Naval Gas Turbine Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Naval Gas Turbine Market Analysis
The Naval Gas Turbine Market is anticipated to witness a CAGR of over 7.8% during the forecast period.
The COVID-19 pandemic significantly affected the Naval Gas Turbine Market. The onset of COVID-19 led to lockdowns in various countries, which led to travel restrictions and shortages in components for manufacturing naval gas turbines, leading to delays in manufacturing the end product. In the current scenario, the removal of border restrictions by countries globally has led to free flow in terms of trade between countries. This has helped companies receive the needed components, leading to an increase in production. Thus, the market will witness steady growth in the future.
The growth in global defense spending and initiation of combined naval exercises, naval activity, and naval ship procurement support programs are driving the growth of the naval gas turbine market.
Advanced and energy-efficient turbine systems have resulted in maximum output with minimum fuel consumption. Thus, the design, material, and operating efficiency have been the major aspects areas the buyers are majorly concerned about.
Naval Gas Turbine Market Trends
Destroyers Is Expected To Witness Significant Growth During The Forecast Period
The Destroyers segment is expected to witness significant growth during the forecast period. In the present scenario, territorial conflicts, as well as governmental plans for the upgradation of naval defense vessels worldwide, are leading to various countries increasing their purchase of advanced class of destroyers. Countries such as India, the United States, and the United Kingdom are in plans to acquire/construct an advanced class of destroyers and thereby upgrade their naval fleet. As of 2022, the Indian Navy had 45 different types of navy vessels, which included aircraft carriers, frigates, and destroyers. The country is in plans to build a strong fleet of 200 vessels by 2050. On the other hand, the United States Navy also plans to increase its production of new and advanced world-class destroyers, and this is being done to overshadow China's rapid defense modernization programs. In April 2022, the US Navy announced that it is pursuing a nine-ship multi-year procurement plan for its next batch of Arleigh Burke Flight III destroyers. Moreover, various companies worldwide, such as General Electric as well as IHI Power Systems Company, are also engaged in developing advanced gas turbines for powering the new class of destroyers. An increase in the procurement of destroyers by various countries in order to strengthen their fleet in the coming years will lead to a growth in the naval gas turbine market.
The North American Region is Expected To Be The Largest Market During the Forecast Period
The North American region is expected to be the largest market during the forecast period. Various military naval vessel modification programs are currently being undertaken by the North American region, and this will lead to growth in the region during the forecast period.
The United States is currently modifying its fleet of submarines, destroyers, and battleships. As of FY 21, the fleet size of the United States navy increased by 306 ships, and major acquisitions of military naval vessels were littoral combat ships or LCs. Moreover, the number of active ships in the US navy fleet has witnessed impressive growth owing to high military demand for carrying out day-to-day tasks, crisis response, allied and partner engagement, as well as resolving ongoing regional conflicts. According to the data presented by the Department of the Navy, United States, as of FY 21, 347,800 ships were present in the US Navy's fleet.
Additionally, the shipyards in the United States are also engaged in modernizing civilian ships with advanced technology in order to make them at par with the quality of civilian ships worldwide. Thus, all such modifications and programs being undertaken by the United States will lead to growth in the market during the forecast period.
Naval Gas Turbine Industry Overview
The Naval Gas Turbine Market is moderately consolidated. Some of the most prominent players in the market include Bharat Heavy Electricals Limited, General Electric, IHI Power Systems Co. Ltd, Kawasaki Heavy Industries Ltd, and Mitsubishi Heavy Industries Ltd.
In the current scenario, original equipment manufacturers are now heavily focused on developing advanced gas turbines for naval vessels, contributing to greater overall efficiency. On this note, in April 2023, the US Navy commissioned the USS Santa Barbara (LCS 32), powered by two GE LM2500 gas turbines that include GE's lightweight composite gas turbine enclosure. the composite enclosure resulted in significant weight reduction while also providing ease of access for repairs, reduced working temperatures, and improved sound attenuation. Besides, with the global supply chain being affected due to the ongoing global crisis, especially the Russia-Ukraine conflict, indigenous development and production of naval gas turbines are also projected to grow at a rapid pace during the forecast period. This is clearly evident from the September 2023 decision of the Indian Ministry of Defence (MoD) to expedite the development of indigenous options for marine gas turbines (MGT) that power warships and submarines of the Indian Navy.
Naval Gas Turbine Market Leaders
Bharat Heavy Electricals Limited
General Electric
IHI Power Systems Co. Ltd.
Kawasaki Heavy Industries, Ltd
Mitsubishi Heavy Industries, Ltd.
*Disclaimer: Major Players sorted in no particular order
Naval Gas Turbine Market News
Nov 2022: Triveni engineering and Industries Limited signed a 10-year agreement with GAE Technology United States to locally manufacture the 'LM2500 gas turbines.
Oct 2022: Rolls Royce announced that it would provide long-term service support for all MTU generator sets that power the Royal Navy fleet of the United Kingdom. The company signed a contract for preventive maintenance on 90 MTU engines for the next five years.
Sept 2022: Keppel New Energy Pte Ltd, a wholly-owned subsidiary of Keppel Infrastructure; Mitsubishi Heavy Industries Ltd (MHI); and DNV, a global independent energy expert and assurance provider, announced a strategic collaboration to explore the feasibility and implementation of an ammonia-fired gas turbine on Jurong Island, Singapore.
Naval Gas Turbine Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Vessel Type
5.1.1 Naval Carriers
5.1.2 Destroyers
5.1.3 Frigates
5.1.4 Other Vessel Types (Patrol Boats, Corvette, and Cruisers)
5.2 By Application
5.2.1 Gas Turbine Generators
5.2.2 Main Gas Turbines
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 BHEL (Bharat Heavy Electronics Limited)
6.2.2 General Electric
6.2.3 IHI Power Systems Co. Ltd
6.2.4 Kawasaki Heavy Industries Ltd
6.2.5 Mitsubishi Heavy Industries
6.2.6 OPRA Turbine
6.2.7 Rolls Royce
6.2.8 Siemens Energy
6.2.9 Solar Turbines
6.2.10 Vericor Power Systems
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Naval Gas Turbine Industry Segmentation
A gas turbine is a system or mechanism used to generate electricity or create thrust, which propels the naval vessel. Gas turbines use fuel to generate power as opposed to steam engines which use steam.
The market has been segmented by vessel type, application, and geography. By vessel type, the market has been segmented into naval carriers, destroyers, frigates, and other vessel types. By application, the market has been segmented into gas turbine generators and main gas turbines. By geography, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. the report offers market size and forecasts for all the above segments by 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 Research FAQs
What is the current Naval Gas Turbine Market size?
The Naval Gas Turbine Market is projected to register a CAGR of greater than 7.80% during the forecast period (2024-2029)
Who are the key players in Naval Gas Turbine Market?
Bharat Heavy Electricals Limited, General Electric, IHI Power Systems Co. Ltd., Kawasaki Heavy Industries, Ltd and Mitsubishi Heavy Industries, Ltd. are the major companies operating in the Naval Gas Turbine Market.
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).
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.
What years does this Naval Gas Turbine Market cover?
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.
Naval Gas Turbine Industry Report
Statistics for the 2024 Naval Gas Turbine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Naval Gas Turbine analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
