North America to Dominate Global Naval Vessels MRO Market to 2022
The new report entitled 'The Global Naval Vessels MRO Market 2012-2022' provides in-depth analysis of the global naval vessels MRO market over the decade, as well as potential market opportunities to enter the industry, using detailed market size forecasts.
According to the 155 page report despite budget cuts, North America is expected to account for the largest share of the total global expenditure on naval vessels MRO, with 73% share during the forecast period. High demand in the region is primarily driven by the region's modernization programs and the overseas war against global terrorism.
One of the major drivers of the military MRO market is the advent of various technological developments in the field. Recent years have witnessed a transformation in military MRO brought about primarily by the increasing use of military equipment in the wars in Iraq, Afghanistan, Serbia and Libya. Moreover, the recent nuclear proliferation being carried out by Iran has heightened military tensions between Iran, the US and Israel. The possible conflict has resulted in the US spending heavily on getting its existing naval vessels ready for battle, which in turn is driving the MRO industry
A significant number of countries are investing in the development of their domestic naval vessels MRO capabilities by establishing strategic alliances and technology transfer agreements with established global manufacturers. In addition to improving the indigenous capabilities of a domestic firm, this provides the foreign company with an opportunity to cater to a new market. This is especially true in today's economic scenario when companies are looking to maximize efficiencies and cut costs.
View the report: ‘'The Global Naval Vessels MRO Market 2012-2022'
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