Military Marine Vessel Engines Market Forecasts to 2028 – Global Analysis By Propulsion (Diesel, Water-Jet, Nuclear, Hybrid, Gas Turbine), Vessel (Submarines, Naval Carriers, Frigates) and By Geography
According to Stratistics MRC, the Global Military Marine Vessel Engines Market is growing at a CAGR of 6.0% during the forecast period 2020-2028. Increasing territorial conflicts, increase in procurement of engines and the increasing interests for hybrid turbochargers are driving the market growth. However, slowdown in oil industry is hampering the growth of the market.
The military marine vessel engines are the ship equipment which is used to run the ship using a mechanical system that can generate thrust to move a ship or boat across water. A marine vessel engine has multiple fuel options, allowing vessels to transit without relying on one type of fuel.
Based on the propulsion, the gas turbine propulsion segment is going to have lucrative growth during the forecast period due to their optimized fuel economy, higher efficiency, reduction in emission, and also as it decreases the fuel consumption in naval vessels.
By geography, Asia Pacific is going to have high growth during the forecast period due to the emerging markets in the region, such as China, South Korea, India, and Japan, are continuously increasing their defense budgets to strengthen their national security. The availability of low-cost skilled and unskilled labor and required shipbuilding infrastructure has encouraged the global marine vessel engine manufacturers to set up production units in the region.
Some of the key players profiled in the Military Marine Vessel Engines Market include Caterpillar, Cummins Inc., Fairbanks Morse, General Electric Company, Hyundai Heavy Industries, Steyr Motors Co Ltd, Rolls-Royce Holding PLC, Mitsubishi Heavy Industries, MAN Energy Solutions (Man SE) and STX Engine Co Ltd.
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Tables, Graphs & Figures
Propulsion, Vessel and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Diesel Propulsion
• Water-Jet Propulsion
• Nuclear Propulsion
• Hybrid Propulsion
• Gas Turbine Propulsion
• Amphibious Warfare Ships
• Naval Carriers
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Company Profiling
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o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Military Marine Vessel Engines Market is majorly driven by the increasing territorial conflicts, increase in procurement of engines and the increasing interests for hybrid turbochargers.
The gas turbine propulsion segment is growing at a highest CAGR due to their optimized fuel economy, higher efficiency, reduction in emission, and also as it decreases the fuel consumption in naval vessels.
North America dominated with a significant market share due to the factors such as the region is known for maintaining the military supremacy and national security, the military marine vessel procurement in the US has been increasing over the past few years.
Asia Pacific market is growing at a highest CAGR due to the emerging markets in the region, such as China, South Korea, India, and Japan, are continuously increasing their defense budgets to strengthen their national security.
Key players in Military Marine Vessel Engines Market include Caterpillar, Cummins Inc., Fairbanks Morse, General Electric Company, Hyundai Heavy Industries, Steyr Motors Co Ltd, Rolls-Royce Holding PLC, Mitsubishi Heavy Industries, MAN Energy Solutions (Man SE) and STX Engine Co Ltd.
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