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.
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).
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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.
Due to the high maintenance costs, smaller countries, such as Thailand, are decommissioning their aircraft carriers. Nevertheless, ongoing R&D activities and advancements in automation are expected to present solutions for the low- cost maintenance, bringing about innovations and improved technologies.
Key Players:
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)
- Babcock International Group Plc (U.K)
Industry/ Innovation/ Related News
October 25, 2018 – The French Navy announced its plans to replace the nuclear aircraft carrier ‘Charles de Gaulle’, France’s only strike carrier by the end of its service life in the 2030s. The government has already ordered an 18-month study to determine the architecture of one or more new carriers that will take the place of the French flagship.
October 23, 2018 – Krylov Scientific Center (Russia) announced that they are building the world’s first catamaran aircraft carrier. Russia has chosen a catamaran design instead of a conventional flat-top for the advantages of reduced drag that permit catamarans to attain speeds not possible with a monohull and/or the option of being equipped with less powerful and therefore less expensive engines. Because of its relatively great length in relation to their width, a catamaran is able to travel at high speed and has excellent lateral stability.
Global Aircraft Carrier Market – Competitive Analysis
The highly competitive aircraft carrier market is adorned by several well-established players having the international presence. They incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and technology launch in order to gain a competitive advantage in this market and thus maintain their market position. Strategic partnerships between players support their growth and expansion plans.
Furthermore, the vendors in the market are focusing on in-house manufacturing capabilities, newer technologies, R&D investments, and various product offerings, to have an advantage over their competitors. They compete with each other based on the reliability, cost, product quality, and aftermarket service. Governmental support, market conditions, and the industry development are the three core factors impacting the growth of these vendors.
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Global Aircraft Carrier Market – Segmentation
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.
Global Aircraft Carrier Market – Regional Analysis
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.
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Threat of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continued……..
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