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Global Boat and Ship MRO Market to reach USD 177.04 billion by the end of 2029.

Global Boat and Ship MRO Market Size study & Forecast, by Vessel Type (Boat, Yacht, Vessels and other Vessel Types) by Vessel Application (Private, Commercial and Defense), by MRO Type(Engine MRO, Component MRO, Dry Dock MRO, Modifications and Other MRO Types) and Regional Analysis, 2022-2029

Product Code: ALTAWT-90526587
Publish Date: 17-04-2023
Page: 200

Global Boat and Ship MRO Market is valued at approximately USD 121.67 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2022-2029.Boat and Ship MRO includes maintenance, repair and overhaul which ensures that they are in optimum working condition during operations. The market for Boat and Ship maintenance, repair, and overhaul (MRO) is growing due to rise in maritime growing fleet of boats and ships, rising sales of new boats and ships, and an increase in the average age of a vessel. Commercial ships are now used more frequently and are put to greater use because of the growth in international trade and business. This aspect is driving the growth of the MRO industry by driving up the need for scheduled maintenance and breakdown maintenance.

According to UNCTAD, the growth of the world’s maritime trade will decelerate, reaching 1.4% in 2022. It is anticipated to expand at a 2.1% yearly rate from 2023 to 2027. The Baltic and International Maritime Council (BIMCO) also state that at the beginning of 2021, the world’s merchant fleet had a capacity of 74,505 ships spread over 11 major sectors covered by the BIMCO ICS Seafarer Workforce Report 2021. By the end of 2025, the overall fleet is anticipated to reach 79,282 under the baseline scenario. To further reduce costs through economies of scale, the average fleet age and vessel size have increased over time. Since these long-range ships require ongoing repair, the boat and ship MRO market is anticipated to expand over the course of the forecast period. A lucrative expansion of the market is also being brought about by the demand for environmentally friendly ships and transportation services as well as the introduction of robotics in shipbuilding. However, the high cost of Boat and Ship MRO stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Boat and Ship MRO Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the rising marine trade, rising import and export activities overseas, rising government spending, and procuring the latest technology marine vessels. Whereas North America is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising overseas trade activities.

Major market players included in this report are:
Huntington Ingalls Industries Inc.
L&T Shipbuilding Limited
Zamakona Yards
Abu Dhabi Shipbuilding Company
Bender CCP
Mitsubishi Heavy Industries Limited
Bath Iron Works (General Dynamics Corporation)
Rhoads Industries Inc.
BAE Systems PLC

Recent Developments in the Market:
Ø In April 2021, In support of the Royal Navy, BAE Systems revealed that it would provide ship assist management, repair, and maintenance for the whole Portsmouth flotilla under a GBP 900 million deal. As part of a GBP 365 million deal, it also intended to form a joint venture with KBR to provide technology- and data-driven facilities management and dockside services at the base.
Ø In March 2021, Mitsubishi Heavy Industries and Mitsubishi E&S Holdings have a contract in place for Mitsubishi Heavy Industries to take over the government ship business and navy services.

Global Boat and Ship MRO Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Vessel Type, Vessel Application, MRO Type, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Vessel Typeofferings of key players. The detailed segments and sub-segment of the market are explained below:

By Vessel Type:
other Vessel Types

By Vessel Application:

