Global naval vessels and surface combatants MRO market is valued at over US$12 Billion in 2017, and will grow at a CAGR of about 4.3%, to a value of over US$19 Billion by 2027. The cumulative market for global naval vessels and surface combatants MRO is anticipated to be valued at about US$158 Billion over the forecast period. Global naval warfare has witnessed a paradigm shift, and there is an increasing trend towards equipping existing naval vessels with state of the art C4ISR & combat systems.
In terms of segments, the naval vessels and surface combatants MRO market is split into five segments: aircraft carrier MRO, amphibious ship MRO, corvette MRO, destroyer MRO, and frigate MRO. During the forecast period, corvette MRO is expected to account for the largest share of spending, accounting for more than 36% of the overall global market. Spending in this segment will be largely driven by modernization and maintenance programs in the Asia Pacific region, followed by investments in North America, Europe, and the Middle East.
Naval vessels and surface combatant MRO market is expected to be led by North America with a share of about 32% over the forecast period, closely followed by Asia Pacific with a share of over 31%, and Europe with about 23%. The Middle Eastern market for naval vessels and surface combatants is projected to account for about 7% of the global naval vessels and surface combatants MRO market, followed by the Latin American and African markets with shares of around 3% and 2.4%, respectively.
Historically the global naval vessels and surface combatants MRO market had been dominated by North America, with US as the largest spender in the sector. However with naval build up and modernization plans by countries such as China, Japan, South Korea, Australia and India amid growing disputes over maritime territories, the Asia-Pacific region is expected to grow the fastest during the forecast period with a cumulative expenditure of nearly US$50 Billion and at a CAGR of over 6.8% in 2017-2027 period.
The report “The Global Naval Vessels and Surface Combatants MRO Market 2017-2027” offers detailed analysis of the Global Naval Vessels and Surface Combatants MRO Market over the next ten years, and provides market size forecasts. Furthermore, it covers key technological and market trends in the industry, and analyzes factors influencing demand for naval vessels MRO.
Particularly, this report provides the following analysis -
- Overview: snapshot of the naval vessels and surface combatants MRO market during 2017–2027, including highlights of the demand drivers, trends and challenges. It also provides a snapshot of the spending with respect to regions as well as segments
- Market Dynamics: Insights into the technological developments in the naval vessels and surface combatants MRO market and a detailed analysis of the changing preferences of governments around the world. It also analyzes changing industry structure trends and the challenges faced by the industry participants
- Segment Analysis: Insights into the naval vessels and surface combatants MRO market from a segmental perspective and a detailed analysis of factors influencing the market for each sector
- Regional Review: Insights into modernization patterns and budgetary allocation for top countries within a region
- Regional Analysis: Insights into the naval vessels and surface combatants MRO market from a regional perspective and a detailed analysis of factors influencing the market for each region
- Trend Analysis – Key Defense Market: analysis of the key markets in each region, providing an analysis of the naval vessels MRO segments expected to be in demand in each region
- Key Program Analysis: details of the top programs in each segment expected to be executed during the forecast period
- Competitive landscape analysis: analysis of competitive landscape of the global naval vessels and surface combatants MRO industry. It provides an overview of key defense companies, together with insights such as key alliances, strategic initiatives and a brief financial analysis.
Companies mentioned in this report: Huntington Ingalls Industries, Fincantieri SpA, BAE Systems Plc, PO Sevmash, ThyssenKrupp Marine Systems AG, Thales, Lockheed Martin Corporation, Damen Schelde Naval Shipbuilding (DSNS), Abu Dhabi Shipbuilding, DCNS, Navantia SA, General Dynamics, Austal.
- The global naval vessels and surface combatants MRO market is expected to grow at a CAGR of 4.35% over the forecast period.
- The market consists of four categories: Corvette MRO, Frigate MRO, Amphibious Ship MRO, Destroyer MRO and Aircraft carrier MRO. The market is expected to be dominated by the Corvette MRO, followed by Frigate MRO. The North America region is forecasted to dominate the sector with a share of 32.4%, followed by the Asia Pacific market, which is dominated by the China market followed by India and Japan market. Russia, UK and France to account for major market share in the European region.
Reasons To Buy
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- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global naval vessels and surface combatants MRO market.
- Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top naval vessels MRO providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.