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North America to dominate the global naval vessels MRO market
Companiesandmarkets.comAug 17, 2012 14:40 BST
North America looks set to dominate the global naval vessels MRO market despite going through a number of budget cuts. The region is expected to account for the largest share of the total global expenditure on naval vessels MRO, with 73% of the market over the next decade.
The high demand for naval vessels within North America is primarily driven by the region's modernisation programs and the overseas war against global terrorism.
Global demand for naval vessel MRO services is anticipated to be driven by ageing naval vessels globally, technological innovations in the industry, internal and external security threats, territorial disputes and modernization initiatives undertaken by navies across the world.
One of the major drivers of the naval vessels 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.
Despite the economic crisis in Europe, the region's share of the global market is projected to increase during the forecast period, albeit marginally due to the scheduled deployment of various modernisation programs which had been initiated in previous years.
Some of the key players dominating the global naval vessels MRO market include Lockheed Martin, BAE Systems, SAIC, Northrop Grumman, and General Dynamics.
For more information on the global naval vessels MRO market, see the latest research: Global Naval Vessels MRO Market Report
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