Naval Vessels MRO Market by Vessels and Geography - Forecast and Analysis 2020-2024

The naval vessels MRO market size has the potential to grow by USD 4.81 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by vessels (aircraft carriers, submarines, destroyers, frigates, amphibious vessels, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Austal Ltd., BAE Systems Plc, DSME Co. Ltd., Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Lockheed Martin Corp., Naval Group, Saab AB, and thyssenkrupp AG.

Market Overview

Browse TOC and LoE with selected illustrations and example pages of Naval Vessels MRO Market

Request a FREE sample now!

Market Competitive Analysis

The naval vessels MRO market is fragmented. The competition in the global naval vessels MRO market is low due to the presence of a significant number of vendors that have equal opportunities during the bidding process. Key vendors hold a significant share of the market owing to their strong expertise and financial capabilities. New vendors have been competing with established vendors by strengthening their positions in local markets. Austal Ltd., BAE Systems Plc, and DSME Co. Ltd. are some of the major market participants. Although the increasing focus on keeping naval fleets combat-ready will offer immense growth opportunities, the insufficient capacity to fulfill demand for MRO services will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this naval vessels MRO market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this naval vessels MRO market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Austal Ltd.
• BAE Systems Plc
• DSME Co. Ltd.
• Fincantieri Spa
• General Dynamics Corp.
• Huntington Ingalls Industries Inc.
• Lockheed Martin Corp.
• Naval Group
• Saab AB
• thyssenkrupp AG

Naval Vessels MRO Market: Segmentation by Geography

For more insights on the market share of various regions Request for a FREE sample now!

APAC will offer several growth opportunities to market vendors during the forecast period. The rising defense spending and the modernization and armament of naval vessels in APAC will significantly drive naval vessels MRO market growth in this region over the forecast period.

48% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for naval vessels MRO in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Naval Vessels MRO Market: Segmentation by Vessels

Request for a FREE sample and Get more information on the market contribution of various segments

An aircraft carrier is the costliest asset of a naval force. The cost of this single maintenance contract far exceeds the cost of a new frigate, corvette, or offshore patrol vessel (OPV). Since most of the aircraft carriers have an active life of more than 20 years, the demand for MRO services for aircraft carriers will be very high, and high MRO costs of aircraft carriers will drive the growth of the aircraft carriers segment of the market during the forecast period.

However, market growth by the aircraft carriers segment will be slower than the growth of the market in the destroyers, frigates, and amphibious vessels segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the naval vessels MRO market size.

Naval Vessels MRO Market: Key Drivers and Trends

The global geopolitical landscape is characterized by several maritime disputes, territorial claims, and regional and global rivalries. The rising geopolitical disputes among many countries are increasing the need to modernize navy fleets. As a result, the development and acquisition of naval vessels such as submarines, destroyers, and aircraft carriers are increasing. Conflicts among countries give rise to flashpoints, which may result in sea-borne attacks by aggressor countries. Therefore, many countries are significantly investing in keeping their naval fleet combat-ready. Consequently, the need for MRO services such as maintenance and repairs and modernizing and upgrading of combat or auxiliary systems. Hence, the increasing focus of countries on keeping their naval fleet combat-ready has been driving the demand for vessels MRO services.

MRO services account for about 20% of the cost involved in the maintenance and repair of a naval vessel. Moreover, these services are labor-intensive. The scarcity of skilled labor in developed countries is expected to increase the labor cost in ship maintenance. This increasing labor cost is making developing countries in Asia the preferred hubs for MRO services. As a result, Asia has become the leading region in terms of shipbuilding and maintenance activities. Therefore, the growing MRO cost leading to the emergence of Asia as the hub for naval vessel maintenance is one of the key naval vessels MRO market trends. The trend is expected to contribute to market growth at over 6% CAGR during the forecast period.

Request for a FREE sample

Naval Vessels MRO Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive naval vessels MRO market growth during the next five years
• Precise estimation of the naval vessels MRO market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the naval vessels MRO industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of naval vessels MRO market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch