Global Naval Vessel MRO Market Overview:
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. According to AMA, the Global Naval Vessel MRO market is expected to see growth rate of 7.9%
Growth Drivers
- Increasing Seaborne Trade and Economic Growth
- Surging Adoption of Eco-Friendly Ships and Shipping Services in Developed Economies
Roadblocks
- Scarcity of Skilled Labors As The Advent Of Predictive Maintenance has created a Problem in the MRO Industry
Opportunities
- Increasing Development of Ship in Emerging Economies
Challenges
- High-Cost Maintenance of Naval Vessels
Competitive Landscape:
Some of the key players profiled in the report are General Dynamics Corporation (United States), BAE Systems (United Kingdom), Huntington Ingalls Industries (United States), Northrop Grumman (United States), Lockheed Martin (United States), Raytheon (United States), Fincantieri SpA (Italy), PO Sevmash (Russia), ThyssenKrupp Marine Systems AG (Germany), Thales (France), Damen Schelde Naval Shipbuilding (DSNS), URS Corporation (United States), Saab AB (Sweden) and Elbit Systems Ltd (Israel). Additionally, following companies can also be profiled that are part of our coverage like Abu Dhabi Shipbuilding (United Arab Emirates), Naval Group (France), Navantia SA (Spain) and Austal (Australia). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Naval Vessel MRO market by 2026. Considering Market by Ship Type, the sub-segment i.e. Passenger Ship will boost the Naval Vessel MRO market.
The shipping industry is principally regulated by the International Maritime Organization (IMO), which is the London based United Nations agency responsible for the safety of life at sea and the protection of the marine environment. The International Labour Organisation (ILO) is also responsible for the development of labour standards applicable to seafarers worldwide.
What Can be Explored with the Naval Vessel MRO Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Naval Vessel MRO Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Naval Vessel MRO
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Naval Vessel MRO market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Naval Vessel MRO market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Naval Vessel MRO Service Providers, Shipbuilding Companies, Government Regulatory Bodies, End-User and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.