NEW YORK, Dec. 15, 2023 /PRNewswire/ — The naval vessels MRO market size is expected to grow by USD 6.88 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 6.89% during the forecast period. The market is segmented by Type (Dry dock MRO, Component MRO, Engine MRO, and Modification), Vessel Orientation (Aircraft carriers, Submarines, Destroyers, Frigates, and Amphibious vessels and others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). The increasing focus on keeping naval fleets combat-ready drives market growth. Various maritime disputes, territorial claims, and regional and global rivalries affect the global geopolitical landscape. Several countries support the freedom of navigation of operations (FONOPs) in the South China Sea. Similarly, in the East China Sea, there is a significant presence of maritime claims and territorial disputes. Furthermore, protracted territorial disputes over the Jammu and Kashmir region can be observed in India and Pakistan. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
Technavio has announced its latest market research report titled Global Naval Vessels MRO Market 2024-2028
Key Highlights:
The report recognizes the following as some of the key players in the naval vessels MRO market: Abu Dhabi Ship Building PJSC, Austal Ltd., Babcock International Group Plc, BAE Systems Plc, Fincantieri Spa, General Dynamics Corp., Hanwha Corp., Huntington Ingalls Industries Inc., Kongsberg Gruppen ASA, Larsen and Toubro Ltd., Lockheed Martin Corp., Naval Group, Northrop Grumman Corp., Raytheon Technologies Corp., Rhoads Industries, Rolls Royce Holdings Plc, Saab AB, Teledyne Technologies Inc., Thales Group, and ThyssenKrupp AG
The Naval Vessels MRO Market is fragmented in nature.
Market to observe 6.22% YOY growth in 2024.
Market Dynamics:
Trend
The growing MRO costs led to the emergence of Asia as the hub of naval vessel maintenance is an emerging market trend.
These services are labor-intensive and the labor cost is one of the biggest components when a naval vessel goes through scheduled MRO activity.
APAC countries including China, India, and Japan are making significant investments in the development of new shipyards and procurement of global shipbuilding projects.
Challenge
The time and cost overruns in MRO contracts create a resource crunch that challenges market growth.
This hindrance is due to delays and cost increases in Marine Rotating Systems (MRO) contracts.
This results in a decrease in the availability of resources, which in turn has affected the operational readiness of naval forces and service providers, as well as budgetary constraints.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
Keg Segments:
The dry dock MRO segment will contribute a major part to market growth during the forecast period. These activities are important for the successful operation, safety, and longevity of naval vessels, such as aircraft carriers and destroyers, as well as submarines. Furthermore, a vessel can undergo extensive inspections, repairs, and upgrades, which would otherwise be difficult to accomplish while in the water, when it is dry-docked. Get a glance at the market contribution of the segments, Request a Sample
The report provides insights on Frigate, Cruiser, Amphibious Assault Ship, Patrol Vessel, Mine Countermeasure Vessel, Corvette, Fast Attack Craft, Offshore Patrol Vessel, Naval Support Ship, Landing Helicopter Dock (LHD), Landing Ship Tank (LST), Guided Missile Cruiser, Guided Missile Destroyer, Minehunter, Minesweeper, Hydrographic Survey Ship, Fleet Oiler, Hospital Ship, Ballistic Missile Submarine, Attack Submarine, Coastal Defense Ship, Replenishment Oiler, Icebreaker, Salvage and Rescue Ship and Torpedo Boat and Electronic Warfare Ship
Enhancing Maritime Strength: Comprehensive Insights into the Naval Vessels MRO Market
The Naval Vessels Maintenance, Repair, and Overhaul (MRO) market encompasses a broad spectrum of vessels critical to maritime operations. These vessels, including Aircraft Carriers, Submarines, Frigates, Destroyers, Cruisers, and Amphibious Assault Ships, among others, require meticulous upkeep and enhancement to ensure operational readiness and longevity.
Naval Vessels MRO involves comprehensive maintenance strategies tailored for different classes of vessels. From Patrol Vessels to Mine Countermeasure Vessels, Corvettes to Fast Attack Crafts, each demands specialized attention to sustain their functionality and combat capability. Effective MRO services for Mine Countermeasure Vessels and Minesweepers, for instance, involve advanced technological upgrades and precision calibration to neutralize threats posed by maritime mines.
Furthermore, Hydrographic Survey Ships and Fleet Oilers require continuous maintenance to support their specific missions. The upkeep of Landing Helicopter Docks (LHDs) and Landing Ship Tanks (LSTs) is pivotal for facilitating amphibious operations and troop deployment.
Guided Missile Cruisers and Destroyers are central to modern naval warfare and demand regular MRO interventions for their weapon systems, propulsion, and navigation. Additionally, Ballistic Missile Submarines and Attack Submarines necessitate specialized maintenance to ensure stealth, operational readiness, and safety.
The Naval Vessels MRO Market is diverse, addressing the needs of vessels like Coastal Defense Ships, Electronic Warfare Ships, Salvage and Rescue Ships, and Icebreakers. These vessels require tailored maintenance programs to guarantee their operational effectiveness and endurance in challenging environments.
