Market Size of Military Marine Vessel Engines Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Military Marine Vessel Engines Market Analysis
The military marine vessel engines market is anticipated to register a CAGR of over 4% during the forecast period.
The global marine sector witnessed the mild impact of the COVID-19 pandemic. According to the United Nations Conference on Trade and Development (UNCTAD) Review of Maritime Transport Report 2021, the impact of the COVID-19 pandemic on maritime trade volumes in 2020 was less severe than initially expected. The report stated that maritime trade contracted by 3.8% in 2020, but it recovered later in 2020 and is projected to increase by 4.3% in 2021.
The deployment of a naval fleet is essential for safeguarding coastal bordering countries' interests and sovereignty in light of the rise in territorial disputes between them. To ensure that the fleet is operationally ready to neutralize any hostile craft encroaching on the nation's maritime borders, new naval vessels had to be purchased, and the existing fleet had to be upgraded. The market is being driven in focus by new procurement, which generates a parallel demand for military marine vessel engines.
Significant advancements in the fields of advanced electronic propulsion systems and hybrid turbochargers have resulted from the intensive R&D efforts put forth to improve the operational parameters of a marine vessel. The advancement in such technologies is anticipated to minimize the design and operational cost of the vessels featuring such propulsive technologies as they reach the maturity stage and are widely adopted by the global naval forces.
Military Marine Vessel Engines Industry Segmentation
The military marine vessel engines are used to power the ship using a mechanical system that can produce thrust to propel a ship or boat across water. The most widely used marine propulsion system in terms of propulsion systems that convert thermal energy into mechanical energy is the diesel propulsion system. Diesel propulsion systems are mainly used in almost all types of vessels along with small boats and recreational vessels.
The military marine vessel engines market is segmented by vessel type, propulsion system, and geography. By vessel type, the market is segmented into naval carriers, destroyers, frigates, submarines, and other vessel types. By propulsion system, the market is segmented into diesel propulsion, water-jet propulsion, gas turbine propulsion, hybrid propulsion, and nuclear propulsion. By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The market sizing and forecasts have been provided in value (USD Million) for all the above segments.
| Vessel Type | |
| Naval Carriers | |
| Destroyers | |
| Frigates | |
| Submarines | |
| Other Vessel Types |
| Propulsion System | |
| Diesel Propulsion | |
| Water-Jet Propulsion | |
| Gas Turbine Propulsion | |
| Hybrid Propulsion | |
| Nuclear Propulsion |
| Geography | ||||||||
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Military Marine Vessel Engines Market Size Summary
The military marine vessel engines market is poised for steady growth, driven by the increasing need for naval fleet deployment to safeguard national interests amid rising territorial disputes. The market is experiencing a surge in demand due to new procurements and upgrades of existing fleets, which necessitate the acquisition of advanced marine vessel engines. Technological advancements in electronic propulsion systems and hybrid turbochargers are playing a crucial role in enhancing the operational efficiency and cost-effectiveness of naval vessels. The gas turbine propulsion systems segment remains dominant, attributed to its optimized fuel economy and reduced emissions. However, the adoption of alternative propulsion technologies like LNG and hydrogen is gaining traction, despite challenges such as inadequate bunkering infrastructure for LNG-powered vessels.
The Asia-Pacific region is expected to lead the market, fueled by increased defense budgets in countries like China, India, South Korea, and Japan, as they strive to bolster their naval capabilities. The region's favorable labor costs and robust shipbuilding infrastructure are attracting global marine vessel engine manufacturers to establish production units. The market is moderately consolidated, with key players like Rolls-Royce Holdings, General Electric, and Cummins Inc. holding significant shares. Strategic collaborations, acquisitions, and investments in R&D are prevalent as companies aim to expand their market presence and enhance their product offerings. Notable developments, such as GE's contract for marine gas turbine solutions in India and Volvo Penta's partnership for hydrogen-powered solutions, underscore the dynamic nature of the market.
Military Marine Vessel Engines Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vessel Type
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2.1.1 Naval Carriers
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2.1.2 Destroyers
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2.1.3 Frigates
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2.1.4 Submarines
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2.1.5 Other Vessel Types
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2.2 Propulsion System
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2.2.1 Diesel Propulsion
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2.2.2 Water-Jet Propulsion
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2.2.3 Gas Turbine Propulsion
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2.2.4 Hybrid Propulsion
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2.2.5 Nuclear Propulsion
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 South Korea
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2.3.3.4 Australia
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2.3.3.5 Japan
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Latin America
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2.3.4.1 Brazil
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2.3.4.2 Mexico
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2.3.4.3 Rest of Latin America
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2.3.5 Middle-East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 Egypt
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2.3.5.4 Rest of Middle-East and Africa
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Military Marine Vessel Engines Market Size FAQs
What is the current Military Marine Vessel Engines Market size?
The Military Marine Vessel Engines Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Military Marine Vessel Engines Market?
Rolls-Royce Holdings plc, General Electric Company, STX Engine Co., Ltd., STEYR MOTORS Betriebs GmbH and Cummins Inc. are the major companies operating in the Military Marine Vessel Engines Market.
