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Naval Vessel MRO Expected To Grow At A CAGR Of 8.8% From 2021 to 2029. Increased Defense Budget Spending In North America And Asia Pacific Market To Drive The Market For The Forecast Period

Summary

According to a new market report published by Acute Market Reports “Global Naval Vessels MRO Market Growth, Future Prospects, and Competitive Analysis, 2021 – 2029,” the market is expected to grow at a CAGR of 8.8% from 2021 to 2029. Browse the […]

According to a new market report published by Acute Market Reports “Global Naval Vessels MRO Market Growth, Future Prospects, and Competitive Analysis, 2021 – 2029,” the market is expected to grow at a CAGR of 8.8% from 2021 to 2029.

Browse the full Naval Vessels MRO Market by MRO Service Type (Maintenance & Repair {MR} Level [Organizational MR, Intermediate MR, Depot MR and Voyage MR], Overhauls [Baseline Overhaul, Regular Overhaul, Complex Overhaul and Integrated Logistics Overhaul]), by Navy Vessels Type (Battleship, Corvette, Submarines, Frigate and others [minesweeper, dromon, full rigged ship, missile boat, etc.]) and by geography (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Market Growth, Future Prospects and Competitive Analysis, 2021 – 2029 at  https://www.acutemarketreports.com/report/naval-vessel-mro-market

Market Insights

The maintenance, repair and overhauling (MRO) operations involves repairing, maintaining and/or replacing of devices, equipment’s, machinery, supporting utilities amongst others. The MRO operations also include preventive and scheduled maintenance as a cost effective measure. Scheduled inspection of naval vessels also falls under MRO purview.

The navy service maintenance is carried out by navy (military) recruits while it is at sea, or civilians at naval base or external third party contractors. The MRO activity is majorly focused to ensure that the fleet/convoy meets the ‘operation ready’ target or a specific watch day (patrol day) target for deployment. One of the major objective of maintenance of naval service vessels is to preserve the asset in it determined condition/state so as to see its positioning and operating targets.

Navy of every country maintains its fleet to achieve operational readiness and deployment targets. The MRO activity also ensures crew safety and also minimizes environmental harm. One of the major restraint in the marine world is that there are no designated or recognized international military / navy MRO standards. Civilian and merchant vessel standards are applied which are sanctioned by the UN’s (United Nations) subsidiary IMO (International Maritime Organizations) and its conventions like SOLAS (Safety of Life at Sea) and MARPOL (Marine Pollution). The battleships and other vessels (dromons, missile boats, full rigged ships) which are used during time of emergency like cross country conflict or war are exempted from SOLAS and MARPOL. Upon naval vessels visit overseas for MRO, regional requirements & agreements must be met as per the IMO mandates. For instance, the host states U.S. and Canada demand for local environment protection and safety provisions as described in MARPOL and SOLAS convention for the merchant navy vessels. For MRO, overseas visits, and navy training exercises, the regional agreements are defined by the UNCLOS (United Nations Convention on the Law of the Sea).

The key naval vessel MRO equipment’s producers, developers, suppliers/dealers and service providers are, but not limited to: BAE systems, General Dynamics, Hutington Ingalls Industries, Lockheed Martin, Northrop Grumman, Elbit Systems, Raytheon, Rockwell Collins, SIAC, Kongsberg, SAAB, Teledyne Brown Engineering, Babcock International Group and URS Corporation.

Key Trends:

  • Major countries like India, Viet Nam, Iran, Brazil, Israel, Russia, South & north Korea and China amongst others are looking to install ballistic missile defense capabilities in naval warships that requires high maintenance and overhauling
  • Navy is in pursuit to outsource MRO operations in order to reduce response time
  • Aluminum more preferred over steel in naval applications due to its light weight, comparatively easier MRO and cost effective property.

 

Key questions answered in this report

  • What are the current market trends and dynamics in the naval vessel mro market and valuable opportunities for emerging players?
  • Estimated forecast and market projections up to 2029
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which is the largest regional market for naval vessel mro?
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • The worldwide market value of the naval vessel mro market in 2019 and 2020
  • Which are the key trends driving the global naval vessel mro market growth?
  • Who are the leading service providers in the naval vessel mro market worldwide?

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