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The military marine vessel engines market share is expected to increase by USD 859.02 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.37%.
This military marine vessel engines market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers military marine vessel engines market segmentation by type (gas turbine, hybrid, diesel, water jet, and nuclear) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The military marine vessel engines market report also offers information on several market vendors, including AB Volvo, Caterpillar Inc., Cummins Inc., Fairbanks Morse LLC, General Electric Co., MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Scania AB, Steyr Motors Betriebs GmbH, and STX Engine Co. Ltd. among others.
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The growth in demand for naval vessels is notably driving the military marine vessel engines market growth, although factors such as volatility in crude oil and natural gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the military marine vessel engines industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Military Marine Vessel Engines Market Driver
The growth in demand for naval vessels is one of the key drivers supporting the military marine vessel engines market growth. There are many instances globally, including in APAC, where overlapping territorial claims have given rise to border conflicts. Therefore, many countries are planning to use lighter armed vessels, such as OPVs, for maritime security operations. In addition, OPVs are ideal for supporting law enforcement operations, such as those carried out by coast guards. Another important driving factor is growing investments in auxiliaries such as oilers and supply ships to support a country's naval fleet in long-range operations. As the demand for military marine vessels as well as associated auxiliaries increases, there will be a rise in the demand for marine vessel engines during the forecast period.
Key Military Marine Vessel Engines Market Trend
Prospective incorporation of intelligent propulsion systems is one of the key trends contributing to the military marine vessel engines market growth. Engines as well as propellers, which are integral parts of an intelligent propulsion system, are expected to undergo design enhancements based on computational fluid dynamics, power management, engine optimization units, and marine asset intelligence. For instance, Caterpillar offers the multi-engine optimizer (MEO) that utilizes data from detailed fuel maps to determine optimal load points for constant speed or variable speeds and helps the engine operate at the most efficient load point. Such intelligent propulsion systems will help in 5%-20% fuel savings, 5%-50% NOx emission reduction, and approximately 25% overhaul extension. Such technological developments are expected to boost the market growth during the forecast period.
Key Military Marine Vessel Engines Market Challenge
Volatility in crude oil and natural gas prices is one of the factors hindering the military marine vessel engines market growth. The volatility in crude oil and natural gas prices impacts the profits of oil and gas companies, which, in turn, produces a domino effect. Hence, if the selling price declines, production will also decrease. The reduction in production will directly affect the shipping industry, as several vessels such as tankers, very large crude carriers (VLCCs), and floating production storage and offloading (FPSOs) are highly dependent on the transportation of crude oil and natural gas to refineries, end-users, and other stakeholders in the value chain. This will have a negative impact on shipping equipment manufacturers, which will, in turn, hamper the growth of the global military marine vessel engines market.
This military marine vessel engines market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global military marine vessel engines market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the military marine vessel engines market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the military marine vessel engines market encompasses successful business strategies deployed by the key vendors. The military marine vessel engines market is fragmented and the vendors are deploying growth strategies such as quality, features, functionalities, and services to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The military marine vessel engines market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the military marine vessel engines market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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45% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for military marine vessel engines market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising tension among neighboring countries will facilitate the military marine vessel engines market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The military marine vessel engines market share growth by the gas turbine segment will be significant during the forecast period. High mechanical reliability and easy operability have made diesel engines the most adopted propulsion and auxiliary systems in the marine industry. However, using diesel as the fuel leads to the emission of harmful substances that are detrimental to the environment. Therefore, the use of gas turbines is gaining popularity, which, in turn, is expected to boost segment growth during the forecast
This report provides an accurate prediction of the contribution of all the segments to the growth of the military marine vessel engines market size and actionable market insights on post COVID-19 impact on each segment.
Military Marine Vessel Engines Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.37% |
Market growth 2022-2026 |
$ 859.02 million |
Market structure |
Fragmented |
YoY growth (%) |
3.68 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AB Volvo, Caterpillar Inc., Cummins Inc., Fairbanks Morse LLC, General Electric Co., MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Scania AB, Steyr Motors Betriebs GmbH, and STX Engine Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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