This market research report includes the present scenario and growth prospects of the global naval vessels MRO market and segmentation by application (destroyers, corvettes, frigates, submarines, and others). The report also includes a market analysis of the key regions, including the Americas, APAC, and EMEA. The key vendors analyzed in this report are BAE Systems, Huntington Ingalls Industries, Northrop Grumman, General Dynamics, and Lockheed Martin.
Technavio has released updated information on the naval market, with the publication of its new market research report, global naval vessels MRO market. The global naval vessels MRO market is expected to grow at a CAGR of 9% between 2016 and 2020, thanks to high demand for naval MRO outsourcing. The naval vessels MRO market comprises maintenance, overhauls, routine checks, inspections, repairs, and modifications carried out on a vessel and their components, thereby extending the shelf life of a ship. The Americas dominate the naval vessels MRO market, occupying around 39% of the overall market share. The high number of naval vessels in the region is thereby expected to boost the MRO market during the forecast period.
“Innovation and improved techniques play a very important role in the MRO sector, especially the introduction of 3D printing that is expected to drive the growth of the naval vessels MRO market during the forecast period. 3D printing technology is unique as it can print electronics directly onto 3D surfaces such as on an aircraft wing, ships, unmanned underwater vehicles (UUvs), missile fins and on their guidance systems,” says Abhay Singh, Lead Analyst, Aerospace & Defense, Technavio Research.
The MRO outsourcing market is gaining huge popularity in the naval vessels field with the ongoing defense budget pressures. Navies across the world are outsourcing the maintenance and logistics support contracts to MROs and OEMs for faster response to crisis situations. Moreover, the blue water navies such as the US Navy, Royal Navy, Hellenic, Royal Australian, Royal Norwegian navies, have decided to streamline their budgets focusing on managing fleet deployment and ensuring ships have a technological edge.
The key vendors in the global naval vessels MRO market include BAE Systems, Huntington Ingalls Industries, Northrop Grumman, General Dynamics, and Lockheed Martin. The retrofit and upgrade of old fleets are a high margin business, and vendors compete based on cost, product quality, reliability, and aftermarket services. Government organizations such as the Department of Defense (DoD) and Ministry of Defense (MoD), and European Union (EU) encourage the provision of MRO services as they add a caliber to the ongoing naval operations. Therefore, vendors are focusing on providing innovative, cost-efficient, and effective naval MRO facilities.
A more detailed analysis is available in the Technavio report, Global Naval Vessels MRO Market 2016-2020.
We can customize this reports by other regions and specific segments upon request.
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