Naval Vessels MRO Market Is Increasing Focus On Keeping Naval Fleets Combat-Ready

The global naval vessels mro market size is expected to be valued at US$ 58.6 billion in 2022 and growing at a CAGR of 2.4% over the forecast period due to increasing focus on keeping naval fleets combat-ready across the globe. The growing need for the maintenance, repair and overhaul of the current naval vessel fleet worldwide, owing to the maritime conflicts, would lead to an increase in the demand for naval vessel maintenance, repair and overhaul (MRO). On the other hand, the high cost of repair and retrofitting of naval vessels in the coming years will result in market restrictions.

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Integrated Logistics Overhaul (ILO) Accounted for Higher Revenue Share in Global Naval Vessels MRO Market:
Based on MRO service, global naval vessels MRO market is segmented into maintenance & repair (MR), baseline overhaul (BOH), regular overhaul (ROH), complex overhaul (COH), integrated logistics overhaul (ILO), others. Integrated Logistics Overhaul (ILO) is accounted for higher revenue. The ILO enhances readiness by providing logistics support aship that accurately represents the true equipment and operational needs of the ship. The term logistics support refers to the repair parts, the Scheduled Maintenance System (PMS), technical manuals, and the required staff training to operate and maintain the ship.

North America leads the Global Naval Vessels MRO Market:
Based on regional analysis, global naval vessels MRO market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America global naval vessels MRO market contributed the largest share in 2021. With 336,978 personnel on active duty and 101,583 in the Ready Reserve, the U.S. Navy is the third largest of the U.S. military service branches in terms of personnel. It has 290 deployable combat vessels and more than 3,700 operational aircraft as of June 2019. All these subsequently boost the global naval vessels MRO market.

Strategic Acquisitions, Merger, Agreements, Collaborations and Partnerships are the key strategies adopted by market players :
The global naval vessels MRO market further reveals that the key player's increasingly adopting strategies such as strategic acquisitions, merger, agreements, collaborations and partnerships to enhance market revenue share. For instance, In February 2019, BAE Systems signed a contract worth USD 114.5 million with the US Navy to provide maintenance and modernization services for the US Navy's guided-missile destroyer, USS Bulkeley (DDG 84). In January 2019, BAE Systems signed a contract worth USD 78.8 million with the US Navy to provide maintenance and modernization services for the US Navy's USS Shoup (DDG 86), a guided-missile destroyer (DDG).

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The global naval vessels MRO market is segmented on the basis of vessel type, MRO type, MRO service and region:
By Vessel Type
• Corvettes
• Submarines
• Destroyers
• Frigates
• Others

By MRO Type
• Component MRO
• Engine MRO
• Regular Maintenance MRO
• Dry Dock MRO
• Others

By MRO Service
• Maintenance & Repair (MR)
• Baseline Overhaul (BOH)
• Regular Overhaul (ROH)
• Complex Overhaul (COH)
• Integrated Logistics Overhaul (ILO)
• Others

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Key player's profiles in the global naval vessels MRO market are: Northrop Grumman Corporation, General Dynamics Corporation, BAE Systems Inc., Lockheed Martin, Huntington Ingalls Industries, URS Corporation, Raytheon Company, Saab AB, Rockwell Collins, Elbit Systems Ltd., Chidambaram Shipcare Pvt Ltd., V Group Limited.

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