Global Aircraft Carrier Market Research Report: Information by Type (Conventional-Powered and Nuclear-Powered), Configuration (Catapult-Assisted Take-Off but Arrested Recovery, Short Take-Off but Arrested Recovery, and Short Take-Off but Vertical Recovery), Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)—Forecast till 2025
Aircraft Carriers are phenomenally mighty ships identified for their mobility, versatility, and competencies. An aircraft carrier can be referred to as a floating military base, equipped with a fleet of fighter jets, dive bombers, military personnel, torpedo planes, radar absorbent material, missile launching systems, catapult system, and anti-submarine warfare capabilities. These floating airbases provide readily available air support to the naval fleets.
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Aircraft carriers are also expensive symbols of national prestige that allows a country to gain more dominance over the sea. As a result, countries strive to own a number of battleships, including aircraft carrier to upgrade their marine defense divisions. During the last few years, most of the countries across the globe are getting involved in the development and procurement of a number of aircraft carriers to strengthen their naval capabilities which is resulting in accelerating the market growth of aircraft carriers, globally.
Acknowledging the worth and growth potential the aircraft carrier market is demonstrating currently, Market Research Future (MRFR) in its recently published study report giving asserts that the global aircraft carrier market will expand exponentially, growing at approximately 3% CAGR during the forecast period (2018-2023).
Additional factors substantiating the market growth include the growing emphasis on the development of smaller aircraft carrier and the deployment of Unmanned Aerial Vehicles (UAVs), as a provision of surveillance and to gather the intelligence to support the airborne and naval forces.
On the other hand, the high costs of procurement of aircraft carrier, limited combat capabilities, and long duration of the development process are some of the key factors posing challenges to the market growth.
Increased focus on marine security and the increasing usages of nuclear energy are the key driving forces behind the growth of the aircraft carrier market. However, nuclear-powered aircraft carriers demand a heavy maintenance which is a significant challenge to tackle.
MRFR has segmented its analysis into three key dynamics for an easy grasp;
By Types: Conventional-powered and Nuclear-powered among others.
By Configurations: Catapult-Assisted, Take-Off but Arrested Recovery, Short Take-Off but Arrested Recovery, and Short Take-Off but Vertical Recovery among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
The North American region accounts for the leading market for aircraft carriers, globally, acquiring the significant market share. Market in the US heading with the presence of well-developed defense and aerospace sectors contribute to the growth of the regional market majorly. Moreover, the presence of major vendors and the introduction of favorable government policies in this region foster the market growth. Simultaneously, the presence of a large number of aircraft carrier manufacturers positively impacts the market growth in the region.
The European region accounting for the second largest market for the aircraft carrier is expected to witness a substantial growth during the forecast period.
The aircraft carrier market in the Asia Pacific region, on the other hand, is emerging as the most promising space, growing rapidly. The region is vibrating with rapid economic growth especially in the countries such as India and China. India is increasingly becoming a hub for technologies among others which is drawing the steady flow from foreign investors.
Owing to the availability of cost-competitive labor force and ample raw materials required for the manufacturing of aircraft carrier, key players are increasingly shifting their production bases to India and China which is pushing up the market growth in the region on the furthered heights.
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Some of the eminent leaders of the market include Fincantieri S.p.A (Italy), Thales Group (France), BAE System (U.K), Navantia (Spain), Huntington Ingalls Industries Ltd. (U.S.), Wincanton Plc (U.K), Northrop Grumman Corporation (U.S.), Leonardo S.p.A (Italy), General Atomics (U.S.), United Shipbuilding Corporation (Russia), and Babcock International Group Plc (U.K).
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