How big is the Naval Gas Turbine Market?

The Naval Gas Turbine Market size is expected to reach USD 559.66 million in 2024 and grow at a CAGR of 4.70% to reach USD 704.25 million by 2029. Read More

What is the current Naval Gas Turbine Market size?

In 2024, the Naval Gas Turbine Market size is expected to reach USD 559.66 million. Read More

Who are the key players in Naval Gas Turbine Market?

Bharat Heavy Electricals Limited, IHI Power Systems Co. Ltd., Kawasaki Heavy Industries, Ltd, Mitsubishi Heavy Industries, Ltd. and General Electric Company are the major companies operating in the Naval Gas Turbine Market. Read More

Which is the fastest growing region in Naval Gas Turbine Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Naval Gas Turbine Market?

In 2024, the North America accounts for the largest market share in Naval Gas Turbine Market. Read More

What years does this Naval Gas Turbine Market cover, and what was the market size in 2023?

In 2023, the Naval Gas Turbine Market size was estimated at USD 533.36 million. The report covers the Naval Gas Turbine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Naval Gas Turbine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Naval Gas Turbine Market Share

Statistics for the 2023 & 2024 Naval Gas Turbine market share, created by Mordor Intelligence™ Industry Reports. Naval Gas Turbine share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Naval Gas Turbine Industry

The naval gas turbine market is semi-consolidated. Some of the most prominent players in the market include Bharat Heavy Electricals Limited, General Electric Company, IHI Power Systems Co. Ltd, Kawasaki Heavy Industries Ltd, and Mitsubishi Heavy Industries Ltd. In the current landscape, original equipment manufacturers (OEMs) increasingly prioritize the advancement of gas turbines for naval vessels, aiming to enhance overall efficiency.

Highlighting this trend, in April 2023, the US Navy launched the USS Santa Barbara (LCS 32), featuring a propulsion system driven by two GE LM2500 gas turbines, notable for their GE-manufactured lightweight composite enclosures. This innovative enclosure significantly reduced the turbine's weight, facilitated easier repairs, lowered operational temperatures, and enhanced sound suppression. Furthermore, given the disruptions in the global supply chain, exacerbated by events like the Russia-Ukraine War, a notable surge is anticipated in the indigenous development and production of naval gas turbines. A case in point is the decisive move by the Indian Ministry of Defence (MoD) in September 2023, which fast-tracked the development of indigenous marine gas turbines (MGT) to power the nation's naval fleet.