Pune, India -- (SBWIRE) -- 06/22/2018 -- Aircraft Carrier Market Scenario
There are various classes of ships, such as aircraft carrier, littoral combat warships, destroyers, amphibious assault warships, support craft, and submarines. The aircraft carrier is identified for its mobility, versatility, and competencies. The aircraft carrier is a floating military base, consisting of a fleet of fighter jets and military personnel, radar absorbent material, missile launching systems, catapult system, and anti-submarine warfare capabilities.
The increasing focus on gaining more dominance over the sea will drive the growth of the aircraft carrier market during the forecast period. Many countries are involved in the development and procurement of a number of battleships, including aircraft carrier to upgrade their maritime defense divisions. Such expansion of assets will result in the overall improvement of naval combat vessels. This will allow the defense authorities to have a greater dominance over oceans and seas. These aircraft carriers are floating airbases that carry dive bombers, fighter aircraft, and torpedo planes and provide readily available air support to the naval fleets. As of 2016, 39 aircraft carriers had been deployed in the oceans, and concurrently, countries such as the U.S., India, Russia, China, and the U.K are looking forward to replacing the existing aircraft carrier with new ones. This would reinforce their defense capabilities in the neighboring seas. Some of the examples of aircraft carrier programs include the Vikrant-class aircraft carrier of the Indian Navy and Liaoning-class aircraft carrier of the People's Liberation Army Navy China. Gerald R. Ford-class aircraft carrier of the U.S. Navy, Ulyanovsk-class aircraft carrier of the Russian Navy, and Izumo-class aircraft carrier of the Japan Maritime Self-Defence Force (JMSDF). Moreover, the growing emphasis on the development of smaller aircraft carrier will improve the growth prospect for the aircraft carrier market during the forecast period. At present, small aircraft carrier is used for the deployment of Unmanned Aerial Vehicles (UAVs), which help in gathering intelligence and provision of surveillance for the support of airborne and naval forces.
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On the basis of type, the aircraft carrier market has been segmented into conventional-powered and nuclear-powered. The nuclear-powered aircraft carrier market segment is estimated to dominate the market during the forecast period, as they can carry over twice the volume of aircraft fuel as compared to their conventional-powered counterparts. This advantage of the nuclear-powered aircraft carrier will drive the growth for this market segment. Moreover, over 60 power reactors are being developed in 13 countries, including China, India, Russia, South Korea, Taiwan, and UAE, which will propel the nuclear-powered aircraft carrier market during the forecast period.
However, the maintenance of nuclear-powered aircraft carrier is one of the significant challenges for the market. As a result, smaller countries, such as Thailand, have decommissioned their aircraft carrier because of the high maintenance costs. Due to the ongoing advancements in automation, the industry is expected to lower the cost of maintenance.
The vendors in the aircraft carrier market are focusing on in-house manufacturing capabilities, newer technologies, research and development investments, and various product offerings, to have an advantage over their competitors. Likewise, the vendors compete based on factors, such as the reliability, cost, product quality, and aftermarket service. The growth for the market vendors is dependent on factors, such as government support, market conditions, and industry development.
Increased focus on maritime security and the usage of nuclear energy are the drivers of aircraft carrier market. However, the high costs of procurement of aircraft carrier, limited combat capabilities, and long duration of the development process are the major challenges for the market growth.
Globally, the aircraft carrier market has been estimated to witness steady growth; presently the U.S. is the dominating region in this market. Concurrently, China is an emerging country in the market and is expected to be the major contributor to the global market growth. The recent industry trend is to develop aircraft carrier with a higher capacity than the conventional aircraft carrier. Recently, in May 2018, it was reported that China was looking forward to launching its first domestically manufactured 'Type 001A' aircraft carrier, by 2020. This carrier is expected to be larger than the Liaoning aircraft carrier and feature improvements in its design and engines. The new vessels will have an overall length of 320m and a planned displacement of 85,000 tons. At present, this aircraft carrier is under a sea trial, and it is expected to finish the sea trial by 2019. Moreover, China is also constructing another aircraft carrier in Shanghai. It is expected that China would develop 4 to 5 aircraft carriers by 2020. The country is aggressively building on its sea power because of the ongoing conflicts in the South China Sea. Therefore, the aircraft carrier market is estimated to witness a CAGR of approximately 3% during the forecast period from 2018 to 2023.
The key players in aircraft carrier market are Thales Group (France), Fincantieri S.p.A (Italy), BAE System (U.K), Huntington Ingalls Industries Ltd. (U.S.), Navantia (Spain), Wincanton Plc (U.K), Leonardo S.p.A (Italy), Northrop Grumman Corporation (U.S.), General Atomics (U.S.), Babcock International Group Plc (U.K), and United Shipbuilding Corporation (Russia).
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The report for Global Aircraft Carrier Market by Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.