ID: MRFR/A&D/3168-CR | April 2020 | Region: Global | 200 pages
Market Research Future (MRFR) states that the Global Naval Vessel MRO Market can rise at 6.03% CAGR through the review period (between 2018 and 2025). The naval vessel MRO market can earn about USD 12,332.3 Mn on the conclusion of the review period. Functions associated with maintenance, routine checks, overhaul, inspection, modification of the vessel, and repair of its components are considered under MRO services that ensure naval vessels' worthiness and safety.
The rise of new strains of COVID 19 across different regions is observed to disrupt the world wellness and economy again. The report published by MRFR on naval vessel MRO details the impact of SARS-CoV-2 induced pandemic outbreak on the market growth dynamics. Remedial measures to combat surfacing issues are discussed in the report.
Rise in Outsourcing of Naval Vessel MRO Services to Favor Market
The increase in investments in naval vessel MRO system and outsourcing of naval vessel MRO services can favor the 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.
Growing Demand for C4ISR System to Create Growth Opportunities
The increase in adoption of C4ISR systems can hold several growth scopes for the market.
Environmental Hazards Associated with MRO to Hinder Market Surge
Retirement of maintenance-intensive vessels and environmental hazards are causes that can hinder the market rise.
AR for MRO Training Trends in Approaching Years
The introduction of augmented reality for MRO training is observed to trend over several years. Moreover, the increase in the contribution of 3D printing as the utility of composite materials surge is observed as another important trend that can benefit the market along the review period. The rise in AUVs application for vessel inspection can add to the market trends that can prompt the market expansion in the study period.
The segment study of the Global Naval Vessel MRO Market is based on Vessel Type, MRO Service, and MRO Type.
By Vessel Type, the segments of the global naval vessel MRO market are destroyers, corvettes, submarines, and frigates among others. The destroyer segment can dominate the market across the analysis period. The segment valuation can exceed USD 4,127.5 Mn in 2019 to earn about USD 5,633.4 million revenue by 2025. The corvettes segment can register the highest CAGR in the analysis period. By 2025, the segment can earn USD 2,773.5 MN at 4.147.58% CAGR through the forecast period. The gradual increase in the adoption of gas turbine engines across different regions, such as; Germany and Russia, for developing corvettes can add to the market expansion. The submarines segment can expand at 5.76% CAGR through the review period.
The MRO type-based segments of the global naval vessel MRO market are engine MRO, component MRO, dry dock MRO, and regular maintenance. The dry dock MRO segment comprises floating dock, graving/excavated dock, slipway, Syncrolift or shiplift, and patent slip. The dry dock MRO segment valued USD 3,964.0 Mn in 2019. By 2025, the dry dock segment can touch USD 5,733.3 Mn. The dry dock MRO of the naval vessel comprises heavy maintenance associated with engine, vessel body, and system upgrade. The maintenance is executed on a yearly basis that included a detailed inspection of naval vessel. The component MRO segment can rise at a 5.97% CAGR across the review period.
The MRO service type-based segments of the global naval vessel MRO market are overhaul, and maintenance and repair. The maintenance and repair segment comprises intermediate MR, organizational MR, voyage MR, and depot MR. The overhaul segment comprises regular overhaul (ROH), baseline overhaul (BOH), integrated logistics overhaul (ILO), and complex overhaul (COH). The maintenance & repair segment can dominate the overall market. The segment can acquire revenue of above USD 6,455.6 Mn by 2025. The overhaul segment can register a healthy CAGR in the study period. The segment can expand at 6.99% CAGR in the review period. The overhaul segment includes modifications and alterations of naval vessels to boost their capabilities and aid in large-scale maintenance.
North America Market to Benefit from High Sales for Naval Vessel
The naval vessel MRO market in North America can value at USD 3,450.9 Mn by the end of the evaluation period. The presence of several market players, such as Huntington Ingalls Industries, Inc., Northrop Grumman Corporation, and Lockheed Martin Corporation, can contribute to the market rise in North America. The naval vessel market in APAC can register 6.89% CAGR through the forecast period.
Europe Naval Vessel MRO Market to Earn Decent Profit
Europe naval vessel MRO market can rise at 6.46% CAGR across the review period. The regional market can earn USD 2,187.7 Mn revenue by 2025.
APAC Market to Surge at High Pace
The naval vessel MRO market in the Asia Pacific region can touch USD 2,887.0 Mn by 2025. The regional market is likely to exhibit a 6.11% CAGR through the forecast period. The increase in demand for marine vessel maintenance services across the region as sea trading activities surge can benefit the warship and naval vessels market.
Key players that are operating in the market are listed in the report. Insights on key players' impact on the market are offered in the report.
The report on the naval vessel MRO market published by MRFR offers insights on growth dynamics across the analysis period. The report elaborates SWOT analysis of the market considering drivers, restraints, opportunities, trends, and threats. The report discussed risk factors and summarized best possible solutions. The report also holds decent information on alterations in the market's competitive landscape.
By Vessel Type
By MRO Type
By MRO Services
Frequently Asked Questions (FAQ) :
Global naval vessel MRO market is touted to record a substantial market valuation of USD 12.33 billion by 2025.
Global naval vessel MRO market is projected to register a moderate 6.03% CAGR in the forecast period.
The submarines segment is expected to observe substantial demand over the review period.
The maintenance & repair segment is expected to secure the highest CAGR.
The massive demand for naval vessel MRO due to the growing outsourcing and high investments is the market's primary growth inducer.
The components MRO segment is expected to secure the highest CAGR.