Global Naval Vessels MRO Market 2017-2021
About Naval Vessels MRO
Naval vessels are differentiated from civilian ships by their design and purpose. Such ships are damage-resilient and armed with weapon systems. The naval vessels maintenance, repair, and overhaul (MRO) market is crucial for sustaining and extending the life of a ship. It involves functions related to the maintenance, overhaul, routine checks, inspection, repair, and modification of a vessel and its components.
Technavio’s analysts forecast the global Naval Vessels MRO market to grow at a CAGR of 9.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global naval vessels MRO market for 2017-2021. To calculate the market size, the report considers the revenue generated from the provision of MRO services to different types of vessels such as submarines, frigates, corvettes, destroyers, and other vessels.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Naval Vessels MRO Market 2017-2021
Technavio recognizes the following companies as the key players in the global naval vessels MRO market: BAE Systems, General Dynamics, Huntington Ingalls Industries (HII), Lockheed Martin, and Northrop Grunman
Other Prominent Vendors in the market are: Elbit Systems, Harris Corporation, Raytheon, Rockwell Collins, Saab, and URS.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is emergence of 3D printing and usage of composite materials. 3D printing, also known as additive manufacturing, is a technology that enables manufacturers to design and create objects in successive layers of materials by using computer controlled technology. However, the process of 3D printing composite materials has not yet become a conventional method. Several companies have started to use print technologies for the manufacturing of submarines parts and components.”
According to the report, one of the major drivers for this market is evolution of electromagnetic and acoustic sensors technologies. Many countries are investing in their naval defense capabilities by developing advanced acoustic sensors and stealth technologies to retain their dominance in undersea warfare. Countries like China, Russia, and the US are rapidly enhancing the capabilities of their submarines to ensure that vessels remain harder to detect. Acoustic superiority has become the key dominating factor that led to increased investments in sensors and electromagnetic technologies.
Further, the report states that one of the major factors hindering the growth of this market is high maintenance and retrofit cost. The maintenance and retrofitting of naval assets pose diverse and complex challenges to naval agencies across the world. The increase in maritime disputes and geopolitical conflicts compels defense agencies to channelize high investments in refitting their fleet of submarines with ballistic missile defense capabilities. Such circumstances also urge them to establish better maintenance standards for their existing fleets of submarines.
BAE Systems, General Dynamics, Huntington Ingalls Industries (HII), Lockheed Martin, Northrop Grunman, Elbit Systems, Harris Corporation, Raytheon, Rockwell Collins, Saab, and URS.
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