Global Naval Vessel MRO Market Growth (Status and Outlook) 2019-2024

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.
At present, the market of Naval Vessel MRO is concentrated in the coastal countries and regions. North America, Europe and Asia – Pacific are the main regions. North America is the largest area in the world, which occupied about 35.70% in 2016. The second large area is Asia – Pacific, accounting for 31.68%.
The global leading players in this market are BAE Systems, General Dynamics, Huntington Ingalls Industries, Northrop Grumman, Lockheed Martin, Raytheon, URS Corporation, Saab and Elbit Systems. The top 5 players occupied about half of the market.
The Naval Vessel MRO split to three segments by vessel type: Surface Warship, Submarines and Support vessels. Surface Warship dominated the market with a market share of 57.50% in 2016.

According to this study, over the next five years the Naval Vessel MRO market will register a 8.8% CAGR in terms of revenue, the global market size will reach US$ 13700 million by 2024, from US$ 8300 million in 2019. In particular, this report presents the global revenue market share of key companies in Naval Vessel MRO business, shared in Chapter 3.

This report presents a comprehensive overview, market shares and growth opportunities of Naval Vessel MRO market by product type, application, key companies and key regions.

This study considers the Naval Vessel MRO value generated from the sales of the following segments:

Segmentation by product type: breakdown data from 2014 to 2019 in Section 2.3; and forecast to 2024 in section 10.7.
Engine MRO
Dry Dock MRO
Component MRO
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 10.8.
Surface Warship
Submarines
Support Vessels

This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Spain
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
BAE Systems
General Dynamics
Huntington Ingalls Industries
Northrop Grumman
Lockheed Martin
Raytheon
URS Corporation
Saab

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

Research objectives
To study and analyze the global Naval Vessel MRO market size by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Naval Vessel MRO market by identifying its various subsegments.
Focuses on the key global Naval Vessel MRO players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Naval Vessel MRO with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the size of Naval Vessel MRO submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.