Military Marine Vessel Engines Market Size (2024 - 2029)

The military marine vessel engines market is experiencing growth driven by the need for new naval procurements and upgrades to existing fleets, which are essential for maintaining national security and sovereignty amid rising territorial disputes. The market size is influenced by advancements in electronic propulsion systems and hybrid turbochargers, resulting from extensive research and development efforts aimed at enhancing marine vessel performance. These technological improvements are expected to reduce design and operational costs as they become more widely adopted by global naval forces.

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Market Size of Military Marine Vessel Engines Industry

Military Marine Vessel Engines Market Summary
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

Military Marine Vessel Engines Market Major Players

*Disclaimer: Major Players sorted in no particular order

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
North America
United States
Canada
Europe
Germany
United Kingdom
France
Russia
Rest of Europe
Asia-Pacific
China
India
South Korea
Australia
Japan
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Egypt
Rest of Middle-East and Africa
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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.

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Military Marine Vessel Engines Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Vessel Type

      1. 2.1.1 Naval Carriers

      2. 2.1.2 Destroyers

      3. 2.1.3 Frigates

      4. 2.1.4 Submarines

      5. 2.1.5 Other Vessel Types

    2. 2.2 Propulsion System

      1. 2.2.1 Diesel Propulsion

      2. 2.2.2 Water-Jet Propulsion

      3. 2.2.3 Gas Turbine Propulsion

      4. 2.2.4 Hybrid Propulsion

      5. 2.2.5 Nuclear Propulsion

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Russia

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 South Korea

        4. 2.3.3.4 Australia

        5. 2.3.3.5 Japan

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Latin America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Mexico

        3. 2.3.4.3 Rest of Latin America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 United Arab Emirates

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 Egypt

        4. 2.3.5.4 Rest of Middle-East and Africa

Military Marine Vessel Engines Market Size FAQs

The Military Marine Vessel Engines Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

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.

Military Marine Vessel Engines Market Report Snapshots

Military Marine Vessel Engines Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)