Market Size of Boat And Ship MRO Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 136.53 Billion |
| Market Size (2029) | USD 165.47 Billion |
| CAGR (2024 - 2029) | 3.92 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Boat & Ship MRO Market Analysis
The Boat And Ship MRO Market size is estimated at USD 136.53 billion in 2024, and is expected to reach USD 165.47 billion by 2029, growing at a CAGR of 3.92% during the forecast period (2024-2029).
The boat and ship MRO market was negatively impacted due to the COVID-19 pandemic. Trade activities between leading countries were temporarily shut down due to governments imposing national lockdowns and closing international borders. However, with relaxations allowed by governments to improve economic conditions, marine trade is expected to revive over the next few months.
Factors such as the increasing boat and ship fleet, increasing sales of new boats and ships, and the increase in the average age of a vessel are driving demand for maintenance, repair, and overhaul services in the marine industry. Due to the increase in trade and commerce between various nations, usage of commercial ships has increased, and they are being put more into work. Due to this factor, the need for scheduled maintenance and breakdown maintenance is increasing, propelling the growth of the MRO market.
Other factors like rising energy consumption, the demand for eco-friendly ships and shipping services, and the advent of robotics in shipbuilding are driving the growth of the market.
