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

  • Published: Oct 2020
  • Pages: 120
  • SKU: IRTNTR45495
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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

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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

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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

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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.

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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

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2019
    • Market outlook: Forecast for 2019 - 2024

    Five Forces Analysis

    • Five force analysis
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Types of Vessels

    • Market segments
    • Comparison by Types of Vessels
    • Aircraft carriers - Market size and forecast 2019-2024
    • Submarines - Market size and forecast 2019-2024
    • Destroyers - Market size and forecast 2019-2024
    • Frigates - Market size and forecast 2019-2024
    • Amphibious vessels - Market size and forecast 2019-2024
    • Others - Market size and forecast 2019-2024
    • Market opportunity by Types of Vessels

    Customer Landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2019-2024
      • APAC - Market size and forecast 2019-2024
      • Europe - Market size and forecast 2019-2024
      • MEA - Market size and forecast 2019-2024
      • South America - Market size and forecast 2019-2024
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption
      • Competitive scenario

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • 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

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
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      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The naval vessels mro market growth will increase by $4811.97 million during 2019-2024.
      The naval vessels mro market is expected to grow at a CAGR of 6.22% during 2019-2024.
      Technavio has segmented the naval vessels mro market by other1 (Aircraft carriers, Submarines, Destroyers, Frigates, and Amphibious vessels) and geographic (North America, APAC, Europe, MEA, and South America).
      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 are a few of the key vendors in the naval vessels mro market.
      APAC will register the highest growth rate of 48.42% among the other regions. Therefore, the naval vessels mro market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      • US
      • China
      • Russian Federation
      • UK
      • India
      The key factors driving the naval vessels mro market growth are:
      • Aging fleet and modernization programs of leading naval forces
      The naval vessels mro market vendors should focus on grabbing business opportunities from the aircraft carriers segment as it accounted for the largest market share in the base year.
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