Market Research Future (MRFR) proclaims that the global aircraft carrier market is predicted to demonstrate a CAGR of 3% during the forecast period (2018-2023). The rising focus on gaining dominance over the sea is likely to foster the aircraft carrier market globally. The aircraft carrier can be referred to a floating military base which comprises a fleet of fighter jets along with military personnel, catapult system, radar absorbent material, missile launching systems, and anti-submarine warfare capabilities. They are mainly identified for their versatility, mobility, and competencies. The other classes of ships available comprise destroyers, littoral combat warships, support craft, amphibious assault warships, and submarines.
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Potential and Pitfalls:
The aircraft carrier market is gradually gaining its ground across the globe with the surging focus on gaining dominance over the sea. Several economies are involved in the procurement and development of battleships like an aircraft carrier in order to upgrade their maritime defense divisions. The expansion in the assets will further leas to the development of overall naval combat vessels, thereby allowing the defense authorities have a greater dominance over the seas and the oceans. The aircraft carriers are floating airbases and carry with themselves fighter aircraft, dive bombers, and torpedo planes which offer instantly available air support to the naval fleets. This is estimated to propel the market growth across the globe. For instance, in 2016, 39 aircraft carriers were developed in the oceans. Economies like India, the U.S., China, Russia, and the U.K. are seeking towards replacing the existing aircraft carrier with the latest ones. This will further help to reinforce their defense capabilities in the neighboring seas. With the evolving emphasis on the development of smaller aircraft carrier, the growth prospect of aircraft carrier market is likely to experience an upward growth curve. Presently, the small aircraft carrier is used in the development of UAVs which enables the gathering of intelligence and provision of surveillance for the support of the naval and the airborne forces. Moreover, the increased usage of nuclear energy coupled with the surging focus on maritime security is the other top factors bolstering the market growth.
On the contrary, maintenance has remained as one of the major constraints vitiating the market growth across the globe. Smaller economies like Thailand have decommissioned their aircraft carrier due to their high maintenance cost. This is anticipated to impede the growth of the market. On a brighter note, the advancement in automation is likely to reduce the maintenance cost, thereby triggering its demand in the long run.
The global aircraft carrier market has been segmented on the basis of type and configuration.
By mode of type, the global aircraft carrier market has been segmented into conventional-powered and nuclear-powered. Among these, the nuclear-powered aircraft carrier market is predicted to dominate the market globally. They can carry around double the volume of aircraft fuel compared to the conventional-powered carrier. This benefit of nuclear-powered aircraft is predicted to foster its growth in the long run.
By mode of configuration, the global aircraft carrier market has been segmented into short take-off but arrested recovery (TOBAR), catapult-assisted take-off but arrested recovery (CATOBAR), and short take-off but vertical recovery (STOVL).
Geographically, the aircraft carrier market span across regions namely, Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region is considered to be a major contributor in the global market with China acquiring the major share. Several countries in this region are seeking towards developing their aircraft carriers with higher capacity than other conventional carriers. The latest vessels come with a length of 320 meters along with a planned displacement of 85,000 tons. China is also developing another aircraft carrier in Shanghai and is anticipated to develop more 4 to 5 aircraft carriers by the end of 2020.
North America and Latin America are considered to acquire a considerable share and is likely to retain its position in the long run. The growth can be ascribed to the technological advancements and surging expenditure which generates a high demand for aircraft carriers.
May 03, 2019: China is all set to build their third aircraft carrier, the Pentagon. The carrier is considered as the country’s second domestically produced carrier. The Department of Defense has also said that it is likely to be a much more technologically advanced and powerful carrier than its predecessors.
The prominent players operating the global aircraft carrier market comprises Fincantieri S.p.A (Italy), Thales Group (France), Huntington Ingalls Industries Ltd. (U.S.), BAE System (U.K), Wincanton Plc (U.K), Navantia (Spain), Northrop Grumman Corporation (U.S.), Leonardo S.p.A (Italy), Babcock International Group Plc (U.K), General Atomics (U.S.), and United Shipbuilding Corporation (Russia).
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