According to Technavio’s latest market research study, the global naval vessels MRO market is expected to grow at a CAGR of more than 9% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global naval vessels MRO market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the platform type
The top three revenue contributing platform type segments are discussed below:
Global submarines MRO market: Owing to increased investments made for the development and procurement of next-generation undersea capabilities to strengthen naval security and information gathering capability, the US, Russia, China, Japan, and India account for a majority share of the global submarines MRO market. The rise in territorial disputes among countries is spurring governments to focus increasingly on maritime warfare. This obligates naval agencies to upgrade the capabilities of existing submarines with advanced sensors and combat systems during the forecast period. Such developments are expected to translate to the overall growth of the global submarines MRO market.
“The submarines MRO market is highly influenced by advances in acoustic sensor technology. This subsequently enhances the fiber-optic acoustic sensors technology that is being used by many of the submarines in the US. Many existing submarines of the US Navy are undergoing upgrades,” says Avimanyu Basu, a lead analyst at Technavio for research on maintenance, repair, and overhaul (MRO).
Global frigates MRO market: Frigates are conventionally used for protecting other naval ships such as destroyers and aircraft carriers and are equipped with anti-air, anti-submarine, and anti-surface capabilities that are supported by a comprehensive array of sensor-suits and weapon packages. The enhancement of the performance capabilities of existing frigates is the primary factor that drives the market growth. Many countries have initiated frigate modernization programs and channelized adequate funds for the same, which is expected to facilitate growth of the global frigates MRO market.
Global corvettes MRO market: Corvettes are the smallest class of naval vessels that are considered as proper warships. There are over 340 active corvettes deployed with naval agencies across the globe. Corvettes are increasingly becoming popular among relatively small nations due to the cost advantage particularly in terms of carrying out divergent naval missions in these regions. Many nations are expected to undertake refit projects to ensure enhanced efficiency of their existing corvette vessels during the forecast period, thereby propelling the demand for corvettes MRO.
The top vendors operating in the global naval vessels MRO market are:
- BAE Systems
- General Dynamics
- Huntington Ingalls Industries (HII)
- Lockheed Martin
- Northrop Grunman
Other prominent vendors in the market include Elbit Systems, Harris Corporation, Raytheon, Rockwell Collins, Saab, and URS.
A more detailed analysis is available in the Technavio report titled, ‘Global Naval Vessel MRO Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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- Global Commercial Aircraft MRO Market 2016-2020
- Global Civil Helicopter MRO Market 2016-2020
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