Global $74.31 Billion Defense Equipment Maintenance, Repair and Overhauling Services Markets, 2015-2020, 2020-2025F, 2030F - COVID-19 Impact and Recovery
The defense equipment maintenance, repair and overhauling services market consists of sales of defense equipment maintenance, repair and overhauling services by entities (organizations, sole traders and partnerships) that provide MRO services for all kinds of air, sea and land-based defense equipment, including fighter aircraft, military helicopter, battle ships, submarines, armored vehicles, missiles and rocket launchers.
DUBLIN, March 22, 2021 /PRNewswire/ -- The "Defense Equipment Maintenance, Repair and Overhauling Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global defense equipment maintenance, repair and overhauling services market is expected to grow from $60.98 billion in 2020 to $62.15 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%.
Major companies in the defense equipment maintenance, repair and overhauling services market include BAE Systems; General Dynamics Corp; Lockheed Martin; Oshkosh and Rheinmetall.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $74.31 billion in 2025 at a CAGR of 5%.
The defense equipment maintenance, repair and overhauling services market consists of sales of defense equipment maintenance, repair and overhauling services by entities (organizations, sole traders and partnerships) that provide MRO services for all kinds of air, sea and land-based defense equipment, including fighter aircraft, military helicopter, battle ships, submarines, armored vehicles, missiles and rocket launchers. The defense equipment maintenance, repair and overhauling services market is segmented into air based defense equipment MRO services; water based defense equipment MRO services and land based defense equipment MRO services.
North America was the largest region in the global defense equipment maintenance, repair and overhauling services market, accounting for 36% of the market in 2020. Asia Pacific was the second largest region accounting for 29% of the global defense equipment maintenance, repair and overhauling services market. Africa was the smallest region in the global defense equipment maintenance, repair and overhauling services market.
The defense equipment maintenance, repair and overhauling services companies are investing in 3D printing or additive manufacturing technologies to offer replacement parts for tanks, ships, fighter jets. 3D printing involves producing three dimensional objects using computer aided design model. The application of 3D printing is to create functional components including prototypes, tooling and end-use production parts.
Additive manufacturing or 3D printing helps in cost-effective production of small batches of intricate parts and complex part designs that needs to be repaired, upgraded and effectively maintained. The technology provides high degree of design freedom, optimization and integration of functional features, and product customization.
Inadequate defense infrastructure that can hardly accommodate defense aircrafts, tanks in under-developed countries will be a restraint on the market. This can be attributed to low investments in the aerospace industry and air transportation in underdeveloped countries. For instance, in 2019, National Aviation Services (NAS) CEO stated that lack of fully liberalized airspace, high taxes and poor airport infrastructure were negatively affecting the region's defense equipment maintenance, repair and overhauling services market.
During the historic period, developed countries experienced low interest rates as monetary authorities reduced the interest rates to stimulate economic growth and prevent deflation. This led to the flow of cheap money for investment in these economies. Low interest rates encouraged borrowing for investment and helped drive spending.
Major countries that had low interest rates in the historic period include the USA, Germany and Japan. The low interest rates boosted the growth of the defense equipment maintenance, repair and overhauling services market in historic period.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Defense Equipment Maintenance, Repair and Overhauling Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Defense Equipment Maintenance, Repair and Overhauling Services Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Defense Equipment Maintenance, Repair and Overhauling Services Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Defense Equipment Maintenance, Repair and Overhauling Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Defense Equipment Maintenance, Repair and Overhauling Services Market Trends And Strategies
8. Impact Of COVID-19 On Defense Equipment Maintenance, Repair and Overhauling Services
9. Defense Equipment Maintenance, Repair and Overhauling Services Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Defense Equipment Maintenance, Repair and Overhauling Services Market Regional Analysis
10.1. Global Defense Equipment Maintenance, Repair and Overhauling Services Market, 2020, By Region, Value ($ Billion)
10.2. Global Defense Equipment Maintenance, Repair and Overhauling Services Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region
10.3. Global Defense Equipment Maintenance, Repair and Overhauling Services Market, Growth And Market Share Comparison, By Region
11. Defense Equipment Maintenance, Repair and Overhauling Services Market Segmentation
11.1. Global Defense Equipment Maintenance, Repair and Overhauling Services Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Air based Defense Equipment MRO Services
- Water based Defense Equipment MRO Services
- Land based Defense Equipment MRO Services
11.2. Global Defense Equipment Maintenance, Repair and Overhauling Services Market, Segmentation By Service Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Annual Maintainance Contract
- Individual Works
- Others
12. Defense Equipment Maintenance, Repair and Overhauling Services Market Metrics
12.1. Defense Equipment Maintenance, Repair and Overhauling Services Market Size, Percentage Of GDP, 2015-2025, Global
12.2. Per Capita Average Defense Equipment Maintenance, Repair and Overhauling Services Market Expenditure, 2015-2025, Global
Companies Mentioned
- BAE Systems
- General Dynamics Corp
- Lockheed Martin
- Oshkosh
- Rheinmetall
For more information about this report visit https://www.researchandmarkets.com/r/hgdft5
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