2019 Naval Vessel Maintenance, Repair and Overhaul Market Shows Important Factors of Industry, Top Countries, Leading Manufacturers, Regional Analysis Forecast to 2024

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Naval Vessel Maintenance, Repair and Overhaul

Naval Vessel Maintenance, Repair and Overhaul Market” report provides an in-depth research of market-based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Naval Vessel Maintenance, Repair and Overhaul Market is comprehensively prepared with main focus on the competitive landscape, geographical growth, segmentation, and market dynamics, including drivers, restraints, and opportunities. It also analyzes the current and future prospect of Naval Vessel Maintenance, Repair and Overhaul Market.

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Key Insights of Naval Vessel Maintenance, Repair and Overhaul Market:

  • Complete in-depth analysis of the Naval Vessel Maintenance, Repair and Overhaul
  • Important changes in market dynamics.
  • Segmentation analysis of the market.
  • Emerging segments and regional markets.
  • Historical, on-going, and projected market analysis based on volume and esteem.
  • Assessment of niche industry players.
  • Market share analysis.
  • Key strategies of major players

Market Overview:

  • The naval vessel maintenance, repair, and overhaul (MRO) market is estimated to grow at a CAGR of over 8% during the forecast period (2019 - 2024).
  • - The increasing need to maintain, repair and overhaul the existing fleet of naval vessels worldwide owing to the increasing maritime disputes shall lead to a growth in the naval vessel maintenance, repair and overhaul (MRO) market.
  • - On the other hand, high maintenance and retrofit cost of naval vessels shall be a restraint for the market in the coming years.
  • - The provision of sufficient funds in order to extend the service life of the deployed naval assets is one of the most significant factors among government worldwide. Periodic upgradation of naval vessels, in the long run, helps in considerably reducing the costs linked with the procurement of new assets.
  • - Technological advancement shall lead to the modification of existing fleet of naval vessels and this shall propel growth in the near future.
  • Naval Vessel Maintenance, Repair and Overhaul Market Segmentation by Top Key Players:

  • General Dynamics Corporation
  • Huntington Ingalls Industries Inc
  • Lockheed Martin Corporation
  • Northrop Grumman Corporation
  • BAE Systems plc
  • Raytheon Company
  • URS Corporation (AECOM)
  • Rand Capital Corporation
  • Rhoads Industries
  • Abu Dhabi Ship Building Co.
  • L&T Shipbuilding
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    Scope of the Report:

  • The maintenance, repair and overhaul operations conducted periodically on naval vessels are very crucial for sustaining as well as extending the life of a ship. It involves all the functions related to the maintenance, overhaul, routine checks, inspection, repair, as well as the modification of the vessel as well as its components. Performing of the MRO services helps to ensure the safety and the worthiness of the naval vessels. The report also covers the analysis of various other types of naval vessel types such as Amphibious Warfare Ships, Littoral Combat Ships, Cruisers, Mine Countermeasure Ships and Patrol Ships.
  • Key Market Trends:

    Destroyer Segment is Anticipated to Register the Highest CAGR

    Currently, destroyers have the highest share of all the segments. Various developments in terms of maintenance, repair, and overhaul of destroyers shall lead to the growth of the segment. Destroyers are fast, maneuverable, long-endurance warship which is intended to escort larger vessels in a fleet, convoy or battle group and defend them against smaller powerful short-range attackers. Presently, the demand for destroyers is growing worldwide with various nations looking to acquire new destroyer ships. In 2018, the US Navy announced that they have taken delivery of the Zumwalt-class destroyer Michael Monsoor from Bath Iron Works. This is the second of three of the stealth destroyers with the lead ship, Zumwalt being delivered in May 2016. In 2018, China unveiled its new class of destroyers, named Nanchang. The growing number of deliveries of destroyer ships has also led to increasing the need for conducting of maintenance, repair and overhaul operations on the ship. In 2018, General Dynamics reported that they have received a USD 26 million contract for engineering, technical, planning, ship configuration, data and logistics efforts for DDG 1000-class destroyers post their delivery. The DDG 1000 class shall be provided with technical, engineering and support, including emergent technical problem investigation and resolution; shock qualification test and analysis; maintenance and modernization planning; integrated logistics support; configuration data management; maintenance, repair, and overhaul availability planning and scheduling. Thus, upcoming developments shall increase the focus on this segment, and this shall be the reason for its expected high CAGR.

    North America is Expected to Witness the Highest Growth

    In the naval vessel maintenance, repair and overhaul market, North America shall experience the highest growth. The government of the US has plans to expand the size of their naval fleet and plans to add 40 ships in the coming five years. Moreover, at the start of 2019, the US Navy reported the signing of a USD 14.9 billion contract with Huntington Ingalls Industries for two nuclear powered General R- Ford Class aircraft carriers. Additionally, in 2019, the US Navy reported that they have awarded a contract to Vigor Marine for USD 60 million to complete modifications on the USS Coronado. The modifications are expected to be finished by end of 2019. The modifications shall include engine and machinery overhauls, underwater hull coatings, life cycle inspections, and implementation of multiple ship alterations and upgrades to increase the Coronado’s warfighting readiness. The growing number of naval vessels in service in the United States shall in turn lead to an increasing need for maintenance, repair and overhaul operations in the near future. Thus, various ongoing developments shall lead to a growth in the naval vessel maintenance, repair and overhaul market in North America in the near future.

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    Naval Vessel Maintenance, Repair and Overhaul Market Covers Following Points in TOC:

    • Chapter 1: Naval Vessel Maintenance, Repair and Overhaul Market Definition
    • Chapter 2: Research Methodology of Naval Vessel Maintenance, Repair and Overhaul Market
    • Chapter 3: Naval Vessel Maintenance, Repair and Overhaul Market Executive Summary
    • Chapter 4: Naval Vessel Maintenance, Repair and Overhaul Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
    • Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
    • Chapter 6: Naval Vessel Maintenance, Repair and Overhaul Market Segmentation by Types, End-User, and Applications Forecast to 2024
    • Chapter 7: Naval Vessel Maintenance, Repair and Overhaul Market Segmentation by Geographical Regions
    • Chapter 8: Competitive Landscape of Naval Vessel Maintenance, Repair and Overhaul Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
    • Chapter 9: Key Players for Naval Vessel Maintenance, Repair and Overhaul Market

     

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