Naval Vessels MRO Market - Size, Share, Industry Growth and Recent Trends by Forecast to 2023
Naval Vessel MRO Market Research Report Information—Global Forecast to 2025
Global Naval Vessel MRO Market: Information by Vessel Type (Submarines, Frigates, Corvettes, Aircraft Carrier, Destroyers, and Other Vessel Types), by MRO Type (Engine MRO, Dry Dock MRO, Component MRO, and Modification), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)—Forecast till 2025
The Global Naval Vessels Market is expected to grow at the CAGR of ~ 9% during forecast period.
Key Players:
The prominent players in the Global Naval vessel MRO market include BAE Systems (UK), General Dynamics (US), Huntington Ingalls Industries (US), Lockheed Martin (US), Northrop Grumman (US), Elbit Systems (Israel), Raytheon (US), Rockwell Collins (US), Saab (Sweden), and URS Corporation(US).
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Market Scenario:
The global naval vessel MRO market has seen a potential growth over the past few years and it has been projected that the market will grow at a rapid pace during the forecast period. As per MRFR analysis, the Global Naval Vessels Market is expected to grow at the CAGR of ~ 9% during forecast period. Naval vessels are differentiated from civilian ships by their design and purpose. Such ships are damage resilient and armed. Naval vessels MRO is crucial for sustaining and extending the life of a vessel.
It comprises maintenance, overhauls, routine checks, inspections, repairs, and modifications carried out on a vessel and their components. MRO services assure the safety and airworthiness of naval vessels. Unmanned underwater vehicles (UUVs) are considered as the next generation of naval combat systems to be deployed by the defense authorities globally. These UUVs are used as force multipliers and C4ISR systems for target recognition, damage assessment, and in electronic warfare.
They also offer services such as light amplification by stimulated emission of radiation (LASER) and global positioning systems (GPS), which aid in intelligence, surveillance, and reconnaissance (ISR) missions. Global defense departments are procuring UUVs to reduce naval troop casualties and capital expenditure, and to replace obsolete manned underwater vehicles and submarines. The demand for naval MRO outsourcing and increasing investments in naval combat systems are the primary key drivers of the market.
For the purpose of this study, the global naval vessel MRO market has been segmented as vessel type, MRO type and regions. On the basis of vessel types, the market has been segmented as submarine, frigates, corvettes, destroyers and others. However, submarine has accounted for the largest market share, followed by frigates. Whereas, on the basis of MRO type, the market has been segmented as engine MRO, dry dock MRO, regular maintenance MRO and component MRO.
Segmentation:
The global naval vessel MRO market has been segmented based on vessel type and MRO type.
By vessel type, the naval vessel MRO market has been segmented into submarine, frigates, corvettes, destroyers, and others. The submarine segment is leading the market and is followed by the frigates segment.
By MRO type, the naval vessel market has been segmented into engine MRO, dry dock MRO, regular maintenance MRO, and component MRO.
Regional Analysis:
By region, the naval vessel MRO market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America led the market in 2016 and is anticipated to showcase substantial growth over the forecast period. The US boats of the largest and most capable navy in the world and spends massive amounts on its operations. Resurging threats from countries such as China and Russia arising due to geopolitical tensions have prompted the US to procure submarines and rebuild its navy which has resulted in considerable investment on the same. The market is also set to benefit from the U.S. Navy's 30-year shipbuilding plan which was launched in 2016. However, the market in APAC is likely to generate high growth revenues in the coming years on account of naval modernization and development plans by the governments of the developing countries of the region to combat rising disputes over maritime territories has resulted in the expansion of the naval vessel MRO market. Moreover, the developing regions are majorly import-dependent and are encouraging OEMs to set up facilities and carry out services to module level.
Also Read: https://www.marketresearchfuture.com/reports/naval-combat-vessels-market-6142
Global Naval Vessel MRO Market: Information by Vessel Type (Submarines, Frigates, Corvettes, Aircraft Carrier, Destroyers, and Other Vessel Types), by MRO Type (Engine MRO, Dry Dock MRO, Component MRO, and Modification), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)—Forecast till 2025
The Global Naval Vessels Market is expected to grow at the CAGR of ~ 9% during forecast period.
Key Players:
The prominent players in the Global Naval vessel MRO market include BAE Systems (UK), General Dynamics (US), Huntington Ingalls Industries (US), Lockheed Martin (US), Northrop Grumman (US), Elbit Systems (Israel), Raytheon (US), Rockwell Collins (US), Saab (Sweden), and URS Corporation(US).
Get Sample Copy @ https://www.marketresearchfuture.com/sample_request/4587
Market Scenario:
The global naval vessel MRO market has seen a potential growth over the past few years and it has been projected that the market will grow at a rapid pace during the forecast period. As per MRFR analysis, the Global Naval Vessels Market is expected to grow at the CAGR of ~ 9% during forecast period. Naval vessels are differentiated from civilian ships by their design and purpose. Such ships are damage resilient and armed. Naval vessels MRO is crucial for sustaining and extending the life of a vessel.
It comprises maintenance, overhauls, routine checks, inspections, repairs, and modifications carried out on a vessel and their components. MRO services assure the safety and airworthiness of naval vessels. Unmanned underwater vehicles (UUVs) are considered as the next generation of naval combat systems to be deployed by the defense authorities globally. These UUVs are used as force multipliers and C4ISR systems for target recognition, damage assessment, and in electronic warfare.
They also offer services such as light amplification by stimulated emission of radiation (LASER) and global positioning systems (GPS), which aid in intelligence, surveillance, and reconnaissance (ISR) missions. Global defense departments are procuring UUVs to reduce naval troop casualties and capital expenditure, and to replace obsolete manned underwater vehicles and submarines. The demand for naval MRO outsourcing and increasing investments in naval combat systems are the primary key drivers of the market.
For the purpose of this study, the global naval vessel MRO market has been segmented as vessel type, MRO type and regions. On the basis of vessel types, the market has been segmented as submarine, frigates, corvettes, destroyers and others. However, submarine has accounted for the largest market share, followed by frigates. Whereas, on the basis of MRO type, the market has been segmented as engine MRO, dry dock MRO, regular maintenance MRO and component MRO.
Segmentation:
The global naval vessel MRO market has been segmented based on vessel type and MRO type.
By vessel type, the naval vessel MRO market has been segmented into submarine, frigates, corvettes, destroyers, and others. The submarine segment is leading the market and is followed by the frigates segment.
By MRO type, the naval vessel market has been segmented into engine MRO, dry dock MRO, regular maintenance MRO, and component MRO.
Regional Analysis:
By region, the naval vessel MRO market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America led the market in 2016 and is anticipated to showcase substantial growth over the forecast period. The US boats of the largest and most capable navy in the world and spends massive amounts on its operations. Resurging threats from countries such as China and Russia arising due to geopolitical tensions have prompted the US to procure submarines and rebuild its navy which has resulted in considerable investment on the same. The market is also set to benefit from the U.S. Navy's 30-year shipbuilding plan which was launched in 2016. However, the market in APAC is likely to generate high growth revenues in the coming years on account of naval modernization and development plans by the governments of the developing countries of the region to combat rising disputes over maritime territories has resulted in the expansion of the naval vessel MRO market. Moreover, the developing regions are majorly import-dependent and are encouraging OEMs to set up facilities and carry out services to module level.
Also Read: https://www.marketresearchfuture.com/reports/naval-combat-vessels-market-6142
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