Naval Vessel Maintenance, Repair, and Overhaul (MRO) Market Growth Trend Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Naval Vessel Maintenance, Repair, and Overhaul (MRO) Market.
The global Naval Vessel Maintenance, Repair, and Overhaul (MRO) Market size is projected to reach a CAGR of 3.8% from 2023-2030.
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The maintenance, repair, and overhaul operations conducted periodically on naval vessels are crucial for sustaining and extending the life of a ship. It involves all the functions related to the maintenance, overhaul, routine checks, inspection, repair, and modification of the vessel and its components. Performing MRO services helps ensure the safety and worthiness of the naval vessels.
The increase in investments in naval vessel MRO systems and outsourcing of naval vessel MRO services can favor market expansion in the near future. In addition, the integration of disruptive technologies, such as the Internet of Things, with MRO solutions to improve operations can also benefit the market. The availability of aftermarket components on multiple e-commerce platforms can also support the market upsurge.
Delvens Industry Expert's Standpoint
The necessity to keep naval fleets operationally ready and effective drives a sizeable portion of the defense industry's market for naval vessel maintenance. A small number of significant defense contractors and government-owned shipyards dominate the sector, which is very concentrated. However, there are also a large number of specialized businesses that offer upkeep and repair services for certain systems or elements of navy ships, stimulating market rivalry and innovation.
Companies Profiled:BAE Systems, General Dynamics Corporation, Lockheed Martin Corporation, Raytheon Technologies Corporation, Saab AB, Huntington Ingalls Industries, Inc., Naval Group, Babcock International Group Plc, Kongsberg Maritime, and Teledyne Brown Engineering and More
Key Findings
- The vessel type segment is further fragmented into Corvettes, Submarines, Destroyers, Frigates, and Others. The destroyer segment is anticipated to dominate the market during the forecast period.
- The service segment is further segmented into Maintenance and Repair (MR) and Overhaul. The Maintenance and Repair segment is anticipated to dominate the market during the forecast period.
- The MRO type segment is further segmented into Component MRO, Engine MRO, Regular Maintenance, and Dry dock MRO.
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Regional Analysis
Asia Pacific to Dominate the Market
- The Asia-Pacific region currently dominates the market, and it is expected to continue its dominance during the forecast period.
- Countries like China, India, and Japan are increasing their investment in strengthening their naval capabilities due to the ongoing geopolitical tensions in the region.
Recent Developments:
- In December 2021, the US State Department approved a possible contract with the government of Greece for the modernization of four MEKO Hydra-class frigates in a deal worth around USD 2.5 billion. The upgrades would include the modernization of weapon systems, combat management systems, and sonars, among other things.
- In August 2021, US Navy issued multiple contracts with cumulative worth up to USD 2.76 billion for the maintenance of Littoral Combat Ships (LCS). The contracts were awarded to BAE Systems, Fincantieri Marine Systems North America, Austal USA, Colonna’s Shipyard Inc., East Coast Repair Fabrication LLC, Epsilon Systems Solutions Inc., General Dynamics NASSCO ship maintenance facility, North Florida Shipyards Inc., Tecnico Corp., among others.
Reasons to Acquire:
Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
Gain authentic and granular data access for Naval Vessel Maintenance, Repair, and Overhaul (MRO) Market so as to understand the trends and the factors involved in changing market situations.
Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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