Naval Vessels MRO Market: Introduction
Naval Vessels maintenance repair and overhaul (MRO) is the process of restoring a naval vessel to a state in which it can perform its optimum best. Usually the naval vessels MRO market includes overhauls, maintenance, inspections, routine checks, repairs and modifications carried out on a vessel and its components to extend the life of a ship. Naval vessels are subjected to periodic maintenance throughout their lifecycle. The infrastructure and facilities required for maintenance at any time depend upon the platform and the type of repair work to be undertaken. Moreover, naval vessels MRO has become even more important in recent times due to the reduction in military expenditures by numerous countries and the slowdown being witnessed in governments’ ability to make buying decisions. Various governments are focusing on strengthening their naval fleet structure by collaborating with private service providers whom they entrust with maintenance and repair services. However, there are only a handful of privately held companies which provide naval vessels MRO services. Fortunately, governments of numerous countries provide incentives to such players in order to sustain in the market and keep the effective services afloat.
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Naval Vessels MRO Market: Dynamics
The naval vessels MRO market is driven by increasing demand for outsourcing of MRO services. Outsourcing of MRO services lowers the maintenance cost significantly alongside improving efficiency. This creates opportunities for private players to collaborate with governments and offer naval vessels MRO services. This is anticipated to promote augmentation of naval vessels MRO market in the coming years. Moreover, many countries are spending on naval vessels MRO and retrofits and upgrades as it is a more cost effective alternative to the acquisition of new naval vessel fleets. This is one of the prime reasons which is anticipated to promote the growth of naval vessels MRO market in the coming years. Moreover, with the aging of naval fleet, the demand for repair and maintenance services is anticipated to increase significantly. This will further give the necessary boost to the naval vessels MRO market in the coming years. Furthermore, the key market players in the market are focusing on introducing innovative technologies to enhance the life of naval vessels. This will further increase the demand for naval vessel MRO services over the assessment period.
Naval vessels usually require regular maintenance services. Unfortunately, this increases the cost of maintenance. Furthermore, the initial cost of maintenance and repair of a naval vessel is usually on the higher side. Moreover, the requirement of skilled labor for performing required maintenance services is a must. This puts burden on service providers, which could derail the growth of the naval vessels MRO market in the coming years. A growing trend in the market is the use of 3D printing technologies to convert electronics directly into 3D surfaces.
Naval Vessels MRO Market: Segmentation
On the basis of type of vessel, the naval vessels MRO market is segmented into:
- Others(aircraft carriers and maritime patrol vessels)
On the basis of type of MRO, the naval vessels MRO market is segmented into:
- Component MRO
- Engine MRO
- Regular Maintenance MRO
- Dry Dock MRO
Naval Vessels MRO Market: Regional Outlook
North America is anticipated to dominate the naval vessels MRO market in the coming years. This can be attributed to increasing collaboration between governments and private entities to reduce maintenance cost. Moreover, many countries of the Asia Pacific region are collaborating with other countries of Europe and North America to increase their naval fleet size. This would create opportunities for numerous players to grab the untapped opportunities and give a boost to their revenue stream.
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Naval Vessels MRO Market: Key Participants
Examples of some of the market participants identified across the value chain of the Nasal Vessels MRO market are:
- Northrop Grumman Corporation
- General Dynamics Corporation
- BAE Systems Inc.
- Lockheed Martin
- Huntington Ingalls Industries
- URS Corporation
- Raytheon Company
- Saab AB
- Rockwell Collins
- Elbit Systems Ltd.
- Chidambaram Shipcare Pvt Ltd.
- V Group Limited