Global Naval Vessel MRO Market Analysis, Size, Share, Trends, Analysis and Growth by Forecast to 2025
Research Reports
Jan 18, 2021
Overview
Global Naval Vessel MRO Market is expected to reach USD 12,332.3 Million by 2025, expanding at a CAGR of 6.03% during the forecast period.
Naval vessels MRO services deal with maintenance, repair, and overhaul of different types of naval vessels, including corvettes, submarines, destroyers, and frigates. Furthermore, naval vessels MRO includes different types such as component MRO, engine MRO, regular maintenance MRO, and dry dock MRO. The market is expected to gain traction in the coming years owing to the rise in military investments and the outsource of naval MRO services.
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Segmental Analysis
The Global Naval Vessel MRO Market has also been segmented by Vessel Type, Mro Type, and Mro Service.
By Vessel Type, the Global Naval Vessel MRO Market has been segmented into corvettes, submarines, destroyers, frigates, and others. The destroyers segment is projected to dominate the market during the forecast period. The segment was valued at USD 4,127.5 million in 2019 and is expected to reach USD 5,633.4 million by 2025. However, the corvettes segment is anticipated to register the highest CAGR.
The segment is expected to reach USD 2,773.5 million by 2025, exhibiting a CAGR of 4.147.58% during the forecast period. The increasing adoption of gas turbine engines by countries such as Russia and Germany for developing corvettes is expected to drive the growth of the segment. The submarines segment is projected to exhibit a CAGR of 5.76% during the forecast period.
Based on MRO type, the global naval vessel MRO market has been divided into component MRO, engine MRO, regular maintenance, and dry dock MRO. The dry dock MRO segment has been sub-segmented into graving/excavated dock, floating dock, syncrolift/shiplift, and slipway, patent slip. The dry dock MRO segment led the market with a value of USD 3,964.0 million in 2019 and is expected to reach USD 5,733.3 million by 2025. The dry dock MRO of the naval vessel consists of heavy maintenance related to vessel body, engine, and system upgrade. This maintenance is carried out on a yearly basis and involves a detailed inspection of the vessel. The component MRO segment is expected to register a 5.97% CAGR during the forecast period.
In terms of MRO service, the global naval vessel MRO market has been categorized as maintenance & repair and overhaul. The maintenance & repair segment has been sub-segmented into organizational MR, intermediate MR, depot MR, and voyage MR. The overhaul segment has been sub-segmented into baseline overhaul (BOH), regular overhaul (ROH), complex overhaul (COH), and integrated logistics overhaul (ILO).
The maintenance & repair segment dominated the market. The segment was valued at USD 6,455.6 million in 2019. However, the overhaul segment is expected to register a higher CAGR during the forecast period. The segment is projected to expand at a CAGR of 6.99% during the forecast period. The overhaul segment includes alterations and modifications of naval vessels to update its capabilities and large-scale maintenance.
Regional Analysis
By Region, the Global Naval Vessel MRO Market has been segregated into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
The market in North America was valued at USD 3,450.9 million in 2019. The presence of significant market players, such as Northrop Grumman Corporation, Huntington Ingalls Industries, Inc., and Lockheed Martin Corporation, is expected to drive the market growth in North America. The regional market is estimated to register a CAGR of 6.89% during the forecast period.
Europe is projected to be a significant market for naval vessel MRO during the review period. The regional market is expected to reach USD 2,187.7 million by 2025, expanding at a CAGR of 6.46% during the forecast period. The market in the Asia-Pacific region is expected to reach USD 2,887.0 million by 2025, exhibiting a CAGR of 6.11% during the forecast period.
Competitive Analysis
Prominent Players in the Global Naval Vessel MRO Market include BAE Systems (UK), General Dynamics Corporation (US), Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), Saab AB (Sweden), Huntington Ingalls Industries, Inc. (US), Thales Group (France), Naval Group (France), Babcock International Group PLC (UK), Kongsberg Maritime (Norway), Teledyne Brown Engineering (US), Vouvray Acquisition Limited (UK), Chidambaram Shipcare Pvt. Ltd (India), AECOM (US), Rhoads Industries, Inc. (US), Abu Dhabi Ship Building Co. (UAE), LARSEN & TOUBRO LIMITED (India), and FINCANTIERI S.p.A. (Italy.
Key Developments
In February 2019, BAE Systems signed a contract worth USD 114.5 million with the US Navy to provide maintenance and modernization services for the US Navy’s guided-missile destroyer, USS Bulkeley (DDG 84).
In January 2019, BAE Systems signed a contract worth USD 78.8 million with the US Navy to provide maintenance and modernization services for the US Navy’s USS Shoup (DDG 86), a guided-missile destroyer (DDG).
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