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
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.
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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.
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).
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The report for Global Naval Vessel MRO Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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