QYResearch: Global Naval Vessel MRO market will reach 8300.45 million dollars by 2017

QYResearch

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 QYResearch, In the past five years from 2012 to 2016, global Naval Vessel MRO revenue market scale was from 4816.22million US dollars to $ 7633.9 million. It is estimated to reach 8300.45 million dollars by 2017 and 37739.54 million dollars by 2036, with the CAGR of 8.30% in terms of revenue over the period 2017-2036.

At present, the market of Naval Vessel MRO is concentrated in the coastal countries and regions. North America, Europe and Asia – Pacific are the main regions. North America is the largest area in the world, which occupied about 35.70% in 2016. The second large area is Asia – Pacific, accounting for 31.68%. 

The global leading players in this market are BAE Systems, General Dynamics, Huntington Ingalls Industries, Northrop Grumman, Lockheed Martin, Raytheon, URS Corporation, Saab and Elbit Systems. The top 5 players occupied about half of the market.

The Naval Vessel MRO split to three segments by vessel type: Surface Warship, Submarines and Support vessels. Surface Warship dominated the market with a market share of 57.50% in 2016.

Despite the presence of competition problems, due to the governments of coastal countries and regions around the world attach great importance to defense and security, the future will still have more new investment enter the field.

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