Global Naval Vessels MRO Market 2019-2023
Global Naval Vessels MRO Market: About this market
Naval vessels MRO services include scheduled and unscheduled maintenance and repairs of naval vessels. Technavio’s naval vessels MRO market analysis considers sales from aircraft carriers, submarines. destroyers, frigates, amphibious ships, and other vessels. Our analysis also considers the sales of naval vessels MRO in APAC, Europe, MEA, North America, and South America. In 2018, the aircraft carriers segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increased cost of maintenance due to bigger size will play a significant role in the aircraft carriers segment to maintain its market position. Also, our global naval vessels MRO market report also looks at factors such as aging fleet and modernization programs of leading naval forces, growing size of naval fleets, and increasing focus on keeping naval fleets combat-ready. However, insufficient capacity to fulfill the demand for MRO services, time and cost overruns in MRO contracts create resource crunch, and cancelation or delays in the acquisition of vessels by naval forces may hamper the growth of the naval vessels MRO industry over the forecast period.
Global Naval Vessels MRO Market: Overview
Increasing focus on keeping naval fleets combat-ready
Maritime claims and terrestrial disputes across the world have led to increasing development and acquisition of naval vessels such as submarines, aircraft carriers. Increasing global conflicts and rivalries may result in a sea-borne attack by an aggressor country, hence global superpowers are focusing on modernizing and upgrading their naval fleet and keeping them combat-ready. The growing focus of countries to keep their naval fleet combat-ready will lead to the expansion of the global naval vessels MRO market at a CAGR of over 6% during the forecast period.
Growing MRO cost leading to the emergence of Asia as a hub of naval vessel maintenance
High labor costs are leading to the emergence of developing countries in Asia, such as Sri Lanka, India, and Vietnam, as preferred hubs for the maintenance of naval vessels. Asia leads the world in terms of shipbuilding activities. The infrastructure used for shipbuilding is also used for ship maintenance and modernization. Thus, Asia is expected to be a preferred destination for the maintenance, repair, modernization, and upgrades of naval vessels during the forecast period. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global naval vessels MRO market during the forecast period 2019-2023, click here.
With the presence of several major players, the global naval vessels MRO market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading naval vessels MRO companies that include BAE Systems Plc, General Dynamics Corp., Huntington Ingalls Industries Inc., Lockheed Martin Corp., and Northrop Grumman Corp.
Also, the naval vessels MRO market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
BAE Systems Plc, General Dynamics Corp., Huntington Ingalls Industries Inc., Lockheed Martin Corp., and Northrop Grumman Corp.
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