As technology advances, the MRO sector for Naval Vessels continually evolves to integrate innovative solutions. Replenishment Oilers, Hospital Ships, and Torpedo Boats, for instance, rely on cutting-edge MRO practices to maintain their role-specific capabilities and adaptability in varied scenarios.
Overall, the Naval Vessels MRO Market plays a critical role in ensuring the operational readiness, safety, and efficiency of diverse naval fleets worldwide. The continuous maintenance, repair, and overhaul of these vessels are indispensable in safeguarding maritime interests and global security.
Comprehensive Overview: Roles and Capabilities of Diverse Naval Vessels
Frigate: Frigates serve as versatile warships, combining speed and firepower. Their adaptable design makes them crucial for various naval missions, from escorting larger vessels to anti-submarine warfare.
Cruiser: Known for their formidable capabilities, cruisers are multi-mission surface combatants, often equipped with advanced weaponry and technology, providing significant offensive and defensive capabilities.
Amphibious Assault Ship: These vessels facilitate troop deployment, equipped to launch and recover helicopters, landing craft, and other amphibious vehicles, playing a pivotal role in expeditionary operations.
Patrol Vessel: Patrol vessels are vital for maritime security, conducting surveillance, law enforcement, and safeguarding territorial waters, ensuring safety in coastal regions and beyond.
Mine Countermeasure Vessel: Specialized in neutralizing maritime mines, these vessels employ advanced sonar systems and remotely operated vehicles to detect and eliminate threats.
Corvette: Combining speed and agility, corvettes are versatile warships, often used for escort duties, anti-submarine warfare, and patrolling coastal areas.
Fast Attack Craft: These small, swift vessels excel in rapid responses and littoral combat, suitable for close-range engagements and coastal defense operations.
Offshore Patrol Vessel: Designed for extended patrols in offshore areas, these vessels enforce maritime laws, conduct surveillance, and protect exclusive economic zones.
Naval Support Ship: Crucial for logistics and fleet support, these vessels provide replenishment, maintenance, and assistance to naval operations.
Landing Helicopter Dock (LHD): These versatile ships serve as mobile bases for amphibious operations, accommodating helicopters and amphibious vehicles, supporting troop deployments.
Landing Ship Tank (LST): Essential for transporting troops, vehicles, and cargo directly onto shores during amphibious operations, ensuring swift and efficient landing capabilities.
Guided Missile Cruiser: Equipped with long-range missiles, these cruisers provide offensive capabilities, contributing significantly to naval strike operations.
Guided Missile Destroyer: These vessels specialize in anti-aircraft and anti-submarine warfare, armed with guided missiles and advanced sensors for enhanced defense.
Minehunter: Specifically designed to detect and eliminate naval mines, employing various technologies and mine disposal systems to ensure safe passage.
Minesweeper: Critical for clearing mines from vital waterways, these vessels use specialized equipment to remove or neutralize explosive hazards.
Hydrographic Survey Ship: Essential for mapping and charting coastal and seabed terrains, ensuring safe navigation and supporting scientific research.
Fleet Oiler: Vital for fleet sustainment, these vessels provide fuel, provisions, and logistical support during naval operations, ensuring prolonged mission capabilities.
Hospital Ship: These vessels serve as floating medical facilities, providing critical medical care and humanitarian assistance during crises and conflicts.
Ballistic Missile Submarine: Stealthy and equipped with ballistic missiles, these submarines serve as a strategic deterrent, capable of launching nuclear strikes.
Attack Submarine: Versatile and stealthy, these submarines excel in anti-submarine warfare and intelligence gathering, ensuring covert and offensive capabilities.
Coastal Defense Ship: Designed for coastal protection and defense, these vessels are agile and equipped for close-range combat in littoral regions.
Replenishment Oiler: Crucial for refueling naval vessels at sea, ensuring extended operational range and mission endurance.
Icebreaker: These specialized vessels clear passages through ice-covered waters, facilitating maritime transportation and scientific research in polar regions.
Salvage and Rescue Ship: Equipped with specialized tools and equipment, these vessels perform salvage operations and provide assistance during maritime emergencies.
Torpedo Boat: Swift and agile, these vessels historically specialized in torpedo attacks and fast strikes, now adapted for various littoral operations.
Electronic Warfare Ship: Equipped with advanced electronic countermeasure systems, these vessels protect fleets by disrupting enemy communication and radar systems.
Related Reports:
The naval vessels market is estimated to grow at a CAGR of 13.5% between 2022 and 2027 and the size of the market is forecast to increase by USD 82.64 billion.
The naval combat systems market share is expected to increase by USD 9.53 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.79%.
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Naval Vessels MRO Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.89% |
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Market growth 2024-2028 |
USD 6.88 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
6.22 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, India, Russia, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abu Dhabi Ship Building PJSC, Austal Ltd., Babcock International Group Plc, BAE Systems Plc, Fincantieri Spa, General Dynamics Corp., Hanwha Corp., Huntington Ingalls Industries Inc., Kongsberg Gruppen ASA, Larsen and Toubro Ltd., Lockheed Martin Corp., Naval Group, Northrop Grumman Corp., Raytheon Technologies Corp., Rhoads Industries, Rolls Royce Holdings Plc, Saab AB, Teledyne Technologies Inc., Thales Group, and thyssenkrupp AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Vessel Orientation
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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SOURCE Technavio