Market Size of Naval Gas Turbine Industry
| 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.
