Boat & Ship MRO Market by Vessel Type, MRO Type, Services, Application

List of Tables

[187 Pages Report] The Boat & Ship MRO Market size was estimated at USD 113.02 billion in 2023 and expected to reach USD 118.91 billion in 2024, at a CAGR 5.10% to reach USD 160.20 billion by 2030.

Boat & ship MRO (Maintenance, Repair, and Overhaul) includes activities and services involved in the maintenance, repair, and overhaul of boats and ships. Boat & ship MRO includes regular inspections, cleaning, lubrication, and servicing of various components of boats and ships to ensure their proper functioning and performance. The growth of global maritime trade and the shipping industry drives the demand for boat & ship MRO services. As trade volumes increase, more vessels are needed to transport goods across the globe, subsequently increasing demand for maintenance and repair services to ensure the safety and operational efficiency of the vessels. Maintenance, repair, and overhaul activities associated with boat & ship MRO often require vessels to be taken out of service or undergo dry docking, resulting in downtime and operational disruption, thereby hampering the growth of the market. Growing demand for eco-friendly ships and shipping services and the increasing introduction of robots in ship maintenance and repairs are expected to expand the scope of boat & ship MRO services.

KEY MARKET STATISTICS
Base Year [2023]	USD 113.02 billion
Estimated Year [2024]	USD 118.91 billion
Forecast Year [2030]	USD 160.20 billion
CAGR (%)	5.10%

Services: Growing consumer preference for maintenance service due to its operational efficiency and reliability to boats and ships

Maintenance services focus on preserving the operational efficiency and reliability of boats and ships. Time-based maintenance (TBM) services are performed at predetermined intervals, regardless of the condition or performance of the vessel. Time-based maintenance (TBM) services include routine inspections, lubrication, and component replacements based on specified time frames. Failure-finding maintenance (FFM) involves conducting tests and reviews to detect and rectify potential failures or issues before they cause significant problems. Risk-based maintenance (RBM) activities are prioritized based on risk assessments, considering the criticality and consequences of possible failures. Condition-based maintenance (CBM) services are triggered based on the condition and performance of the vessel and monitored through various sensors, instruments, and data collection systems. Predictive maintenance services utilize advanced analytics and predictive modeling techniques to forecast equipment failures or performance degradation. Repair services address specific issues, damages, and failures in boats and ships. Mechanical and electrical repairs include repairing and replacing damaged or malfunctioning mechanical and electrical components, such as engines, propulsion systems, electrical systems, navigation systems, and communication equipment. Refit and modernization services involve upgrading and improving boats and ships to enhance their performance, efficiency, safety, and aesthetics. Boat & ship MRO providers offer training programs and techniques to upgrade the skills and knowledge of vessel crew members, maintenance technicians, and engineers. This includes training in safety procedures, equipment operation, maintenance best practices, and regulatory compliance.

MRO Type: Increasing utilization of engine MRO as it provide maintaining, repairing, and overhauling boat and ship engines

Vessel Type: Potential use of container ships to ensure efficient and reliable container transportation

Submarines are underwater vessels used for military, research, and exploration purposes. Aircraft carriers are large naval vessels that are mobile airbases capable of carrying and launching aircraft. Boat & ship MRO services for submarines and aircraft carriers include maintenance, repair, and overhaul of flight deck equipment, catapult systems, aircraft elevators, radar systems, communication systems, and other critical components. Boat & ship MRO services for container ships and destroyers focus on maintaining and repairing propulsion systems, cargo handling equipment, container securing systems, and other critical components to ensure efficient and reliable container transportation. Bulk carriers transport large quantities of unpackaged bulk cargo, such as coal, iron ore, grains, and oil. The boat & ship MRO services offer maintenance, repair, and overhaul services for bulk carrier engines, cargo handling equipment, ballast systems, and other critical components for safe and efficient bulk cargo transportation. Barges are flat-bottomed vessels used for transporting goods and materials on inland waterways. Frigates are naval warships designed for various roles, including anti-submarine warfare, surface warfare, and escort duties. Boat & Ship MRO services for all vessels include maintenance, repair, and overhauling of propulsion, weapon, radar, communication, and other critical equipment.

