Market Overview:
The global vessel MRO market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for vessels across different applications, such as surface warships, submarines, and support vessels. In addition, the increasing focus on regular maintenance and component replacement is also contributing to the growth of this market. The engine MRO segment is expected to hold the largest share of the global vessel MRO market during the forecast period. This can be attributed to factors such as increased spending on maritime security by various governments and rising demand for new ships and submarines across different applications.
Product Definition:
A vessel MRO is a company that provides maintenance, repair, and operations services for boats and ships. These companies are important because they keep boats and ships running smoothly, ensuring that cargo is transported safely.
Engine MRO:
Engine MRO is Maintenance, Repair & Overhaul of ships engines. It includes components such as machinery, sensors and controls, lubricants & coolants and other consumables such as oils and greases. The market for engine MRO has been growing in line with the global shipping industry which has been expanding over the past few years on account of increasing international trade particularly between Asia Pacific countries.
Dry Dock MRO:
Dry dock MRO is a facility that provides maintenance, repair and overhaul services for ships. It includes facilities such as shipyard, dry docks, cranes and other related equipment. Dry Dock MRO market is segmented on the basis of service type which includes general cargo handling (GCGH), specialty cargo handling (SCGH) and containerized cargo handling (CTGH).
Application Insights:
Based on the application, the market has been segmented into surface warships, submarines, support vessels and others. The surface warship segment dominated the overall market in terms of revenue share in 2017. Surface warships are generally large and expensive ships that require frequent maintenance for a smooth operation of systems including engines and weapons. Hence, MRO services for these types of vessels are expected to witness significant growth over the forecast period owing to their rising importance across military fleets worldwide.
The submarine is another important application witnessing significant demand from various regions around the world due to its vital role in modern warfare which extends from intelligence gathering operations to launching attacks against enemy forces at sea or ashore via underwater torpedo strikes. Vessels such as ballistic missile submarines require long-term maintenance as they operate on an extended submerged schedule basis for maintaining strategic deterrence against potential adversaries globally thereby contributing significantly towards global vessel MRO market growth over the forecast period by 2030.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing region with a CAGR of XX% from 2018 to 2030 owing to the presence of several shipbuilding and repair facilities in China, South Korea, Japan, and India. The Asia Pacific was followed by Europe which accounted for around 35% of the total market share in 2017 owing to a large number of surface vessels present in this region. North America also had a significant market share due to regular maintenance activities on board ships that take place at sea as well as dry docks used for vessel refit & reconstruction activities.
The U.S., being one of the most lucrative markets across all regions has been witnessing high demand from various end-user industries such as oil & gas (petrochemical), chemicals, mining etc.
Growth Factors:
- Increasing demand for air travel: The global air travel industry is expected to grow at a CAGR of 5.8% from 2016 to 2021, reaching a total market size of 7.8 billion by 2021. This will create increased demand for aircraft and subsequently for vessel MRO services.
- Aging aircraft fleet: The average age of the world's commercial aircraft fleet is currently around 11 years, and is expected to increase to 15 years by 2035 as airlines replace older planes with more fuel-efficient models. This will create increased demand for vessel MRO services as airlines seek to extend the life of their aging fleets.
- Expansion in emerging markets: Emerging markets such as China and India are experiencing rapid growth in air travel, driven by rising incomes and expanding middle classes. This growth will create increased demand for new aircraft, which in turn will lead to greater need for vessel MRO services over the next decade or so .
Scope Of The Report
Report Attributes
Report Details
Report Title
Vessel MRO Market Research Report
By Type
Engine MRO, Dry Dock MRO, Regular Maintenance MRO, Component MRO
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
241
Number of Tables & Figures
169
Customization Available
Yes, the report can be customized as per your need.
Global Vessel MRO Market Report Segments:
The global Vessel MRO market is segmented on the basis of:
Types
Engine MRO, Dry Dock MRO, Regular Maintenance MRO, Component MRO
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 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:
- Engine MRO
- Dry Dock MRO
- Regular Maintenance MRO
- Component MRO
- 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 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.
