Home / Press Release / Naval Vessel MRO Expected To Grow At A CAGR Of 8.8% From 2018 To 2026. Increased Defense Budget Spending In North America And Asia Pacific Market To Drive The Market For The Forecast Period.

Naval Vessel MRO Expected To Grow At A CAGR Of 8.8% From 2018 To 2026. Increased Defense Budget Spending In North America And Asia Pacific Market To Drive The Market For The Forecast Period.

According to a new market report published by Credence Research “Global Naval Vessels MRO Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026,” the market is expected to grow at a CAGR of 8.8% from 2018 to 2026

Browse the full Naval Vessels MRO Market by MRO Service Type (Maintenance & Repair {MR} Level [Organizational MR, Intermediate MR, Depot MR and Voyage MR], Overhauls [Baseline Overhaul, Regular Overhaul, Complex Overhaul and Integrated Logistics Overhaul]), by Navy Vessels Type (Battleship, Corvette, Submarines, Frigate and others [minesweeper, dromon, full rigged ship, missile boat, etc.]) and by geography (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026 at  http://www.credenceresearch.com/report/naval-vessel-mro-market

Market Insights

The maintenance, repair and overhauling (MRO) operations involves repairing, maintaining and/or replacing of devices, equipment’s, machinery, supporting utilities amongst others. The MRO operations also include preventive and scheduled maintenance as a cost effective measure. Scheduled inspection of naval vessels also falls under MRO purview.

The navy service maintenance is carried out by navy (military) recruits while it is at sea, or civilians at naval base or external third party contractors. The MRO activity is majorly focused to ensure that the fleet/convoy meets the ‘operation ready’ target or a specific watch day (patrol day) target for deployment. One of the major objective of maintenance of naval service vessels is to preserve the asset in it determined condition/state so as to see its positioning and operating targets.

Navy of every country maintains its fleet to achieve operational readiness and deployment targets. The MRO activity also ensures crew safety and also minimizes environmental harm. One of the major restraint in the marine world is that there are no designated or recognized international military / navy MRO standards. Civilian and merchant vessel standards are applied which are sanctioned by the UN’s (United Nations) subsidiary IMO (International Maritime Organizations) and its conventions like SOLAS (Safety of Life at Sea) and MARPOL (Marine Pollution). The battleships and other vessels (dromons, missile boats, full rigged ships) which are used during time of emergency like cross country conflict or war are exempted from SOLAS and MARPOL. Upon naval vessels visit overseas for MRO, regional requirements & agreements must be met as per the IMO mandates. For instance, the host states U.S. and Canada demand for local environment protection and safety provisions as described in MARPOL and SOLAS convention for the merchant navy vessels. For MRO, overseas visits, and navy training exercises, the regional agreements are defined by the UNCLOS (United Nations Convention on the Law of the Sea).

The key naval vessel MRO equipment’s producers, developers, suppliers/dealers and service providers are, but not limited to: BAE systems, General Dynamics, Hutington Ingalls Industries, Lockheed Martin, Northrop Grumman, Elbit Systems, Raytheon, Rockwell Collins, SIAC, Kongsberg, SAAB, Teledyne Brown Engineering, Babcock International Group and URS Corporation.

Key Trends:

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