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  • The Naval Vessel Maintenance, Repair, and Overhaul (MRO) Market Is Estimated To Grow At A CAGR of Over 8% during the Forecast Period (2019 - 2024)

     



    (Aviation-NewsWire.Com, June 13, 2019 )
    "Market Overview
    The naval vessel maintenance, repair, and overhaul (MRO) market is estimated to grow at a CAGR of over 8% during the forecast period (2019 - 2024).
    - 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.

    Request a sample of Naval Vessel Maintenance, Repair and Overhaul Market report @ http://www.arcognizance.com/enquiry-sample/422522

    - 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 of sufficient funds in order to extend the service life of the deployed naval assets is one of the most significant factors among government 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 growth in the near future.

    Scope of the Report
    The maintenance, repair and overhaul operations conducted periodically on naval vessels are very crucial for sustaining as well as extending the life of a ship. It involves all the functions related to the maintenance, overhaul, routine checks, inspection, repair, as well as the modification of the vessel as well as its components. Performing of the MRO services helps to ensure the safety and the worthiness of the naval vessels. The report also covers the analysis of various other types of naval vessel types such as Amphibious Warfare Ships, Littoral Combat Ships, Cruisers, Mine Countermeasure Ships and Patrol Ships.

    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 shall lead to the growth of the segment. Destroyers are fast, maneuverable, long-endurance warship which is 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 growing worldwide with various nations looking to acquire new destroyer ships. In 2018, the US Navy announced that they have 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 growing 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 government of the US 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 2019, the US Navy reported that they have 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 2019. 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 growing number of naval vessels in service in the United States shall in turn lead to an increasing need for maintenance, repair and overhaul operations in the near future. Thus, various ongoing developments shall lead to a growth in the naval vessel maintenance, repair and overhaul market in North America in the near future.

    Access this report of Naval Vessel Maintenance, Repair and Overhaul Market @ http://arcognizance.com/report/naval-vessel-maintenance-repair-and-overhaul-market-growth-trends-and-forecast-2019-2024

    Competitive Landscape
    Various players such as URS Corporation (AECOM), L&T Shipbuilding, 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.

    Reasons to Purchase this report:
    - The market estimate (ME) sheet in Excel format
    - Report customization as per the client's requirements
    - 3 months of analyst support

    Buy The Report @ http://www.arcognizance.com/purchase/422522

    Major Point of TOC:

    Chapter One: INTRODUCTION

    Chapter Two: RESEARCH METHODOLOGY

    Chapter Three: EXECUTIVE SUMMARY

    Chapter Four: MARKET DYNAMICS

    Chapter Five: MARKET SEGMENTATION

    Chapter Six: COMPETITIVE LANDSCAPE

    Chapter Seven: MARKET OPPORTUNITIES AND FUTURE TRENDS

    Request a sample of Naval Vessel Maintenance, Repair and Overhaul Market report @ http://www.arcognizance.com/enquiry-sample/422522

    About Us:
    www.arcognizance.com is an initiation in this new era of “analysis @ thought.” We are on a mission to replace the conventional research programs and give way to the latest methods and information for the organizations. We have created this hub of analytical research papers where you can get an access to the latest and the best research papers coming out from some reliable and budding research houses. After the advent of “new analytics""based on the data collection facilities of big data, the face of ""business research facilities"" has changed drastically. With ARC our experts have created a bookshelf where you can check out the research reports that are an outcome of the progression of knowledge in various industry sectors. Alongside you can also check some research papers, market reports, and forecasts that are talking about the ""out of the box""developments in the market.

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    "

    Analytical Research Cognizance

    Avanti dengale

    +91 90967 44448

    avanti.dengale@arcognizance.com

    Source: EmailWire.Com

    Source: EmailWire.com

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