for naval vessels. This will further expand the market for naval vessel MRO services over the evaluation period.
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Naval vessels usually need routine maintenance services. Unfortunately, this raises operating costs. In addition, the initial cost of maintenance and repair of a naval vessel is typically on the higher side. In addition, the need for skilled labor to perform the maintenance services is a must. This puts a burden on service providers, which could derail the naval vessel MRO market’s growth in the coming years. A growing trend in the industry is the use of 3D printing technology to transform devices directly to 3D surfaces.
The leading participants in the Global Naval Vessel MRO Market are Lockheed Martin Corporation (US), BAE Systems (UK), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), Saab AB (Sweden), General Dynamics Corporation (US), Huntington Ingalls Industries, Inc. (US), Thales Group (France), Babcock International Group PLC (UK), Kongsberg Maritime (Norway), Naval Group (France), Teledyne Brown Engineering (US), Chidambaram Shipcare Pvt. Ltd (India), AECOM (US), Rhoads Industries, Inc. (US), Vouvray Acquisition Limited (UK), Abu Dhabi Ship Building Co. (UAE), LARSEN & TOUBRO LIMITED (India), and FINCANTIERI SpA (Italy).
Global Naval Vessel MRO Market for has been segmented into vessel type, MRO type, MRO service.
Based on vessel type, the global market for naval vessel MRO has been classified as corvettes, submarines, destroyers, frigates, and others.
In terms of MRO type, the global market for naval vessel MRO has been segregated into engine MRO, component MRO, regular maintenance, and dry dock MRO. The segment for dry dock MRO has been sub-segmented into graving/excavated dock, syncrolift/shiplift, floating dock, and slipway, patent slip.
By MRO service, the global market for naval vessel MRO has been categorized as maintenance & repair and overhaul. The segment for maintenance & repair has been sub-segmented into intermediate MR, organizational MR, depot MR, and voyage MR. The segment for overhaul has been sub-segmented into baseline overhaul (BOH), regular overhaul (ROH), complex overhaul (COH), and integrated logistics overhaul (ILO).
By region, the global market for naval vessel MRO has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America held the largest market share of the naval vessel MRO. The North American market is predicted to post a CAGR of 6.89% over the forecast period. High military spending and technological developments in the region are pushing the industry’s growth in the region. In addition, the existence of major naval vessels MRO providers, like General Dynamics Corporation, Huntington Ingalls Industries, Inc., and Lockheed Martin Corporation, is boosting the market growth in the US. In Canada, growing initiatives by the Government of Canada to provide advanced navy ships to the Canadian Coast Guard and the Royal Canadian Navy to improve protection for citizens are also anticipated to push the country’s market growth.
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