LONDON--(BUSINESS WIRE)--The global naval vessels MRO market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio.
Most of the global superpowers are trying to modernize and upgrade their existing naval fleet to exert influence on distant geographical locations across the world. This is increasing the focus on keeping naval fleets combat-ready, which requires MRO services such as armaments, maintenance and repairs, and the modernization of combat or auxiliary systems. Thus, the growing focus on keeping naval fleets combat-ready will fuel the growth of the naval vessels MRO market value during the forecast period.
As per Technavio, the growing MRO cost leading to the emergence of Asia as a hub of naval vessel maintenance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global naval vessels MRO market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Naval Vessels MRO Market: Growing MRO Cost Leading to the Emergence of Asia as a Hub of Naval Vessel Maintenance
Labor cost is one of the biggest components when a naval vessel goes through scheduled MRO activity. The proportion of labor cost in a ship maintenance contract is expected to grow further during the forecast period owing to the scarcity of skilled labor in developed countries. This is leading to the emergence of developing countries in Asia, as preferred hubs for the maintenance of naval vessels, which will impact the growth of the naval vessels MRO market during the forecast period.
“Apart from the emergence of Asia as a hub of naval vessel maintenance, other factors such as the increasing focus on expediting execution of MRO services, and increasing M&As in the global shipbuilding industry will have a significant impact on the naval vessels MRO market growth during the forecast period,” says a senior analyst at Technavio.
Global Naval Vessels MRO Market: Segmentation Analysis
This market research report segments the global naval vessels MRO market by type of vessel (aircraft carriers, submarines, destroyers, frigates, amphibious ships, and other vessels) and geographic regions (North America, APAC, Europe, MEA, and South America).
The North American region led the naval vessels MRO market in 2018, followed by APAC, Europe, MEA, and South America respectively. However, the APAC region is expected to dominate the naval vessels market with the largest market share, and the highest incremental growth over the forecast period.
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