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The Global naval vessel engines market, which values US$460 million in 2017, in a period of 2017-2027 expected to grow at US$6.4 billion. The increasing trend in the market towards the decentralization of naval attacks the market consists of gas turbines, nuclear reactors, and diesel engines. Capabilities are distributed around smaller vessels in addition to larger platforms such as aircraft carriers and destroyers in order to make them more secure against an enemy attack. This has motivated governments around the world to spend on smaller surface combatants capable of operating in littoral waters, along with advanced weapons and communication systems to enable these ships to perform multiple missions.
During the forecast period, it is expected to be dominated by gas turbines engines, which will account for 48.8% of the market, followed by nuclear reactors and diesel engines, with shares of 27.1% and 24.1%, respectively. The market facing challenges in like an economic slowdown and lack of a skilled workforce.
Asia-Pacific market expected to leads the market with 44.8% over the forecast period; China is the largest spender in the Asia-Pacific market for naval vessel engines spends US$2.9 Billion. North America and Europe market with 32.4% and 17.9% respectively. North America represents the second-largest market, with its total budget for naval vessel engines valued at US$2.1 Billion over the forecast period. The Middle Eastern market is expected to account for 2.2% of the global naval vessel engines market, followed by the Latin American and African markets with shares of 2.0% and 0.7%, respectively.