Categories: Market Research

Global Boat And Ship MRO Market Size and Forecast 2024-2033|Huntington Ingalls Industries Inc., L&T Shipbuilding Limited, Zamakona Yards SA, Bender CCP, High Performance Institute LLC

The Boat And Ship MRO Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Boat And Ship MRO Global Market Report 2024, The boat and ship mro market size 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 growth in the historic period can be attributed to demand for specialized expertise, adoption of preventive maintenance, focus on cost-efficiency, environmental and safety concerns, innovations in shipbuilding.

The boat and ship mro market size 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%. The growth in the forecast period can be attributed to shift towards remote diagnostics, focus on cybersecurity in maritime, digitalization and automation, adoption of predictive maintenance, expansion of fleet size. Major trends in the forecast period include focus on safety and regulatory compliance, cognitive maintenance systems, leveraging big data and analytics, integrated fleet management systems, augmented reality (ar) in maintenance.

Rising marine trade is expected to propel the growth of the boat and ship MRO market going forward. Marine trade refers to the sort of trade in which ships are used to convey products via sea. MRO services are used to provide commercial ships and boats with regular maintenance helps to prevent breakdowns and failures, while timely repair ensures that the vessel returns to operation as soon as possible to minimize further damage and expenditures and address the present and future international marine laws in the shipping industry. For instance, in October 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization for trade, in 2021, maritime trade increased by 3.2%, with 64% of all products discharged and 42% of items loaded increasing and the global trade balance increased to 658 million metric ton. Therefore, rising marine trade is driving the growth of the boat and ship MRO market.

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The boat and ship mro market covered in this report is segmented –

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

Product innovation is a key trend in the boat and ship MRO market. Companies operating in the boat and ship MRO market are adopting new technologies to sustain their position in the market. For instance, in April 2023, Bureau Veritas, a France-based company operating in testing and inspection in various industries, introduced a digitally optimized machinery maintenance application (MMA) for the effective maintenance of vessels. The unique feature of MMA enables the vessel operator to send the necessary machinery maintenance data directly to Bureau Veritas by forming the link between BV’s MMA and a vessel owner’s computerized maintenance management system (CMMS) that prepare the periodical survey with greater speed and efficiency.

The boat and ship mro market report table of contents includes:

1. Executive Summary

2. Boat And Ship MRO Market Characteristics

3. Boat And Ship MRO Market Trends And Strategies

4. Boat And Ship MRO Market – Macro Economic Scenario

5. Global Boat And Ship MRO Market Size and Growth

26. South America Boat And Ship MRO Market

27. Brazil Boat And Ship MRO Market

28. Middle East Boat And Ship MRO Market

29. Africa Boat And Ship MRO Market

30. Boat And Ship MRO Market Competitive Landscape And Company Profiles

Top Major Players: