Naval Gas Turbine Market Trends

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

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Market Trends of Naval Gas Turbine Industry

The Destroyers Segment is Expected to Witness Significant Growth During the Forecast Period

Escalating territorial conflicts and global governmental initiatives to bolster naval defenses are prompting nations, including India, the United States, and the United Kingdom, to ramp up their acquisitions of advanced destroyers. Rising focus on enhancing naval capabilities and procuring next-generation naval vessels drives market growth.

For instance, in June 2023, Hindustan Aeronautics Limited (HAL), a prominent Indian aerospace and defense firm, secured a substantial contract valued at INR 1,173.42 crore (USD 147 million) from Cochin Shipyard Limited (CSL). The agreement, aimed at supplying critical equipment for the Indian Navy's Next Generation Missile Vessel (NGMV) project, signifies a pivotal step in advancing these cutting-edge warships. Under the agreement, HAL is expected to produce and deliver six sets of LM2500 gas turbines (GT) and their accompanying gas turbine auxiliaries (GTAE). Additionally, the deal includes the supply of essential spare parts and tools crucial for these propulsion systems' seamless operation and maintenance.

Furthermore, in April 2022, the US Navy unveiled plans for a nine-ship multi-year procurement strategy for its upcoming Arleigh Burke Flight III destroyers. Concurrently, global players like General Electric and IHI Power Systems Company are crafting advanced gas turbines to power these new destroyer classes. Such developments are expected to drive the growth of the segment during the forecast period.

Naval Gas Turbine Market: Defense Expenditure in USD billion, by Region, 2023

North America is Expected to be the Largest Market During the Forecast Period

North America actively engages in several military naval vessel modification programs, a strategic move that will bolster its growth trajectory. In March 2024, the US Navy unveiled an ambitious goal as part of its FY 2025 30-year (FY 2025-FY 2054) shipbuilding plan. The plan outlines a vision of maintaining a fleet comprising 381 manned ships alongside 134 large, unmanned surface and underwater vehicles. The US Navy's active ship count has surged, driven by heightened military demands spanning daily operations, crisis responses, and regional conflict resolutions.

Further underlining this trend, in March 2024, TEI, a prominent engine company from Turkey, inked a deal to provide depot-level maintenance and overhaul services for the US Navy's LM2500 marine gas turbines. This service agreement spans 14 months and extends through October 2026. Moreover, US shipyards are actively modernizing civilian vessels with cutting-edge technologies, aligning them with global standards. These concerted efforts underscore the country's commitment to market growth in the coming years.

Naval Gas Turbine Market: Market CAGR (%), By Region, Global, 2023

Naval Gas Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)