Boat and Ship MRO Global Market Report 2024

The boat and ship mro market has grown strongly in recent years. It will grow from $123.75 billion in 2023 to $131.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The expansion observed in the historic period can be traced to several contributing factors. These include a heightened demand for specialized expertise in boat and ship maintenance, an increased adoption of preventive maintenance practices, a strategic focus on cost-efficiency measures, growing concerns regarding environmental impact and safety regulations, as well as notable innovations in the field of shipbuilding.

The boat and ship mro market is expected to see strong growth in the next few years. It will grow to $162.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. Anticipated growth in the forecast period is expected to be driven by several key factors. These include a shift towards remote diagnostics, a heightened emphasis on cybersecurity within the maritime sector, increasing digitalization and automation initiatives, the widespread adoption of predictive maintenance practices, and the expansion of fleet sizes to meet growing demands.

The upward trajectory of marine trade is poised to drive the boat and ship MRO market's growth in the foreseeable future. Marine trade involves using ships to transport goods via sea routes. MRO services play a vital role in maintaining and repairing commercial ships and boats, ensuring their uninterrupted operation, compliance with international maritime laws, and minimizing potential damages and expenses. According to the United Nations Conference on Trade and Development in October 2022, maritime trade witnessed a 3.2% increase in 2021, with significant increments in products discharged and loaded, contributing to a global trade balance of 658 million metric tons. This surge in marine trade directly fuels the boat and ship MRO market.

The escalation of geopolitical tensions is expected to be a driving force behind the boat and ship MRO market's growth. Geopolitical tensions denote conflicts or disputes among nations, often centered on issues such as territory, resources, or ideology. Increased military presence necessitates extensive maintenance of naval fleets, leading to frequent MRO needs. Nations upgrading existing ships amid tensions contribute to the demand for these services. Supply chain disruptions and cybersecurity concerns during such periods elevate the significance of MRO capabilities. For instance, according to The Armed Conflict Location & Event Data Project in March 2022, there was a notable increase in reported events of political violence targeting civilians and a rise in civilian fatalities from 2020 to 2021. Hence, heightened geopolitical tensions drive the boat and ship MRO market's expansion.

Innovation stands out as a pivotal trend within the boat and ship MRO market. Companies operating in this sector embrace new technologies to maintain their market positions. For instance, in April 2023, Bureau Veritas unveiled a digitally optimized Machinery Maintenance Application (MMA) tailored for effective vessel maintenance. This MMA allows direct transmission of necessary machinery maintenance data from vessel operators to Bureau Veritas, streamlining periodical surveys with increased speed and efficiency.

Key players in the boat and ship MRO market prioritize partnerships to drive product development and fortify their market positions. For example, Bureau Veritas partnered with Kongsberg Digital AS in April 2023, introducing a cutting-edge capability for digitized machinery maintenance. This collaboration integrates Bureau Veritas' Machinery Maintenance Application (MMA) with vessel operators' maintenance management systems such as K-Fleet from Kongsberg Digital. The partnership aims to support ship owners in their machinery maintenance needs by leveraging technology integration and real-time data exchange, setting the stage for future data analytics and optimized maintenance models in the maritime industry.In February 2022, Babcock International Group PLC, a UK-based international defense company, acquired Australian Naval Ship Management (NSM) for an undisclosed amount. Through this acquisition, Babcock broadened its assistance for the Australian Defense Force's maritime capability as well as delivered extra capability for Australia's existing and future maritime programs. Naval Ship Management (Australia) Pty Ltd., an Australia-based provider of comprehensive maritime sustainment systems, offers asset management, maintenance planning, and sustainment services.

Major companies operating in the boat and ship mro market report are Huntington Ingalls Industries Inc., L&T Shipbuilding Limited, Zamakona Yards SA, Bender CCP, High Performance Institute LLC, Abu Dhabi Ship Building Company PJSC, Mitsubishi Heavy Industries Limited, General Dynamics LLC, Rhoads Industries Inc., BAE Systems plc, Babcock International Group plc, Raytheon Technologies Corporation, Teledyne Marine plc, Lockheed Martin Corporation, Fincantieri S.p.A, Saab AB, CoorsTek Inc., Morgan Advanced Materials Inc., AGY Holding Corp., White Horse Research and Development Inc., Megiddo Global LLC, Hard Shell U.S., ArmorCo Advanced Armoring Products Inc., Tex Tech Industries Pvt. Ltd., SAE Manufacturing Specialties Corp., PPG Industries Inc., SafeGuard Armor LLC, Schunk Carbon Technology Ltd., Tata Steel Ltd., Teijin Aramid B.V.

Asia-Pacific was the largest region in the boat and ship MRO market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global boat and ship MRO market report during the forecast period. The regions covered in the boat and ship mro market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the boat and ship mro market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The boat and ship MRO market consists of revenues earned by entities by providing various services such as production equipment repair and maintenance, material handling equipment repair and maintenance, managing tools and consumables, infrastructure maintenance, and supply-chain management and procurement. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary categories within boat and ship MRO include engine MRO, component MRO, dry dock MRO, modifications, and other related services. Engine maintenance, repair, and overhaul (MRO) specifically target the repair, servicing, and inspection of engines according to international standards. This process involves addressing issues and conducting routine maintenance tasks on marine engines aboard various types of vessels, including boats, yachts, and ships, serving private, commercial, and defense-related applications. The objective remains focused on ensuring the safety and optimal functionality of these marine engines.

The boat and ship MRO market research report provides boat and ship MRO market statistics, including boat and ship MRO industry global market size, regional shares, competitors with a boat and ship MRO market share, detailed boat and ship MRO market segments, market trends and opportunities, and any further data you may need to thrive in the boat and ship MRO industry. This boat and ship MRO market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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