Market Research Future (MRFR) has identified the key trends and patterns affecting the global naval vessel MRO market over the forecast period of 2017-2023 in its recently published exhaustive study. MRFR has projected a CAGR of 9% in the naval vessel MRO market during 2017-2023.
The navies of various countries are expanding their budgets and are focusing on extending the life of their naval vessels which has prompted greater investment in MRO services. Moreover, naval vessels go through routine maintenance which generates continued demand within the market. Additionally, periodic maintenance of naval vessel is necessary to ensure emission levels are at check. Various regulations aimed at curbing water pollution caused by naval vessels have generated high demand within the naval vessel MRO market.
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There is increasing deployment of Unmanned underwater vehicles (UUVs) by various nations to strengthen their defenses which have reflected positively on the growth of the naval vessel MRO market. These next-generation naval combat systems have gained immense popularity in the navies of multiple countries such as the US, France, Russia, and the UK where they are used for oceanic warfare to terminate and discover underwater mines. UUVs require continued MRO services for proper functioning which induces high demand within the naval vessel MRO market. Increasing investment in naval combat systems is likely to stimulate the growth of the naval vessel MRO market. The integration of the latest technologies with naval vessel MRO systems and the growing trend of outsourcing MRO services are other factors boosting the growth of the market.
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.
Competitive Landscape:
The naval vessels MRO market is marked with the presence of prominent players such as Elbit Systems (Israel), BAE Systems (UK), General Dynamics (US), Huntington Ingalls Industries (US), Lockheed Martin (US), Rockwell Collins (US), URS Corporation(US), Saab (Sweden), Raytheon (US), and Northrop Grumman (US).
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