By MRO Type:
Engine MRO
Component MRO
Dry Dock MRO
Other MRO Types

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Boat and Ship MRO Market, by Region, 2019-2029 (USD Billion)
1.2.2. Boat and Ship MRO Market, by Vessel Type, 2019-2029 (USD Billion)
1.2.3. Boat and Ship MRO Market, by Vessel Application, 2019-2029 (USD Billion)
1.2.4. Boat and Ship MRO Market, by MRO Type, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Boat and Ship MRO Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Boat and Ship MRO Market Dynamics
3.1. Boat and Ship MRO Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Growing Maritime Fleet Worldwide Increasing sales of new boats and ships
3.1.2. Market Challenges High Cost of Boat and Ship MRO
3.1.3. Market Opportunities Demand for eco-friendly ships and shipping services Advent of robotics in shipbuilding
Chapter 4. Global Boat and Ship MRO Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Boat and Ship MRO Market, by Vessel Type
6.1. Market Snapshot
6.2. Global Boat and Ship MRO Market by Vessel Type, Performance – Potential Analysis
6.3. Global Boat and Ship MRO Market Estimates & Forecasts by Vessel Type 2019-2029 (USD Billion)
6.4. Boat and Ship MRO Market, Sub Segment Analysis
6.4.1. Boat
6.4.2. Yacht
6.4.3. Vessels
6.4.4. Other Vessel Types
Chapter 7. Global Boat and Ship MRO Market, by Vessel Application
7.1. Market Snapshot
7.2. Global Boat and Ship MRO Market by Vessel Application, Performance – Potential Analysis
7.3. Global Boat and Ship MRO Market Estimates & Forecasts by Vessel Application 2019-2029 (USD Billion)
7.4. Boat and Ship MRO Market, Sub Segment Analysis
7.4.1. Private
7.4.2. Commercial
7.4.3. Defense
Chapter 8. Global Boat and Ship MRO Market, by MRO Type
8.1. Market Snapshot
8.2. Global Boat and Ship MRO Market by MRO Type, Performance – Potential Analysis
8.3. Global Boat and Ship MRO Market Estimates & Forecasts by MRO Type 2019-2029 (USD Billion)
8.4. Boat and Ship MRO Market, Sub Segment Analysis
8.4.1. Engine MRO
8.4.2. Component MRO
8.4.3. Dry Dock MRO
8.4.4. Modifications
8.4.5. Other MRO Types
Chapter 9. Global Boat and Ship MRO Market, Regional Analysis
9.1. Boat and Ship MRO Market, Regional Market Snapshot
9.2. North America Boat and Ship MRO Market
9.2.1. U.S. Boat and Ship MRO Market Vessel Type breakdown estimates & forecasts, 2019-2029 Vessel Application breakdown estimates & forecasts, 2019-2029 MRO Type breakdown estimates & forecasts, 2019-2029
9.2.2. Canada Boat and Ship MRO Market
9.3. Europe Boat and Ship MRO Market Snapshot
9.3.1. U.K. Boat and Ship MRO Market
9.3.2. Germany Boat and Ship MRO Market
9.3.3. France Boat and Ship MRO Market
9.3.4. Spain Boat and Ship MRO Market
9.3.5. Italy Boat and Ship MRO Market
9.3.6. Rest of Europe Boat and Ship MRO Market
9.4. Asia-Pacific Boat and Ship MRO Market Snapshot
9.4.1. China Boat and Ship MRO Market
9.4.2. India Boat and Ship MRO Market
9.4.3. Japan Boat and Ship MRO Market
9.4.4. Australia Boat and Ship MRO Market
9.4.5. South Korea Boat and Ship MRO Market
9.4.6. Rest of Asia Pacific Boat and Ship MRO Market
9.5. Latin America Boat and Ship MRO Market Snapshot
9.5.1. Brazil Boat and Ship MRO Market
9.5.2. Mexico Boat and Ship MRO Market
9.5.3. Rest of Latin America Boat and Ship MRO Market
9.6. Rest of The World Boat and Ship MRO Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Huntington Ingalls Industries Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. L&T Shipbuilding Limited
10.2.3. Zamakona Yards
10.2.4. Abu Dhabi Shipbuilding Company
10.2.5. Bender CCP
10.2.6. HPI LLC
10.2.7. Mitsubishi Heavy Industries Limited
10.2.8. Bath Iron Works (General Dynamics Corporation)
10.2.9. Rhoads Industries Inc.
10.2.10. BAE Systems PLC
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

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