Application: Significant role of boat & ship MRO in commercial sector to ensure the safe operation of vessels, and minimizing downtime

Commercial vessels involved in maritime transportation, such as cargo ships, container ships, bulk carriers, tankers, ferries, cruise ships, and offshore supply vessels, use boat & ship MRO services to ensure the safe, efficient, and reliable operation of vessels, meeting regulatory compliance, and minimizing downtime. Boat & ship MRO services for defense applications are crucial for maintaining military fleets' readiness, operational capability, and combat effectiveness. These services have additional security requirements and may involve specialized equipment, training, and adherence to strict defense regulations. Private applications refer to privately owned boats and ships' maintenance, repair, and overhaul requirements. This includes recreational boats, luxury yachts, fishing vessels, and other privately owned marine assets. Boat & ship MRO services for private applications focus on maintaining these vessels' condition, performance, and aesthetics.

Regional Insights

The rise in sea trade activities worldwide for the import and export of various goods is expanding the scope of boat & ship MRO services. The ongoing government efforts across the U.S. and Canada to provide funding for the modernization of the vessels are expected to create a platform for the growth of the boat & ship MRO services market in the Americas. The increase in recreational boating activities across Asia-Pacific and Europe is expanding the need for reliable and cost-effective boat & ship MRO services. Europe has a strong maritime tradition and is home to several major shipbuilding nations, such as Germany, the Netherlands, Norway, and the United Kingdom. The region has a well-established boat and ship industry, including commercial shipping, naval operations, and recreational boating. Increasing oil & gas exploration activities in EMEA with rising usage of vessels to ship oil & gas worldwide is expected to benefit the market growth in the region. As per the World Population Review, in 2021, Russia produces 10,503,000 barrels of oil per day, while Saudi Arabia, Iraq, UAE, Kuwait, and Iran produces 10,225,000 barrels per day, 4,260,000 barrels per day, 2,954,000 barrels per day, 2,610,000 barrels per day, and 2,546,000 barrels per day respectively.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Boat & Ship MRO Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Boat & Ship MRO Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Boat & Ship MRO Market, highlighting leading vendors and their innovative profiles. These include 3GA Marine Ltd., Abu Dhabi Ship Building Pjsc, Atlas Marine Shipping LLC, Austal Ltd., Babcock International Group PLC, BAE Systems PLC, Bender CCP, Inc., Bollinger Shipyards LLC, Chantier Naval de Marseille, Chantiers de l'Atlantique, China Shipbuilding Trading Co., Ltd., COSCO Shipping Heavy Industry Co., Ltd., Damen Shipyards Group, Dynatron Services Pvt. Ltd., Fincantieri S.p.A., General Dynamics Corporation, Hanwha Ocean co., Ltd., HD Hyundai Heavy Industries Co., Ltd., HPI, LLC, Huntington Ingalls Industries, Inc., International Maritime Industries, Keppel Offshore & Marine, Larsen & Toubro Limited, Lockheed Martin Corporation, Lurssen Werft GmbH & Co. KG, Mitsubishi Heavy Industries, Ltd., Mitsui E&S Co., Ltd., NAVANTIA, S.A., Neptune Marine Services Private Limited, Rhoads Industries Inc., Saab AB, Seaspan Group of Companies, Singapore Technologies Engineering Ltd., Sumitomo Heavy Industries, Ltd., Thales Group, Wartsila, and Zamakona Yards Canarias, S.L..

Market Segmentation & Coverage

This research report categorizes the Boat & Ship MRO Market to forecast the revenues and analyze trends in each of the following sub-markets:

Vessel Type
- Aircraft Carrier
- Barge
- Bulk Carriers
- Cargo Ships
- Container Ship
- Destroyers
- Fishing Ship
- Frigate
- Passenger Ships
- Submarines
- Yacht

MRO Type
- Component MRO
- Dry Dock MRO
- Engine MRO

Services
- Maintenance
  - Condition Based Maintenance
  - Failure Finding Maintenance
  - Predictive Maintenance
  - Risk-Based Maintenance
  - Time Based Maintenance

Refit & Modernization
Repair
Training

Application
- Commercial
- Defense
- Private

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Boat & Ship MRO Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Boat & Ship MRO Market?

