Market Trends of Aircraft Carrier Ship Industry
The Nuclear Powered Segment to Dominate the Market
The nuclear-powered segment is anticipated to dominate the market during the forecast period. It is because of the larger capacity of carrying over twice the volume of aircraft fuel as compared to the conventionally powered aircraft carrier. In addition to endurance, its nuclear reactors give the ship greater space for aviation fuel, ordnance, and stores, which are important advantages over oil-powered carriers. The collaboration of shipbuilding companies with manufacturers of various systems onboard naval vessels, like communication, propulsion, and missile defense, to develop and deploy advanced aircraft carriers with a low cost of maintenance is anticipated to drive the growth of the segment.
Furthermore, increased focus on maritime security and high usage of nuclear energy are the main factors driving the market. In September 2022, India inducted INS Vikrant, the country's indigenous nuclear-powered aircraft carrier. In the same year, French shipbuilding firm Naval Group introduced its nuclear-powered aircraft carrier concept PANG during the 2022 Euronaval trade conference in Paris. PANG will be designed to carry up to 32 fighter jets and a large number of helicopters. However, countries like Malaysia and Thailand decommissioned their nuclear aircraft carriers as they incur high maintenance costs. It is one of the major challenges for the growth of the segment.
North America Will Showcase Significant Growth in the Market During the Forecast Period
North America is anticipated to show the highest growth during the forecast period due to the high defense spending and rapidly increasing R&D investments in this region. The US Navy's investment in naval vessels is increasing to support its fleet expansion plans to reach its goal of 355 ship fleets by 2030. The procurement plan included five Gerald R. Ford-class aircraft carriers (to be delivered and deployed between 2022 and 2034) and USS Enterprise (CVN 80) carriers (replacing CVN 65 aircraft carriers), which will be delivered during 2028-2032.
In addition, the US Navy is focusing on the modernization of existing aircraft carriers. HII's Newport News Shipbuilding, which builds the Navy's aircraft carriers, had a record amount of aircraft carrier work at its shipyard in 2022. John F. Kennedy (CVN-79) is in the final stages of construction at Newport News and is slated to deliver to the Navy in 2024. In March 2023, the US Navy announced its plan to extend Nimitz as part of a five-and-a-half-month maintenance availability that will carry the carrier into May 2026. The factors above are anticipated to support the growth of the market in the region during the forecast period.
