Naval Ship MRO Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

The ongoing advancement in technology to build greater defense capability has created a significant demand for more complex naval vessels with a better and smarter technology. The rise demand for maintenance, repair, and overhauling of the existing fleet of navy ships and vessels worldwide can be attributed to increasing maritime disputes, thereby driving the growth in the naval vessel maintenance, repair, and overhaul (MRO) market. The market is marked by the ongoing naval conflict between various geographical powers, which is creating a sufficiently large market for key MRO service providers. Furthermore, the rise extensive use of vessels in maritime patrolling and naval exercises creates a booming market for naval ship MRO service providers.

MARKET SCOPE

The "Global Naval Ship MRO Market Analysis to 2031" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of Naval Ship MRO market with detailed market segmentation by Vessel Type, MRO Type, and geography. The global Naval Ship MRO market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Naval Ship MRO market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on Vessel Type, the market can be segmented into Surface Ships (aircraft carriers, cruisers, destroyers, frigates, corvettes, large patrol vessels) and Submarines.
  
•   On the basis of MRO Type, the market can be segmented into Engine MRO, Dry Dock MRO, Component MRO, Others.
  

MARKET DYNAMICS
Drivers:

•   Extensive use of naval ships in patrolling and naval exercises has created a huge demand for maintenance and repair of existing fleet of vessels
  
•   Increasing geo-political conflicts and requirement to strengthen the naval forces
  

Restraints:

•   Insufficient budget allocation by the governments
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Naval Ship MRO market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Naval Ship MRO market in these regions.

IMPACT OF COVID-19 ON NAVAL SHIP MRO MARKET

The outbreak of the COVID-19 has impacted defense-related industries due to the disruption in the global supply chain which created a significant shortage in the demand for MRO of naval vessels during the pandemic's peak in 2021. However, prominent market players have adopted stringent measures to reduce supply chain disruption. For instance, BAE Systems focused on minimizing the impact on their supply ecosystem by meeting their payment obligations and working together in close harmony with the suppliers. However, during 2021, the advent of geopolitical conflicts and the rising need to upgrade naval warfare systems to ensure coastal and maritime security have created sufficient demand for Naval Ship MRO. For instance, in the US, A September 2021 Congressional Budget Office (CBO) report estimated that the fleet envisaged on June 17, 2021, long-range Navy shipbuilding document would cost an average of $25.3 billion to $32.7 billion per year after FY2021. These figures are 10% to 43% higher than the $22.9 billion in FY2021 that Congress appropriated, on average, for the complete Navy shipbuilding activities over the past three years. Therefore, the major slump in global military Naval Ship MRO market in the short-term is getting subsided due to the increase in government expenditure and rising geo-political tension worldwide.

Naval Ship MRO Market Report Analysis

Naval Ship MRO Market

• 
  CAGR (2023 - 2031)

  XX%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Report Coverage

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis

• Industry landscape and competition analysis & recent developments
• Detailed company profiles

• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

• BAE Systems
• Damen Shipyards Group
• FINCANTIERI S.p.A.
• General Dynamics NASSCO
• Naval Group
• Oceaneering International, Inc.
• Rhoads Industries, Inc.
• Shin Kurushima Sanoyas Shipbuilding Co., Ltd.
• HYUNDAI HEAVY INDUSTRIES GROUP

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

By Vessel Type

• Surface Ships
• Submarines

By MRO Type

• Engine MRO
• Dry Dock MRO
• Component MRO

MARKET PLAYERS

The report covers key developments in the Naval Ship MRO market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership and collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Naval Ship MRO market are anticipated to lucrative growth opportunities in the future with the rising demand for Naval Ship MRO in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Naval Ship MRO market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   BAE Systems
  
•   Damen Shipyards Group
  
•   FINCANTIERI S.p.A.
  
•   General Dynamics NASSCO
  
•   Naval Group
  
•   Oceaneering International, Inc.
  
•   Rhoads Industries, Inc.
  
•   Shin Kurushima Sanoyas Shipbuilding Co., Ltd.
  
•   HYUNDAI HEAVY INDUSTRIES GROUP
  
•   ThyssenKrupp AG
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Naval Ship MRO Market Report Scope