Naval Vessels MRO Market 2019 | Size, Share, Trends, Growth and Top Key Player Analysis Forecast Till 2023
Global Naval Vessels MRO Market Information, By Vessel Type (Submarine, Frigates, Corvettes, Destroyers and Others), By MRO Type (Engine MRO, Dry Dock MRO, Regular Maintenance MRO and Component MRO) and By Region – Forecast To 2023
Pune , India – February 26, 2019 /MarketersMedia/ —
Naval Vessels MRO Market Highlights:
The Global Naval Vessels MRO Market has seen remarkable growth over the past few years, and is expected to grow with similar pace during the forecast period. The major growth drivers for this market are growing demand for UUVS, high demand for naval MRO outsourcing and increasing investments in naval combat systems. On the other hand, the hindrances are defense budget cuts, environmental hazards, integration of new technologies. However, the major ongoing trends in the Global Naval Vessel MRO Market are modernization of naval combat systems, integration of advanced warfare systems in naval fleets and 3D printing. As per MRFR analysis, the Global Naval Vessels MRO Market is expected to grow at a CAGR of ~ 9% during the forecast period approximately.
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Key Players:
The prominent players in the Global Naval Vessel MRO Market include BAE Systems (UK), General Dynamics (US), Huntington Ingalls Industries (US), Lockheed Martin (US), Northrop Grumman (US), Elbit Systems (Israel), Raytheon (US), Rockwell Collins (US), Saab (Sweden), and URS Corporation(US).
The Global Naval Vessel MRO Market has seen a potential growth over the past few years and it has been projected that the market will grow at a rapid pace during the forecast period. As per MRFR analysis, the global naval vessels market is expected to grow at the CAGR of ~ 9% during forecast period. Naval vessels are differentiated from civilian ships by their design and purpose. Such ships are damage resilient and armed. Naval vessels MRO is crucial for sustaining and extending the life of a vessel. It comprises maintenance, overhauls, routine checks, inspections, repairs, and modifications carried out on a vessel and their components. MRO services assure the safety and airworthiness of naval vessels.
Unmanned underwater vehicles (UUVs) are considered as the next generation of naval combat systems to be deployed by the defense authorities globally. These UUVs are used as force multipliers and C4ISR systems for target recognition, damage assessment, and in electronic warfare. They also offer services such as light amplification by stimulated emission of radiation (LASER) and global positioning systems (GPS), which aid in intelligence, surveillance, and reconnaissance (ISR) missions. Global defense departments are procuring UUVs to reduce naval troop casualties and capital expenditure, and to replace obsolete manned underwater vehicles and submarines. The demand for naval MRO outsourcing and increasing investments in naval combat systems are the primary key drivers of the market.
For the purpose of this study, the Global Naval Vessel MRO Market has been segmented as vessel type, MRO type and regions. On the basis of vessel types, the market has been segmented as submarine, frigates, corvettes, destroyers and others. However, submarine has accounted for the largest market share, followed by frigates. Whereas, on the basis of MRO type, the market has been segmented as engine MRO, dry dock MRO, regular maintenance MRO and component MRO.
Geographically, the market has been segmented into five major regions, as North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Among them, North America has accounted the largest market in terms of revenue in 2016 followed by APAC and Europe.
Scope of the Naval Vessels MRO Market Report:
This study provides an overview of the Global Naval Vessel MRO Market, tracking two market segments across five geographic regions. The report covers key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC), Latin America and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next 6 years for each region. The scope of the study segments the Global Naval Vessel MRO Market by its vessel type, MRO type, and regions.
By Vessel Type
•Submarine
•Frigates
•Corvettes
•Destroyers
•Others
By MRO Type
•Engine MRO
•Dry Dock MRO
•Regular Maintenance MRO
•Component MRO
By Region
•North America
•Asia Pacific
•Europe
•Latin America
•Middle East & Africa
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