3. What are the technology trends and regulatory frameworks in the Boat & Ship MRO Market?

4. What is the market share of the leading vendors in the Boat & Ship MRO Market?

5. Which modes and strategic moves are suitable for entering the Boat & Ship MRO Market?

Product Code: MRR-742BD517BFCD

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rise in trade and commerce between various nations and increasing use of commercial ships
  - 5.1.1.2. Increasing boat & ship fleet and rise in the number of aging vessels
  - 5.1.1.3. Extensive use of vessels in maritime patrolling and naval exercises
- 5.1.2. Restraints
  - 5.1.2.1. Concerns associated with downtime and operational disruption
- 5.1.3. Opportunities
  - 5.1.3.1. Growing demand for eco-friendly ships and shipping services
  - 5.1.3.2. Introduction of robots in ship maintenance and repairs
- 5.1.4. Challenges
  - 5.1.4.1. Complex regulatory compliance of ship repair and shortage of skilled technicians
5.2. Market Segmentation Analysis
- 5.2.1. Services: Growing consumer preference for maintenance service due to its operational efficiency and reliability to boats and ships
- 5.2.2. MRO Type: Increasing utilization of engine MRO as it provide maintaining, repairing, and overhauling boat and ship engines
- 5.2.3. Vessel Type: Potential use of container ships to ensure efficient and reliable container transportation
- 5.2.4. Application: Significant role of boat & ship MRO in commercial sector to ensure the safe operation of vessels, and minimizing downtime
5.3. Market Trend Analysis
- 5.3.1. Rise in sea trade and significant investments for repair of boats & ships in the Americas
- 5.3.2. Ongoing collaborations and expansions to expand boat & ship MRO services in the APAC region
- 5.3.3. Expansion of offshore oil & gas exploration activities coupled with increasing adoption of digital technologies for boat & ship MROs in the EMEA region
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis

6. Boat & Ship MRO Market, by Vessel Type

6.1. Introduction
6.2. Aircraft Carrier
6.3. Barge
6.4. Bulk Carriers
6.5. Cargo Ships
6.6. Container Ship
6.7. Destroyers
6.8. Fishing Ship
6.9. Frigate
6.10. Passenger Ships
6.11. Submarines
6.12. Yacht

7. Boat & Ship MRO Market, by MRO Type

7.1. Introduction
7.2. Component MRO
7.3. Dry Dock MRO
7.4. Engine MRO

8. Boat & Ship MRO Market, by Services

8.1. Introduction
8.2. Maintenance
8.3. Refit & Modernization
8.4. Repair
8.5. Training

9. Boat & Ship MRO Market, by Application

9.1. Introduction
9.2. Commercial
9.3. Defense
9.4. Private

10. Americas Boat & Ship MRO Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Boat & Ship MRO Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Boat & Ship MRO Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Hanwha Ocean Enters the USD 18 Trillion US Military Ship Maintenance Market
- 13.3.2. Hanwha Announces Hanwha Ocean Launch, Expanding in Shipbuilding and Marine Energy Business
- 13.3.3. Gelectric Launch Predictive Maintenance Solution
- 13.3.4. General Dynamics NASSCO Nets USD 847 Million Deal To Work On US Navy's Aircraft Carriers
- 13.3.5. Seaspan Continues To Drive Innovation In Modern Shipbuilding And Fleet Maintenance Through Collaboration With Four Leading Canadian Companies
- 13.3.6. Thales and Obris to Advance RAN's Maritime Sustainment Operations
- 13.3.7. Abu Dhabi Ship Building Seeks To Sign Deals Worth 'Billions Of Dirhams' In Next Two Years
- 13.3.8. Mr. Marine acquires Atlas Marine Services Pte Ltd.
- 13.3.9. ST Engineering Acquires New Site in Singapore for its Commercial Ship Repair Business
- 13.3.10. U.S. Navy awards BAE Systems USD 295 Million Contract for USS Kearsarge Modernization
- 13.3.11. Damen Plans Major Enlargement For Gorinchem Shipyard
- 13.3.12. IMI, Hyundai Heavy Industries Expanding Shipbuilding Partnership

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio