Aircraft Carriers – Market Drivers and Forecasts From Technavio

Technavio publishes a new market research report on the global aircraft carriers market from 2016-2020. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global aircraft carriers market to grow at a CAGR of almost 2% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global aircraft carriers market for 2016-2020. The market research also presents the market landscape and a corresponding detailed analysis of the five major vendors operating in the market.

The global aircraft carriers market is divided into two segments by application. They are:

  • Nuclear-powered
  • Conventional-powered
 
The aircraft carriers gained importance after the Cold War, which ended in the early 1990s. As a result, major defense spending countries like the US, Russia, China, South Korea, India, Japan, and the UK have made enormous investments in the development and procurement of such vessels. Furthermore, the increasing territorial disputes between China and Vietnam, North Korea and South Korea, and the internal conflicts in Syria are expected to result in increased procurement and development of such vessels, which will strengthen their maritime capabilities during the forecast period.
 

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Technavio aerospace and defense analysts highlight the following three factors that are contributing to the growth of the global aircraft carriers market:

  • Greater dominance over sea
  • Increased focus on maritime security
  • Use of nuclear energy

Greater dominance over sea

Numerous countries are upgrading their maritime defense units by developing and acquiring several warships including aircraft carriers. The growing number of such assets will also encourage the development of naval combat systems, which in turn will allow defense authorities to have greater dominance over seas and oceans.

“The US Navy has played an integral part in the national strategy of the country that is surrounded by seas on two ends. Of late, the focus is toward the rapid deployment of forces to engage in asymmetrical conflicts, where the combatant forces can attain operational efficiency by employing good synergy between their components,” says Moutushi Saha, a lead defense analyst from Technavio.

Increased focus on maritime security

Due to the numerous terrorist attacks through sea routes and increased illegal dealings in mid-oceans, it has become increasingly important for countries to establish an enhanced deterrent that can combat maritime threats. Therefore, many countries are strengthening their maritime security capabilities to prevent any enemy or illegal intrusion. Also, major defense contractors are also modernizing the existing aircraft carriers to fulfill global defense and security needs.

“Owing to the growing disputes in the South China Sea, in mid-2016, the US Navy deployed two of its aircraft carriers, the USS John C. Stennis and the USS Ronald Reagan, in the region,” adds Moutushi.

Use of nuclear energy

Though some developed countries have planned to do away completely with nuclear reactors across the globe, global nuclear power generation is expected to rise significantly during the forecast period. In countries where renewable sources of energy are not feasible to produce enough electricity, and fossil fuel prices prove to be a hindrance, nuclear power becomes an attractive option.

Over 60 power reactors are being developed in 13 countries like China, India, Russia, South Korea, Taiwan, and the UAE, which will propel the nuclear energy market during the forecast period. The performance advantages of nuclear-powered aircraft carriers over the traditional aircraft carriers are substantial. As a result, nuclear energy has become an efficient source of energy to power the next-generation of aircraft carriers.

Top vendors:

  • BAE Systems
  • DCNS
  • Fincantieri
  • Huntington Ingalls Industries
  • Navantia

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global aircraft carriers market to grow at a CAGR of almost 2% during the forecast period, according to their latest report.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com