The global aircraft carrier market size is projected to showcase considerable growth in the forthcoming years due to the rising defense expenditure globally. This information is published by Fortune Business Insights in its report, titled “Aircraft Carrier Market, 2022-2029“. The procurement of these ships globally can be connected to the market’s growth, which was triggered by escalating geopolitical issues and territorial disputes between various states. Increased expenditures in replacing the current fleet with newer generation carrier ships will also help the industry expand rapidly.
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Based on type, the market for aircraft carrier is segmented into larger carriers, small carriers, and amphibious ships. The market is classified into fixed-wing aircraft, rotary-wing aircraft, and UAVs, by aircraft type. In terms of technology, the market is bifurcated into conventional powered and nuclear powered. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints
Increasing Demand for Naval Power to Favor Market Growth
Increased demand for naval power as a result of rising international conflicts between neighboring states is expected to drive market expansion over the forecast period. The U.S., the U.K., China, Russia, and India are concentrating their efforts on improving naval combat capabilities in order to bolster coastal security. There are 43 active carriers in the sea as of January 2020 and 14 navies are responsible to operate these 43 carriers.
Many countries are concentrating their efforts on creating and acquiring a range of battleships, including these carriers, in order to update their marine defense forces. The overall performance of naval combat vessels will improve as a result of this development of assets. During the projected period, the increasing focus on acquiring more authority over the sea would fuel the aircraft carrier market growth.
Increasing Defense Expenditure to Boost North America Market
North America is estimated to hold the largest aircraft carrier market share in the forthcoming years. This is owing to the region’s high defense expenditure and rapidly growing R&D investments. The U.S. Navy is expanding its investment in naval vessels to meet its fleet’s development goals, which aim to reach 355 ship fleets by 2030. Five Gerald R Ford-class carriers (to be supplied and deployed between 2022 and 2034) and five USS Enterprise (CVN 80) carriers (to replace CVN 65 carriers) were included in the acquisition plan.
Asia Pacific is estimated to show substantial growth in the thermal screening industry with the expansion of the aerospace and defense sector. The rising tension over border issues between neighboring countries in Asia-Pacific is expected to propel the adoption of this technology during the foreseeable future.
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Lucrative Returns to Encourage Market Investment
The aircraft carrier’s competitive landscape is filled with prominent players spread far and wide across the globe. This market requires extensive investment along with research and development to survive in the market. The prominent company focused on strategies such as product launches, product approvals, patents, inventions, and much more to keep up with the changing technology. This industry is an extensive investment venture which promises lucrative returns in turn.
- December 2020: The Indian government has indicated its intention to build a third indigenous aircraft carrier (IAC-2). This carrier will most likely be a more improved variant of the INS Vikramaditya. After trials, India’s second carrier, the INS Vikrant (IAC-1), will enter service in 2022.
List of Key Players Profiled in the Market:
- Lockheed Martin Corporation (The U.S.)
- BAE Systems PLC (The U.K.)
- Fincantieri SpA (Italy)
- General Dynamics Corporation (The U.S.)
- Huntington Ingalls Industries Inc. (The U.S.)
- Leonardo SpA (Italy)
- Navantia (Spain)
- Northrop Grumman Corporation (The U.S.)
- Thales Group (France)
- The Naval Group (France)
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