LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global naval vessels maintenance, repair, and overhaul (MRO) market is projected to grow to USD 10,345.85 million by 2021, at a CAGR of more than 9% over the forecast period.
This research report titled ‘Global Naval Vessels MRO Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| The naval vessels (MRO) market is crucial for sustaining and extending the life of a ship. It involves functions related to the maintenance, overhaul, routine checks, inspection, repair, and modification of a vessel and its components. The provision of adequate funds for extending the service life of deployed naval assets has become a prominent driver of the market. |
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Based on the platform type, the report categorizes the global naval vessels MRO market into the following segments:
- Submarines
- Frigates
- Corvettes
- Destroyer
- Others
The top three revenue-generating platform segments in the global naval vessels MRO market are discussed below:
Submarines
In the last five decades, major powers such as the US, Russia, China, Japan, and India have made significant investments towards the development and procurement of next-generation undersea capabilities to strengthen their naval security and information gathering capability. The rise in territorial disputes has resulted in an increased focus on maritime warfare, mandating the upgrade of existing submarines with advanced sensors and combat systems.
“The naval vessels MRO market by submarines is projected to be worth more than USD 725 million by the end of 2017, and will continue to grow moderately over the forecast period, driven by complete or partial refitting of existing submarines,” says Moutushi Saha, a lead analyst at Technavio for maintenance, repair, and overhaul (MRO) research.
Frigates
Frigates are used for protecting naval ships such as destroyers and aircraft carriers. The frigates have anti-air, anti-submarine, and anti-surface capabilities supported by a comprehensive array of sensor-suits and weapon packages. Technavio analysts expect the global frigates MRO market to grow swiftly over the forecast period, driven by the demand for the enhancement of the performance capabilities of existing frigates. Many countries have initiated frigate modernization programs and channelized adequate funds for the same, ensuring further revenue to the market.
Corvettes
Corvettes are the smallest class of naval vessels which are considered as proper warships. These naval vessels have a wide array of combat systems. APAC is the largest adopter of corvettes, owning approximately 44% of the total units globally. It is anticipated that the demand for corvette MRO will be prominent in APAC during the forecast period.
“The corvettes market segment is expected to showcase a steadily increasing CAGR over the forecast period, due to their rising popularity among relatively small nations due to the cost advantage, particularly in terms of carrying out divergent naval missions in these regions,” says Moutushi.
The top vendors highlighted by Technavio’s research analysts in this report are:
- BAE Systems
- General Dynamics
- Huntington Ingalls Industries
- Lockheed Martin
- Northcrop Grumman
Browse Related Reports:
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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