The new nuclear powered naval vessels market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Nuclear Powered Naval Vessels Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the nuclear powered naval vessels market.
"One of the primary growth drivers for this market is the Need for More Environment-friendly Source of Energy," says a senior analyst for the Industrials industry at Technavio.
The use of heavy fuel oil (HFO) has accounted for more than 8% of the global emissions of sulphur dioxide and is the main source of acid rain and many respiratory diseases. To counter these issues, the US Navy launched the Great Green Fleet program that focuses on setting up a new environment-friendly assault force that will regulate the carbon footprint and destroy its enemy as well. Initiatives like these is expected to drive the market during the forecast period.
As the markets recover Technavio expects the nuclear powered naval vessels market size to grow by USD 6.45 billion during the period 2020-2024.
Nuclear Powered Naval Vessels Market Segment Highlights for 2020
The nuclear powered naval vessels market is expected to post a year-over-year growth rate of 4.53%.
The nuclear-powered surface naval nuclear ships comprise aircraft carriers, frigates, fast attack craft and combat ships, driving the growth of the nuclear powered ships market during the forecast period.
Market growth in the surface naval vessels segment will be slower than the growth of the market in the submerged naval vessels segment.
45% of the growth will originate from the APAC region.
Factors such as the rising defense spending will significantly drive nuclear powered naval vessels market growth in this region over the forecast period.
China and India are the key markets for nuclear powered naval vessels in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The nuclear powered naval vessels market size is expected to accelerate at a CAGR of over 5% during the forecast period.
The nuclear powered naval vessels market is segmented by Product (Surface naval vessels and Submerged naval vessels) and Geography (North America, APAC, Europe, MEA, and South America).
The market is concentrated due to the presence of few established vendors holding significant market share.
The research report offers information on several market vendors, including Austal Ltd., BAE Systems Plc, Bechtel Corp., BWX Technologies Inc., Curtiss-Wright Corp., General Dynamics Corp., Huntington Ingalls Industries Inc., Kongsberg Gruppen ASA, Lockheed Martin Corp., and Thales Group
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