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What Are The Market Size Projections For The Global Boat And Ship MRO Market?
The boat and ship MRO market size has flourished in recent years. From a value of $129.32 billion in 2024, it is projected to climb to $136.03 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. This growth during the historic period is linked to a rise in demand for specialized expertise, adoption of preventive maintenance, focus on cost-efficiency, environmental and safety concerns, and innovations in shipbuilding. The market is forecasted to continue its growth to reach $172.69 billion in 2029 at a CAGR of 6.1%, motivated by factors such as a shift towards remote diagnostics, focus on cybersecurity in maritime, digitalization and automation, adoption of predictive maintenance, and expansion of fleet size.
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What Factors Are Driving The Boat And Ship MRO Market Growth?
A key growth driver for the boat and ship MRO market is the rising marine trade. Marine trade uses ships to transport goods via sea. The regular maintenance and timely repair of commercial ships and boats, provided by MRO services, help prevent breakdowns and failures, and ensure their prompt return to operation, thus minimizing further damage and expenditures. This maintenance and repair also ensures adherence to international maritime laws in the shipping industry. For instance, according to the United Nations Conference on Trade and Development, marine trade is expected to grow by 2.4% in 2023 and continue to grow by more than 2% from 2024 to 2028. Hence, the rise in marine trade is fuelling the growth of the boat and ship MRO market.
What Are the Key Segments Within the Global Boat And Ship MRO market?
The report categorizes the boat and ship MRO market into the following segments:
1) By MRO Type: Engine MRO, Component MRO, Dry Dock MRO, Modifications, Other MRO Types
2) By Vessel Type: Boat, Yacht, Vessels, Other Vessel Types
3) By Application: Private, Commercial, Defense
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What Prominent Companies Are Shaping The Boat And Ship MRO Market?
Notable companies operating in the boat and ship MRO market include Huntington Ingalls Industries Inc., L&T Shipbuilding Limited, Zamakona Yards SA, Bender CCP, 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, PPG Industries Inc., Tata Steel Ltd., 3GA Marine Ltd, Austal Ltd, Bollinger Shipyards LLC, Chantier Naval de Marseille, Chantiers de l’Atlantique, Bath Iron Works, Navantia SA, Kongsberg Maritime, Damen Shipyards Group, and ThyssenKrupp Marine Systems.
What Emerging Trends Are Shaping The Boat And Ship MRO Market Landscape?
Product innovation is a leading trend in the boat and ship MRO market. Companies in this industry are adopting new technologies to sustain their competitive positions in the market. For instance, Bureau Veritas introduced a digitally optimized machinery maintenance application (MMA) in April 2023 for effective maintenance of vessels. The unique feature of MMA is its ability to enable vessel operators to directly transmit necessary machinery maintenance data to Bureau Veritas by creating a link between BV’s MMA and the vessel owner’s computerized maintenance management system (CMMS), thereby preparing the periodical survey quickly and efficiently.
Which Region Is The Largest And Fastest-Growing In The Boat And Ship MRO market?
Asia-Pacific was the largest region in the boat and ship MRO market in 2024. The report also identifies Asia-Pacific as the fastest-growing region in the global boat and ship MRO market during the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Boat And Ship MRO Global Market Report 2025 Offer?
Boat and ship MRO refers to the upkeep, repair, and maintenance of boats and ships to keep them in optimal condition and ensure their safe and reliable operation. Periodic maintenance helps prevent costly breakdowns and downtime and ensures the safety and reliability of the vessel. The Boat And Ship MRO Global Market Report 2025 research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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