The Global Boat and Ship MRO Market Report Forecast 2021 – 2025 offers a clear understanding of the subject matter. The report has been gathered using principal and subordinate research methodologies. Both these methods are directed towards cooperating accurate and meticulous data concerning the market dynamics, historical events, and the current market landscape. Additionally, the report also includes a SWOT analysis that concludes the strengths, weaknesses, opportunities, and threats impacting the segments of the overall market. The report also takes into account the impact of the COVID-19 and also forecasts its recovery post-COVID-19.
The Boat and Ship MRO Market is expected to exhibit a growth rate of over 9% during the forecast period 2020 – 2025.
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Top Key Players in the Global Boat and Ship MRO Market: Larsen and Toubro Shipbuilding Limited, Huntington Ingalls Industries, Abu Dhabi Ship Building Company, etc.
In February 2020, Huntington Ingalls Industries partnered Titan Acquisition Holding an commit its San Diego Shipyard for ship repair operations.
– Due to increase in trade and commerce between various nations, usage of commercial ships have increased and they are being put more into work. Due to this factor, need for scheduled maintenance and breakdown maintenance is increasing, propelling the growth of MRO market.
– The exponential rise in fishing industry fuelled by large scale adoption of motorized boats, large capacity boats and fishing vessels is also propelling the growth of boat MRO market. Developing economies such as India has witnessed more than 100% growth in fisheries output during 2014 – 2015. The global fishing fleet is exhibiting a growth rate of more than 1.2% and this factor is expected to drive the market.
– Due to increased marine activity, there has been a significant rise in the number of collision incidents between vessels. In April 2020, a Venezuelan patrol boat sank in the Caribbean Sea after colliding with a Portoguese cruise ship. In the same month, a Japanese destroyer sustained damage in form of a one meter hole after colliding with a Chinese fishing vessel. Such incidents are increasing untimely and emergency repairs, thus propelling the Boat And Ship MRO market.
The report offers an in-depth assessment of the growth and other aspects of the Boat and Ship MRO market in important countries (regions), including:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Asia Pacific To Exhibit The Highest Growth Rate During Forecast Period
Asia Pacific region is home to strong developing economies such as India and China who are now investing more to boost their international exports. The fishing industry has also boomed in the region due to large scale adoption of powerful motorized boats. The countries in the Asia Pacific region are also investing heavily to modernize their existing naval fleets to counter piracy and sea border violation activities. A large portion of the fleet present in this region consist of old ships that need timely repairs and maintenance. Indian Navy for instance has witnessed incidents of untimely breakdown of their vessels in the past few years. According to Allianz Global Corporate And Strategy, Asia Pacific waters are the most unsafe waters with the total losses constituting 45% of total global cargo loss due to shipping casualty in 2018. These factors are propelling the growth of market in the region. The presence of large number of IT and technology firms in the region is fuelling the growth of technology such as Virtual Reality, Augmented Reality, Mixed Reality and Extended Reality and these technologies are expected to significantly drive the Boat and Ship MRO market in the region. The sea trade volume and trade value witnessed a decline in Asia Pacific region in 2019 after growing continuously for 9 years post 2009 crisis. This fall is attributed to ongoing trade war between India and China and the COVID 19 outbreak is expected to further hinder the market.
This Boat and Ship MRO Market report addresses:
– The Market size from 2015-2020
– Expected market growth until 2025
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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– The market estimate (ME) sheet in Excel format
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Covid-19 Impact Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain have been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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