Market Size of Naval Gas Turbine Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 559.66 Million |
Market Size (2029) | USD 704.25 Million |
CAGR (2024 - 2029) | 4.70 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Naval Gas Turbine Market Analysis
The Naval Gas Turbine Market size is estimated at USD 559.66 million in 2024, and is expected to reach USD 704.25 million by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).
Global defense spending growth and joint naval exercises and procurement programs are propelling the naval gas turbine market. Anticipated growth in the market is attributed to the expanding use of gas turbines, including their integration with storage and renewable sources. In addition, the market is set to benefit from replacing older gas turbines, enabling more efficient combustion of hydrogen and other sustainable fuels.
Furthermore, the naval gas turbine market is poised for advancements because of the heightened focus on energy efficiency and overall effectiveness. Modern turbine systems highlight energy efficiency and achieve maximum output with minimal fuel consumption. Consequently, buyers are significantly emphasizing design, materials, and operational efficiency.
Naval Gas Turbine Industry Segmentation
A gas turbine is a system or mechanism used to generate electricity or create thrust, which propels a naval vessel. Gas turbines use fuel to generate power, as opposed to steam engines, which use steam.
The naval gas turbine market is segmented by vessel type, application, and geography. By vessel type, it is divided into naval carriers, destroyers, frigates, and other vessel types. The other vessel types include patrol boats, corvettes, and cruisers. By application, it is divided into gas turbine generators and main gas turbines. The report also covers the market sizes and forecasts for the naval gas turbine market in major countries across different regions. For each segment, the market size and forecast are provided in terms of value (USD).
By Vessel Type | |
Naval Carriers | |
Destroyers | |
Frigates | |
Other Vessel Types (Patrol Boats, Corvette, and Cruisers) |
By Application | |
Gas Turbine Generators | |
Main Gas Turbines |
Geography | |||||||
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Naval Gas Turbine Market Size Summary
The naval gas turbine market is experiencing a robust expansion, driven by increased global defense spending and the need for advanced naval capabilities. The market is characterized by the growing integration of gas turbines with renewable energy sources and storage solutions, enhancing energy efficiency and operational effectiveness. This trend is further supported by the replacement of older turbines with more efficient models capable of utilizing sustainable fuels like hydrogen. The market's growth is also fueled by escalating territorial conflicts and strategic governmental initiatives to strengthen naval defenses, prompting countries such as India, the United States, and the United Kingdom to invest in next-generation naval vessels. Key industry players, including Bharat Heavy Electricals Limited, General Electric Company, and Mitsubishi Heavy Industries, are focusing on advancing turbine technology to meet these demands.
Significant developments in the naval gas turbine sector include substantial contracts and procurement strategies aimed at enhancing naval fleets. For instance, Hindustan Aeronautics Limited's contract with Cochin Shipyard Limited for the Indian Navy's Next Generation Missile Vessel project underscores the market's momentum. Similarly, the US Navy's multi-year procurement strategy for Arleigh Burke Flight III destroyers and the modernization of civilian vessels highlight the strategic importance of naval gas turbines. The market is semi-consolidated, with major players prioritizing efficiency and innovation in turbine design. Additionally, geopolitical events like the Russia-Ukraine War have spurred indigenous development efforts, as seen in India's push for domestic marine gas turbine production. These factors collectively indicate a promising growth trajectory for the naval gas turbine market in the coming years.
Naval Gas Turbine 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 By 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 Other Vessel Types (Patrol Boats, Corvette, and Cruisers)
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2.2 By Application
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2.2.1 Gas Turbine Generators
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2.2.2 Main Gas Turbines
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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 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 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 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 Rest of Middle East and Africa
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Naval Gas Turbine Market Size FAQs
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.
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.