The boat and ship MRO market size has grown strongly in recent years. It will grow from $129.32 billion in 2024 to $136.03 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. 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 $172.69 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. 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.
The increasing marine trade is anticipated to drive the growth of the boat and ship MRO market in the future. Marine trade involves the transportation of goods via sea using ships. MRO services provide routine maintenance for commercial ships and boats to prevent breakdowns and failures, while prompt repairs ensure that vessels can resume operations quickly, minimizing additional damage and costs, and complying with current and future international maritime regulations in the shipping sector. For example, in September 2023, the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, projected that maritime trade would grow by 2.4% in 2023 and by over 2% from 2024 to 2028. Thus, the rise in marine trade is driving the expansion of the boat and ship MRO market.
The rise in geopolitical tensions is expected to drive the growth of the boat and ship MRO market in the future. Geopolitical tensions refer to political conflicts, rivalries, or disputes between nations or regions, often involving issues such as territory, resources, power, or ideology. An increased military presence necessitates more frequent and comprehensive maintenance of naval fleets. Countries may upgrade and retrofit their existing ships, thereby boosting the demand for MRO services. Extended deployments in strategic areas lead to wear and tear, requiring ongoing maintenance. Additionally, supply chain disruptions and cybersecurity concerns during periods of tension underscore the importance of MRO capabilities. For example, in August 2024, the World Economic Forum, an international organization based in Switzerland, reported that 83% of respondents viewed geopolitical tensions as the primary risk to global economic growth in the coming year, surpassing concerns about high inflation and monetary tightening, which were mentioned by 73%. Looking ahead to the next decade, 86% of participants identified increasing geopolitical fragmentation and protectionism as the most significant long-term threat. Therefore, the rise in geopolitical tensions is fueling the growth of the boat and ship MRO market.
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 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, ThyssenKrupp Marine Systems.
Asia-Pacific was the largest region in the boat and ship MRO market in 2024. 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.
Boat and ship MRO (Maintenance, Repair, and Operations) encompasses the essential upkeep, repair, and maintenance practices vital for ensuring the optimal condition, safety, and reliable performance of waterborne vessels. This comprehensive approach aims to prevent costly breakdowns and minimize downtime while prioritizing the vessel's safety and dependability.
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 is one of a series of new reports that 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 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 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.
This product will be delivered within 3-5 business days.
The boat and ship MRO market size is expected to see strong growth in the next few years. It will grow to $172.69 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. 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.
The increasing marine trade is anticipated to drive the growth of the boat and ship MRO market in the future. Marine trade involves the transportation of goods via sea using ships. MRO services provide routine maintenance for commercial ships and boats to prevent breakdowns and failures, while prompt repairs ensure that vessels can resume operations quickly, minimizing additional damage and costs, and complying with current and future international maritime regulations in the shipping sector. For example, in September 2023, the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, projected that maritime trade would grow by 2.4% in 2023 and by over 2% from 2024 to 2028. Thus, the rise in marine trade is driving the expansion of the boat and ship MRO market.
The rise in geopolitical tensions is expected to drive the growth of the boat and ship MRO market in the future. Geopolitical tensions refer to political conflicts, rivalries, or disputes between nations or regions, often involving issues such as territory, resources, power, or ideology. An increased military presence necessitates more frequent and comprehensive maintenance of naval fleets. Countries may upgrade and retrofit their existing ships, thereby boosting the demand for MRO services. Extended deployments in strategic areas lead to wear and tear, requiring ongoing maintenance. Additionally, supply chain disruptions and cybersecurity concerns during periods of tension underscore the importance of MRO capabilities. For example, in August 2024, the World Economic Forum, an international organization based in Switzerland, reported that 83% of respondents viewed geopolitical tensions as the primary risk to global economic growth in the coming year, surpassing concerns about high inflation and monetary tightening, which were mentioned by 73%. Looking ahead to the next decade, 86% of participants identified increasing geopolitical fragmentation and protectionism as the most significant long-term threat. Therefore, the rise in geopolitical tensions is fueling the growth of the boat and ship MRO market.
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 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, ThyssenKrupp Marine Systems.
Asia-Pacific was the largest region in the boat and ship MRO market in 2024. 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.
Boat and ship MRO (Maintenance, Repair, and Operations) encompasses the essential upkeep, repair, and maintenance practices vital for ensuring the optimal condition, safety, and reliable performance of waterborne vessels. This comprehensive approach aims to prevent costly breakdowns and minimize downtime while prioritizing the vessel's safety and dependability.
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 is one of a series of new reports that 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 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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Boat and Ship MRO Market Characteristics3. Boat and Ship MRO Market Trends and Strategies4. Boat and Ship MRO Market - Macro Economic Scenario including the impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global Boat and Ship MRO Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Boat and Ship MRO Market34. Recent Developments in the Boat and Ship MRO Market
5. Global Boat and Ship MRO Growth Analysis and Strategic Analysis Framework
6. Boat and Ship MRO Market Segmentation
7. Boat and Ship MRO Market Regional and Country Analysis
8. Asia-Pacific Boat and Ship MRO Market
9. China Boat and Ship MRO Market
10. India Boat and Ship MRO Market
11. Japan Boat and Ship MRO Market
12. Australia Boat and Ship MRO Market
13. Indonesia Boat and Ship MRO Market
14. South Korea Boat and Ship MRO Market
15. Western Europe Boat and Ship MRO Market
16. UK Boat and Ship MRO Market
17. Germany Boat and Ship MRO Market
18. France Boat and Ship MRO Market
19. Italy Boat and Ship MRO Market
20. Spain Boat and Ship MRO Market
21. Eastern Europe Boat and Ship MRO Market
22. Russia Boat and Ship MRO Market
23. North America Boat and Ship MRO Market
24. USA Boat and Ship MRO Market
25. Canada Boat and Ship MRO Market
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
31. Boat and Ship MRO Market Other Major and Innovative Companies
35. Boat and Ship MRO Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Boat and Ship MRO Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on boat and ship mro market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for boat and ship mro? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The boat and ship mro market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By MRO Type: Engine MRO; Component MRO; Dry Dock MRO; Modifications; Other MRO Types2) By Vessel Type: Boat; Yacht; Vessels; Other Vessel Types
3) By Application: Private; Commercial; Defense
Subsegments:
1) By Engine MRO: Major Engine Overhauls; Routine Engine Maintenance; Engine Diagnostics and Repairs; Parts Replacement and Upgrades2) By Component MRO: Electrical Systems Maintenance; Hydraulic Systems Maintenance; Propulsion System Repairs; Navigation Equipment Repairs
3) By Dry Dock MRO: Hull Maintenance and Repairs; Underwater Inspections; Painting and Coating Services; Structural Modifications
4) By Modifications: Retrofits and Upgrades; Equipment Installation; Performance Enhancements; Compliance Modifications
5) By Other MRO Types: Safety Equipment Maintenance; Lifeboat and Safety Craft Inspections; Interior Refurbishments; Regulatory Compliance Services
Key Companies Mentioned: Huntington Ingalls Industries Inc.; L&T Shipbuilding Limited; Zamakona Yards SA; Bender CCP; Abu Dhabi Ship Building Company PJSC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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
- ThyssenKrupp Marine Systems
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 136.03 Billion |
| Forecasted Market Value ( USD | $ 172.69 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 27 |
