Market Size of Naval Vessel Maintenance, Repair, and Overhaul (MRO) Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 57.76 Billion |
| Market Size (2029) | USD 63.62 Billion |
| CAGR (2024 - 2029) | 1.95 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Naval Vessel MRO Market Analysis
The Naval Vessel Maintenance, Repair, and Overhaul Market size is estimated at USD 57.76 billion in 2024, and is expected to reach USD 63.62 billion by 2029, growing at a CAGR of 1.95% during the forecast period (2024-2029).
The market for naval vessel maintenance, repair, and overhaul (MRO) was slightly affected due to the COVID-19 pandemic, resulting from a lockdown implemented as a precaution against the spread of the virus. However, due to the pandemic, the military budgets are expected to decrease in the coming years, which may hamper the fleet modernization plans of navy fleets globally. Several shipyards performing MRO activities have also faced delays in project executions due to the COVID-19 pandemic.
The pandemic has led to the integration of advanced technologies to perform checks, inspections, and repairs of the existing fleets of naval vessels. Such technological advancements are expected to propel the growth of the market during the forecast period.
The increasing need to maintain, repair, and overhaul the existing fleet of naval vessels worldwide, owing to the increasing maritime disputes, may lead to growth in the naval vessel maintenance, repair, and overhaul (MRO) market.
Insufficient funds allocated by the governments for mid-life extension and maintenance of naval vessels can restrain the growth of the market.
