LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global nuclear powered naval vessels market to grow to USD 25.96 billion by 2021, at a CAGR of close to 6% over the forecast period, according to their latest report.
The research study by Technavio on the global nuclear powered naval vessels market for 2017-2021 provides detailed industry analysis based on product type (nuclear-powered surface naval vessel and nuclear-powered submerged naval vessel) and geography (the Americas, EMEA, and APAC).
|The Americas is the leading regional segment of the nuclear powered naval vessels market, generating both the highest revenue and maximum incremental growth over the forecast period. The US, Brazil, Canada, and Mexico are the leading contributors to the market segment, where the addition of new fleets and core replacement of existing fleets are driving market growth.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global nuclear powered naval vessels market:
- Cost-effectiveness of nuclear power
- Need for more environment-friendly source of energy
- Focus on making submarines more undetectable
Cost-effectiveness of nuclear power
“Naval vessel operators seeking to decrease fuel costs are integrating Uranium fission reactors to power their fleets. Since Uranium is abundantly available and is a rich source of energy, it is finding increasing adoption in the defense sector,” says Moutushi Saha, a lead analyst at Technavio for defense research.
In nuclear-powered naval vessels, uranium fission reactions generate heat, which is used to heat water and produce steam. This steam is used by the turbines as a source of energy to propel the vessels. Adoption of nuclear powered naval vessels has led to longer periods between two subsequent refueling trips, which is a huge advantage.
Need for more environment-friendly source of energy
Heavy fuel oil (HFO), which is one of the abundantly used marine fuels is a major source of acid rains and responsible for causing many respiratory resources. Also, rising concerns regarding particulate matter emissions due to the use of HFO in submarines have led to the adoption of the environment-friendly source of energy sources of energy such as nuclear energy. Nuclear powered submarines are helping governments around the world to decrease their overall carbon footprint and adopting greener practices.
Focus on making submarines more undetectable
Conventional submarines were dependent on air from the environment for both combustion and life support for the crew. This practice had several disadvantages including susceptibility to detection, high reliance on electric batteries, and dependence on snorkeling technologies.
“The switch to nuclear-powered submarines has eliminated the dependence on oxygen for propulsion. Also, these naval vessels have great endurance, supports extended deployments, and supports a safe and comfortable living environment for the crew. Such advantages are leading to increased adoption of nuclear powered naval vessels,” says Moutushi.
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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, resellers, and end-users.
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