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- 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 MRO is a service that provides maintenance, repair and overhaul (MRO) services for vessels.
Some of the key players operating in the vessel mro market are BAE Systems, General Dynamics, Huntington Ingalls Industries, Northrop Grumman, Lockheed Martin, Raytheon, URS Corporation, Saab.
The vessel mro market is expected to grow at a compound annual growth rate of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Vessel MRO Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Vessel MRO Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Vessel MRO Market - Supply Chain
4.5. Global Vessel MRO Market Forecast
4.5.1. Vessel MRO Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Vessel MRO Market Size (000 Units) and Y-o-Y Growth
4.5.3. Vessel MRO Market Absolute $ Opportunity
5. Global Vessel MRO Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Vessel MRO Market Size and Volume Forecast by Type
5.3.1. Engine MRO
5.3.2. Dry Dock MRO
5.3.3. Regular Maintenance MRO
5.3.4. Component MRO
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Vessel MRO Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Vessel MRO Market Size and Volume Forecast by Application
6.3.1. Surface Warship
6.3.2. Submarines
6.3.3. Support Vessels
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Vessel MRO Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Vessel MRO Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Vessel MRO Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Vessel MRO Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Vessel MRO Demand Share Forecast, 2019-2026
9. North America Vessel MRO Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Vessel MRO Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Vessel MRO Market Size and Volume Forecast by Application
9.4.1. Surface Warship
9.4.2. Submarines
9.4.3. Support Vessels
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Vessel MRO Market Size and Volume Forecast by Type
9.7.1. Engine MRO
9.7.2. Dry Dock MRO
9.7.3. Regular Maintenance MRO
9.7.4. Component MRO
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Vessel MRO Demand Share Forecast, 2019-2026
10. Latin America Vessel MRO Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Vessel MRO Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Vessel MRO Market Size and Volume Forecast by Application
10.4.1. Surface Warship
10.4.2. Submarines
10.4.3. Support Vessels
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Vessel MRO Market Size and Volume Forecast by Type
10.7.1. Engine MRO
10.7.2. Dry Dock MRO
10.7.3. Regular Maintenance MRO
10.7.4. Component MRO
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Vessel MRO Demand Share Forecast, 2019-2026
11. Europe Vessel MRO Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Vessel MRO Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Vessel MRO Market Size and Volume Forecast by Application
11.4.1. Surface Warship
11.4.2. Submarines
11.4.3. Support Vessels
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Vessel MRO Market Size and Volume Forecast by Type
11.7.1. Engine MRO
11.7.2. Dry Dock MRO
11.7.3. Regular Maintenance MRO
11.7.4. Component MRO
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Vessel MRO Demand Share, 2019-2026
12. Asia Pacific Vessel MRO Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Vessel MRO Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Vessel MRO Market Size and Volume Forecast by Application
12.4.1. Surface Warship
12.4.2. Submarines
12.4.3. Support Vessels
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Vessel MRO Market Size and Volume Forecast by Type
12.7.1. Engine MRO
12.7.2. Dry Dock MRO
12.7.3. Regular Maintenance MRO
12.7.4. Component MRO
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Vessel MRO Demand Share, 2019-2026
13. Middle East & Africa Vessel MRO Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Vessel MRO Market Size and Volume 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. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Vessel MRO Market Size and Volume Forecast by Application
13.4.1. Surface Warship
13.4.2. Submarines
13.4.3. Support Vessels
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Vessel MRO Market Size and Volume Forecast by Type
13.7.1. Engine MRO
13.7.2. Dry Dock MRO
13.7.3. Regular Maintenance MRO
13.7.4. Component MRO
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Vessel MRO Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Vessel MRO Market: Market Share Analysis
14.2. Vessel MRO Distributors and Customers
14.3. Vessel MRO Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. BAE Systems
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. General Dynamics
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Huntington Ingalls Industries
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Northrop Grumman
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Lockheed Martin
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Raytheon
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. URS Corporation
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Saab
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. COMPANY9
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
