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Market Research Report
Product code
960191
Global Naval Vessel MRO Market Research Report-Forecast till 2025 |
Global Naval Vessel MRO Market Research Report-Forecast till 2025 |
Published: April 17, 2020
Market Research Future
Content info: 200 Pages
Delivery time: 1-2 business days
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Market dynamics
Global Naval Vessel MRO Market is anticipated to register a CAGR of a 6.03%
to reach USD 12,332.3 Million by forecast period of 2025. Naval vessel MRO that is maintenance, repair, and overhauls is very important to sustain and extend their life and to assure the safety of naval services. MRO consists of maintenance, overhauls, routine checks, inspections, repairs, and modifications of vessels and their elements. The global market of a naval vessel is attributed to the growing investments in the naval vessel.
The global naval vessel market is expected to grow at a steady rate owing to the rising outsourcing of naval vessel MRO services and high expenditure in naval combat systems. According to the MRFR study, North America led the global market in 2019, followed by Europe.
Segmentation
Global Naval Vessel MRO Market has been classified based on vessel type, MRO type, MRO service, and region. In terms of vessel type, the market has been sub-segmented into corvettes, submarines, destroyers, frigates, and others. Based on MRO type, the global market has been categorized into component MRO, engine MRO, regular maintenance, and dry dock MRO.
The dry dock MRO segment has been further divided into graving/excavated dock, floating dock, syncrolift/shiplift, and slipway, patent slip. Based on MRO service, the global naval vessel MRO market has been segregated into maintenance & repair and overhaul. The maintenance & repair segment has been again divided into organizational MR, intermediate MR, depot MR, and voyage MR. The overhaul segment has been further divided into baseline overhaul (BOH), regular overhaul (ROH), complex overhaul (COH), and integrated logistics overhaul (ILO).
Geographically, the Global Naval Vessel MRO Market has been classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
In 2019 the global naval vessel MRO market in North America was valued at USD 3,450.9 million and it is estimated to lead the market during the review period with a CAGR of 6.89% owing to high military expenditure and technological advancements. Moreover, the presence of major naval vessel MRO providers such as the General Dynamics Corporation, Huntington Ingalls Industries, Inc., and Lockheed Martin Corporation is driving the market growth in the US. In Canada, the rising initiatives undertaken by the Government of Canada to provide advanced naval ships to the Canadian Coast Guard and the Royal Canadian Navy to enhance security to the citizens are also expected to drive the market growth in the country.
Europe is expected to register the second largest market of the global naval because of growing military up-gradation programs by countries such as the UK are expected to drive the growth of the segment.
The companies covered in the Global Naval Vessel MRO Market are BAE Systems (UK), General Dynamics Corporation (US), Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), Saab AB (Sweden), Huntington Ingalls Industries, Inc. (US), Thales Group (France), Naval Group (France), Babcock International Group PLC (UK), Kongsberg Maritime (Norway), Teledyne Brown Engineering (US), Vouvray Acquisition Limited (UK), Chidambaram Shipcare Pvt. Ltd (India), AECOM (US), Rhoads Industries, Inc. (US), Abu Dhabi Ship Building Co. (UAE), LARSEN & TOUBRO LIMITED (India), and FINCANTIERI SpA (Italy.
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