Market Overview:
The global vessel engine MRO market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for vessels, especially in the commercial and defense sectors, across the globe. In addition, the increasing focus on maritime security and safety is also contributing to the growth of this market. The maintenance segment is expected to hold a major share of this market during the forecast period owing to its importance in ensuring optimal performance of engines and extending their life cycle. The repair segment is also anticipated to grow at a high rate during the forecast period as it helps reduce downtime and increase efficiency of engines. In terms of application, surface warships are expected to account for a major share of this market during 2018-2030 owing its growing popularity among navies across different regions worldwide.
Product Definition:
A vessel engine MRO is a maintenance, repair and overhaul service for the engines of boats and ships. This type of service is important because it keeps these vessels running smoothly and efficiently, which is necessary for transporting people or goods. Without regular engine maintenance, vessels would likely experience decreased performance and longer down times.
Maintenance:
Maintenance is the planned and unplanned activities carried out on a vessel to keep it in good working order. It includes everything from cleaning the decks to checking that all systems are functioning properly. Maintenance can be divided into two categories, scheduled and unscheduled maintenance. The difference between the two is that scheduled maintenance has a specific time/date and place whereas unscheduled maintenance occurs at random times/places without any prior notice.
Repair:
Repair is a service activity that attempts to restore a vessel or component to its original condition after it has been damaged. It includes activities related to the maintenance and reconstruction of vessels, equipment, structures or cargo. Vessel engine MRO services include all repair works required for the maintenance and proper functioning of engines in vessels including propulsion systems such as diesel and gas turbines. Repairing an engine involves analyzing its working condition through testing procedures so that appropriate repairs can be made in future if required.
Application Insights:
The global market is segmented by application into surface warships, submarines, support vessels and others. The surface warship application segment led the market in 2017 and will maintain its dominance throughout the forecast period owing to various advantages associated with this type of vessel including presence of strong economies such as U.S., Canada, France and China which provide a stable industrial base for MRO providers to tap new markets at relatively low cost while maintaining high profit margins on each sale.
Submarines are generally more expensive to operate than surface ships due to their greater size and complexity but offer higher speed as compared to other types of vessels such as destroyers or frigates owing to their nuclear-powered propulsion systems that require less maintenance over the course of a longer lifespan. This factor has resulted in an increased demand for submarine-related services across all regions thus providing ample opportunity for growth over the coming years.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The growth of this region can be attributed to rising investments by countries such as China, India, South Korea, and Japan. These countries are focusing on developing their domestic maritime sector for economic gains. For instance, China’s Belt & Road Initiative (BRI) aims at building a modern-day Maritime Silk Route which will connect Asia with Europe and Africa through ports in China itself.
Europe accounted for more than 20% of the overall revenue share in 2017 owing to high demand from surface vessels application segment due to increasing defense spending by major economies including Russia.
Growth Factors:
- Increasing demand for vessels due to globalization and increase in trade activities
- Proliferation of new vessel types and sizes, especially in the container segment
- Stringent safety and environmental regulations governing shipping industry
- Growing popularity of retrofitting and upgrading existing vessels to improve fuel efficiency
- Increased spending on maritime security by governments
Scope Of The Report
Report Attributes
Report Details
Report Title
Vessel Engine MRO Market Research Report
By Type
Maintenance, Repair, Overhaul
By Application
Surface Warship, Submarines, Support Vessels
By Companies
BAE Systems, General Dynamics, Huntington Ingalls Industries, Northrop Grumman, Lockheed Martin, Raytheon, URS Corporation, Saab
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
242
Number of Tables & Figures
170
Customization Available
Yes, the report can be customized as per your need.
Global Vessel Engine MRO Market Report Segments:
The global Vessel Engine MRO market is segmented on the basis of:
Types
Maintenance, Repair, Overhaul
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Surface Warship, Submarines, Support Vessels
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- BAE Systems
- General Dynamics
- Huntington Ingalls Industries
- Northrop Grumman
- Lockheed Martin
- Raytheon
- URS Corporation
- Saab
Highlights of The Vessel Engine MRO Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Maintenance
- Repair
- Overhaul
- By Application:
- Surface Warship
- Submarines
- Support Vessels
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Vessel Engine MRO Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Vessel Engine MRO is a type of maintenance, repair and overhaul (MRO) service that specializes in the repair and overhaul of marine engines.
Some of the major players in the vessel engine mro market are BAE Systems, General Dynamics, Huntington Ingalls Industries, Northrop Grumman, Lockheed Martin, Raytheon, URS Corporation, Saab.
The vessel engine mro market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Vessel Engine MRO Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Vessel Engine MRO Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Vessel Engine MRO Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Vessel Engine MRO Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Vessel Engine MRO Market Size & Forecast, 2018-2028
4.5.1 Vessel Engine MRO Market Size and Y-o-Y Growth
4.5.2 Vessel Engine MRO Market Absolute $ Opportunity
Chapter 5 Global Vessel Engine MRO Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Vessel Engine MRO Market Size Forecast by Type
5.2.1 Maintenance
5.2.2 Repair
5.2.3 Overhaul
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Vessel Engine MRO Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Vessel Engine MRO Market Size Forecast by Applications
6.2.1 Surface Warship
6.2.2 Submarines
6.2.3 Support Vessels
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Vessel Engine MRO Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Vessel Engine MRO Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Vessel Engine MRO Analysis and Forecast
9.1 Introduction
9.2 North America Vessel Engine MRO Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Vessel Engine MRO Market Size Forecast by Type
9.6.1 Maintenance
9.6.2 Repair
9.6.3 Overhaul
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Vessel Engine MRO Market Size Forecast by Applications
9.10.1 Surface Warship
9.10.2 Submarines
9.10.3 Support Vessels
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Vessel Engine MRO Analysis and Forecast
10.1 Introduction
10.2 Europe Vessel Engine MRO Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Vessel Engine MRO Market Size Forecast by Type
10.6.1 Maintenance
10.6.2 Repair
10.6.3 Overhaul
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Vessel Engine MRO Market Size Forecast by Applications
10.10.1 Surface Warship
10.10.2 Submarines
10.10.3 Support Vessels
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Vessel Engine MRO Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Vessel Engine MRO Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Vessel Engine MRO Market Size Forecast by Type
11.6.1 Maintenance
11.6.2 Repair
11.6.3 Overhaul
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Vessel Engine MRO Market Size Forecast by Applications
11.10.1 Surface Warship
11.10.2 Submarines
11.10.3 Support Vessels
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Vessel Engine MRO Analysis and Forecast
12.1 Introduction
12.2 Latin America Vessel Engine MRO Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Vessel Engine MRO Market Size Forecast by Type
12.6.1 Maintenance
12.6.2 Repair
12.6.3 Overhaul
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Vessel Engine MRO Market Size Forecast by Applications
12.10.1 Surface Warship
12.10.2 Submarines
12.10.3 Support Vessels
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Vessel Engine MRO Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Vessel Engine MRO Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Vessel Engine MRO Market Size Forecast by Type
13.6.1 Maintenance
13.6.2 Repair
13.6.3 Overhaul
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Vessel Engine MRO Market Size Forecast by Applications
13.10.1 Surface Warship
13.10.2 Submarines
13.10.3 Support Vessels
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Vessel Engine MRO Market: Competitive Dashboard
14.2 Global Vessel Engine MRO Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 BAE Systems
14.3.2 General Dynamics
14.3.3 Huntington Ingalls Industries
14.3.4 Northrop Grumman
14.3.5 Lockheed Martin
14.3.6 Raytheon
14.3.7 URS Corporation
14.3.8 Saab
