(MENAFN- America News Hour) The naval vessel maintenance, repair, and overhaul (mro) market is estimated to register a CAGR of over 8%, during the forecast period (2023-2033).
– The increasing need to maintain, repair, and overhaul the existing fleet of naval vessels worldwide, owing to the increasing maritime disputes shall lead to a growth in the naval vessel maintenance, repair, and overhaul (MRO) market.
– On the other hand, high maintenance and retrofit cost of naval vessels shall be a restraint for the market in the coming years.
– The provision for sufficient funds, in order to extend the service life of the deployed naval assets, is one of the most significant factors among governments, worldwide. Periodic upgradation of naval vessels, in the long run, helps in considerably reducing the costs linked with the procurement of new assets.
– Technological advancement shall lead to the modification of existing fleet of naval vessels, and this shall propel the growth in the near future.
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Key Market Trends
Destroyer Segment is Anticipated to Register the Highest CAGR
Currently, destroyers have the highest share of all the segments. Various developments, in terms of maintenance, repair, and overhaul of destroyers may lead to the growth of the segment. Destroyers are fast, maneuverable, long-endurance warship, which are intended to escort larger vessels in a fleet, convoy, or battle group, and defend them against smaller powerful short-range attackers. Presently, the demand for destroyers is increasing worldwide, with various nations looking to acquire new destroyer ships. In 2018, the US Navy announced that it has taken delivery of the Zumwalt-class destroyer Michael Monsoor from Bath Iron Works. This is the second of three of the stealth destroyers with the lead ship, Zumwalt being delivered in May 2016. In 2018, China unveiled its new class of destroyers, named Nanchang. The increasing number of deliveries of destroyer ships has also led to increasing the need for conducting of maintenance, repair, and overhaul operations on the ship. In 2018, General Dynamics reported that they have received a USD 26 million contract for engineering, technical, planning, ship configuration, data and logistics efforts for DDG 1000-class destroyers, post their delivery. The DDG 1000 class shall be provided with technical, engineering, and support, including emergent technical problem investigation and resolution; shock qualification test and analysis; maintenance and modernization planning; integrated logistics support; configuration data management; maintenance, repair, and overhaul availability planning and scheduling. Thus, upcoming developments shall increase the focus on this segment, and this shall be the reason for its expected high CAGR.
North America is Expected to Witness the Highest Growth
In the naval vessel maintenance, repair, and overhaul market, North America shall experience the highest growth. The US government has plans to expand the size of their naval fleet and plans to add 40 ships in the coming five years. Moreover, at the start of 2019, the US Navy reported the signing of a USD 14.9 billion contract with Huntington Ingalls Industries for two nuclear powered General R- Ford Class aircraft carriers. Additionally, in 2023, the US Navy reported that it has awarded a contract to Vigor Marine for USD 60 million to complete modifications on the USS Coronado. The modifications are expected to be finished by end of 2023. The modifications shall include engine and machinery overhauls, underwater hull coatings, life cycle inspections, and implementation of multiple ship alterations and upgrades to increase the Coronado's warfighting readiness. The increasing number of naval vessels in service in the United States may, in turn, lead to an increasing need for MRO operations in the near future. Thus, various ongoing developments shall lead to a growth in the naval vessel MRO market in North America, in the near future.
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Competitive Landscape
Various players such as URS Corporation (AECOM), Larsen & Toubro Limited, Huntington Ingalls Industries Inc., Abu Dhabi Shipbuilding Co., and Northrop Grumman Corporation hold significant market share as of December 2018. Various initiatives, as well as product innovations, are being done by companies which have led them to strengthen their presence in the market. In 2018, Huntington Ingalls Industries Inc. reported that their technical Solutions division has been awarded a contract to provide engineering, technical, repair and logistical support to the US Navy's Coastal Riverine Forces. The contract has been valued at USD 34 billion and has been awarded to Huntington Ingalls Industries for a period of five years.
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