Global Nuclear Powered Naval Vessels Market Analysis Segmentation by Application: 2020-2024 | Latest Trends & Growth Drivers,...
November 23 2020 - 7:45PM
Business Wire
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.
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"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.
Regional Analysis
- 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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Notes:
- 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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version on businesswire.com: https://www.businesswire.com/news/home/20201123005845/en/
Technavio Research Jesse Maida Media & Marketing Executive
US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com
Website: www.technavio.com/