Defense Equipment Maintenance, Repair and Overhauling Services Market Overview 2024-2033
Posted by Ramakrishna TBRC on March 7th, 2024
The Defense Equipment Maintenance, Repair and Overhauling Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Defense Equipment Maintenance, Repair and Overhauling Services Global Market Report 2024, The defense equipment maintenance, repair and overhauling services market size has grown strongly in recent years. It will grow from .46 billion in 2023 to .9 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to growth in defense budget allocation, operational requirements, equipment lifecycle management, geopolitical factors, strategic partnerships.
The defense equipment maintenance, repair and overhauling services market size is expected to see strong growth in the next few years. It will grow to 4.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to focus on cybersecurity, increased complexity of equipment, sustainability and environmental concerns, rising threats and security challenges, investments in training and skills developmen. Major trends in the forecast period include integration of digital technologies, technological advancements, predictive maintenance technologies, outsourcing of maintenance services, condition-based maintenance (cbm).
During the forecast period, developed countries will experience low interest rates as monetary authorities reduce 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. For instance, in September 2023, mortgage interest rates fell to historic lows in 2020 and 2021 during the Covid pandemic, with emergency actions by the Federal Reserve helping push mortgage rates below 3% and keeping them there. Low interest rates will boost the growth of the defense equipment maintenance, repair, and overhauling services market in the forecast period.
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The defense equipment maintenance, repair and overhauling services market covered in this report is segmented –
1) By Type: Air based Defense Equipment MRO Services, Water based Defense Equipment MRO Services, Land based Defense Equipment MRO Services
2) By Service Type: Annual Maintainance Contract, Individual Works, Others
3) By End User: Commercial Aviation, Business And General Aviation, Military Aviation, Others
Defense equipment maintenance, repair, and overhauling companies are investing in 3D printing or additive manufacturing technologies to offer replacement parts for tanks, ships, and fighter jets. 3D printing involves producing three-dimensional objects using a 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 the cost-effective production of small batches of intricate parts and complex part designs that need to be repaired, upgraded, and effectively maintained. The technology provides a high degree of design freedom, optimization and integration of functional features, and product customization. For instance, in September, the UK’s Ministry of Defence (MOD) announced the launch of Project TAMPA, an experimental new £5 million program to develop 3D-printed parts for weapons and other military equipment on demand. In order to reduce lengthy lead times for defense inventory, MOD wants to be able to share print files over secure defense networks and quickly produce parts using additive manufacturing (AM), or 3D printing.
The defense equipment maintenance, repair and overhauling services market report table of contents includes:
1. Executive Summary
2. Defense Equipment Maintenance, Repair and Overhauling Services Market Characteristics
3. Defense Equipment Maintenance, Repair and Overhauling Services Market Trends And Strategies
4. Defense Equipment Maintenance, Repair and Overhauling Services Market - Macro Economic Scenario
5. Global Defense Equipment Maintenance, Repair and Overhauling Services Market Size and Growth
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31. Defense Equipment Maintenance, Repair and Overhauling Services Market Other Major And Innovative Companies
32. Global Defense Equipment Maintenance, Repair and Overhauling Services Market Competitive Benchmarking
33. Global Defense Equipment Maintenance, Repair and Overhauling Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Defense Equipment Maintenance, Repair and Overhauling Services Market
35. Defense Equipment Maintenance, Repair and Overhauling Services Market Future Outlook and Potential Analysis
36. Appendix
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