DUBLIN, January 20, 2022--(BUSINESS WIRE)--The "Naval Vessel Maintenance, Repair, and Overhaul (MRO) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2031)" report has been added to ResearchAndMarkets.com's offering.
The naval vessel maintenance, repair, and overhaul (MRO) market was valued at about USD 54.04 billion in 2021, and it is projected to register a CAGR of about 2% during the forecast period (2022 - 2031).
General Dynamics Corporation
Huntington Ingalls Industries Inc.
Lockheed Martin Corporation
NAVANTIA SA SME
BAE Systems PLC
Rolls-Royce Holdings PLC
Rhoads Industries, Inc.
Abu Dhabi Ship Building Company
Larsen & Toubro Limited
Damen Shipyards Group
Key Market Trends
The Destroyers Accounted for a Major Share by Revenue in 2021
Destroyers are fast, maneuverable, long-endurance warships that escort support and larger vessels in a fleet and defend them against the attacks of smaller powerful short-range surface combatants. The current global fleet of destroyers is around 250. Countries such as the United States, China, and Japan account for the highest share of the existing fleet of destroyers in the world. Due to their rather expensive procurement and operating costs, only a select few navies operate destroyers globally. With the global fleet age of destroyers increasing, countries around the world are investing in the modernization of their fleet with advanced equipment and in-service maintenance and overhaul plans.
Also, the growing requirement of equipping the newer destroyers with the latest weapon systems is driving the need for destroyer modernization programs. For instance, in July 2021, MBDA UK was awarded an 11-year contract to integrate the Common Anti-Air Modular Missile, often referred to as Sea Ceptor, into the UK Navy's Type 45 destroyers' Sea Viper weapon systems. The work will also include the upgrade of the Sea Viper command and control (C2) system. Fitting CAMM onto the Type 45s will give the destroyers a 50% increase in the number of its air defense missiles. The first Type 45 destroyer is expected to be overhauled by summer 2026.
Also, as of 2021, the navies of France and Italy were planning to conduct a mid-life upgrade of the Horizon class of air warfare destroyers that have been in service for more than ten years. In 2020, Naviris provided a contract to Naval Group, which was contracted through OCCAR (Organization for Joint Armament Co-operation) to conduct a feasibility study for the upgrade. Countries are also investing in sustaining the existing destroyer fleets by upgrading decades-old ships with newer systems and extending their service life. In 2021, the United States started upgrading the sensors, electronics, and weapons aboard the existing fleet of DDG-51 Arleigh Burke-class Flight IIA destroyers. Such developments are expected to drive the growth of the segment during the forecast period.
The Asia-Pacific Region Held the Highest Market Share in 2021
The Asia-Pacific region currently dominates the market, and it is expected to continue its dominance during the forecast period. Countries like China, India, and Japan are increasing their investment in strengthening their naval capabilities due to the ongoing geopolitical tensions in the region. China is one of the largest navies in the world, with 335 naval vessels (2019), about 55% larger than in 2005, where the majority of the fleet is more than 13 years.
Similarly, other countries (like India and Japan) are also operating a fleet of aging naval vessels. Due to this, the countries are modernizing their fleets of naval vessels through the integration of advanced technologies (modifications) into the vessels. In this regard, the Australian government announced an investment of USD 75 billion over the next decade to enhance its naval capabilities. Out of the total investment, approximately 1/3rd of the investment is expected toward the improvement and sustainment of its naval vessels.
Under this investment, the country plans to upgrade its Hobart Class Destroyers, ANZAC Class Frigates, and the country navy's Amphibious ships and invest in the upgrade and life extension of the Collins Class submarines that are currently in service (average age more than 20 years). Similar investments in the modernization of naval vessels are anticipated to accelerate the demand for naval vessel MRO in the region in the coming years.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Vessel Type
5.2 MRO Type
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/y8ul06
View source version on businesswire.com: https://www.businesswire.com/news/home/20220120005942/en/
Laura Wood, Senior Press Manager
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