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 |
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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.
