The new report by Expert Market Research titled, ‘Global Naval Vessels MRO Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global Naval Vessels MRO market, assessing the market based on its segments like vessel types, MRO types, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.9%
The demand for naval vessel MRO services has increased as countries’ interest on keeping their naval force combat-ready has grown. The Asia Pacific is expected to lead the naval vessels MRO market in the forecast period, owing to factors such as increased defence spending by developing countries.
Naval Vessels MRO Industry Definition and Major Segments
The MRO sector for naval vessels includes overhauls, servicing, audits, regular inspections, repairs, and modifications to a vessel and its components in order to extend the ship’s life.
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Based on vessel types, the industry is divided into:
• Submarines
• Frigates
• Corvettes
• Aircraft Carrier
• Destroyers
Based on the MRO types, the industry is divided into:
• Engine MRO
• Dry Dock MRO
• Component MRO
• Modification
The global regions for naval vessels MRO market include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Naval Vessels MRO Market Trends
The demand for navy fleet upgrades is increasing as geopolitical tensions between countries rise, helping the expansion of the naval vessel MRO industry. An aircraft carrier is larger than a destroyer or an attack ship, and it necessitates a lot of maintenance. This is driving up the demand for MRO services in the aircraft carrier sector. One of the fundamental trends in the naval vessel MRO business is rising MRO prices, which has led to the establishment of Asia Pacific as a naval vessel maintenance hub.
Key Market Players
The major players in the market are General Dynamics Corporation (NYSE: GD), Lockheed Martin Corporation, Northrop Grumman Corporation, Huntington Ingalls Industries, Elbit Systems, Raytheon Company, BAE Systems, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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