New York, United States , Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Carrier Market Size to Grow from USD 1.4 Billion in 2023 to USD 2.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.39% during the forecast period.
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The aircraft carrier market is expanding rapidly, spurred by growing defence budgets and geopolitical concerns. Major players such as the United States, China, and India are investing considerably in the construction and modernisation of their naval forces. Advances in nuclear propulsion, stealth technology, and automation are driving industry growth, improving operating efficiency and combat capabilities. Integration of unmanned systems with advanced sensing technologies is an emerging topic. North America leads the market, followed by Asia-Pacific, owing to significant military spending and technical breakthroughs. High expenses, extended development schedules, and a shortage of experienced workers are among the challenges. Despite this, the market forecast remains optimistic, driven by ongoing innovation and critical military imperatives.
Browse key industry insights spread across 211 pages with 120 Market data tables and figures & charts from the report on the "Global Aircraft Carrier Market Size, Share, and COVID-19 Impact Analysis, 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), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Type
The nuclear power type segment accounted for the largest market share over the forecast period 2023 to 2033. Nuclear-powered carriers provide major advantages, such as extended operational range without the need for frequent refuelling, increased endurance, and faster speeds, all of which are vital for long-term military operations and rapid deployment. Key players, primarily the United States and, increasingly, China, are prioritising the development and deployment of nuclear-powered carriers to improve strategic capabilities. Technological developments in reactor design and safety features contribute to the segment's growth.
Insights by Configuration
The Catapult-Assisted Take-Off but Arrested Recovery segment accounted for the largest market share over the forecast period 2023 to 2033. This technique, predominantly used by sophisticated navies such as the United States and France, allows for the launch and recovery of a diverse spectrum of aircraft, including larger and more powerful jets, increasing operational flexibility and combat capability. The use of Electromagnetic Aircraft Launch Systems (EMALS) within CATOBAR is a crucial driver, providing more efficiency and less stress on airframes than traditional steam catapults. As countries such as China and India invest in carrier technology, the demand for CATOBAR systems increases, indicating a shift towards more complex naval operations.
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Insights by Region
North America is anticipated to dominate the Aircraft Carrier Market from 2023 to 2033. Advanced technologies, including as nuclear propulsion, stealth features, and unmanned system integration, are being prioritised to improve operating efficiency and combat preparedness. The region benefits from strong defence budgets, which provide significant support for research, development, and procurement. Key players in carrier design and construction are Huntington Ingalls Industries and General Dynamics. Furthermore, government backing for strategic defence programs and partnerships boosts market growth. Despite problems such as high costs and long construction schedules, North America's aircraft carrier market remains a key component of global naval power.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Key countries such as China and India are leading the way, investing extensively in the development and modernisation of carrier fleets to improve maritime security and force projection. China's breakthroughs in carrier technology, especially the construction of domestically constructed carriers, demonstrate its strategic objectives. India, too, is focussing on indigenously manufactured carriers to boost its naval capability. The market benefits from regional partnerships as well as technological advancements in propulsion systems, avionics, and unmanned aerial vehicles.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Key Vendors in Global Aircraft Carrier 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), and other key vendors.
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Recent Market Developments
- In December 2020, The Indian government has announced its desire to acquire a third indigenous aircraft carrier-2 (IAC-2). This aircraft carrier is expected to be an enhanced variant of the INS Vikramaditya. The Indian government's second aircraft carrier, INS Vikrant (IAC-1), will enter service in 2022 following testing.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Carrier Market, Type Analysis
- Conventional-Powered
- Nuclear-Powered
Aircraft Carrier Market, Configuration Analysis
- Catapult-Assisted Take-Off but Arrested Recovery
- Short Take-Off but Arrested Recovery
- Short Take-Off but Vertical Recovery
Aircraft Carrier Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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