LONDON--(BUSINESS WIRE)--The global nuclear powered naval vessels market is expected to grow by USD 6.45 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 5%.
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Read the 120-page report with TOC on "Nuclear Powered Naval Vessels Market Analysis Report by Product (Surface naval vessels and Submerged naval vessels), Geography (North America, APAC, Europe, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the cost-effectiveness of nuclear power. In addition, the technological developments targeted towards the next-generation nuclear reactor are anticipated to boost the growth of the nuclear powered naval vessels market.
Naval vessels that run on fossil fuels are associated with high operational costs. For example, the Arleigh Burke-class destroyer typically consumes 24 barrels of fuel per hour and it varies depending on factors such as wind force, payload, tides, and others. This makes them too expensive to operate. These factors are increasing the preference for nuclear powered naval vessels. These are powered by uranium fission reaction that generates heat, which is further used to make steam to produce electricity. In addition, the cores of nuclear-powered carriers are designed to last for 25 years, while those of submarines last for 10-33 years before having to undergo refueling. This significantly reduces the cost of power generation, which is one of the key factors driving the growth of the global nuclear powered naval vessels market.
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Major Five Nuclear Powered Naval Vessels Companies:
Austal Ltd. operates its business through segments such as USA and Australasia. The company is involved in the design, construction, and support for revolutionary defense and commercial vessels such as naval vessels.
BAE Systems Plc
BAE Systems Plc operates its business through segments such as Electronic Systems, Cyber & Intelligence, Platforms & Services (US), Air, and Maritime. The company manufactures and supplies nuclear-powered submarines.
Bechtel Corp. operates its business through segments such as Mining and Metals; Oil, gas, and chemicals; Nuclear, security, and environment; and Infrastructure. The company offers nuclear propulsion components for naval vessels.
BWX Technologies Inc.
BWX Technologies Inc. operates its business through segments such as Nuclear Operations Group, Nuclear Power Group, and Nuclear Services Group. The company manufactures naval nuclear reactors for the naval nuclear propulsion program, for use in submarines.
Curtiss-Wright Corp. operates its business through segments such as Commercial/Industrial, Defense, and Power. The company provides nuclear naval vessels to the US Navy.
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Nuclear Powered Naval Vessels Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Surface naval vessels
- Submerged naval vessels
Nuclear Powered Naval Vessels Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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