Latest News - Nuclear Powered Naval Vessels Market: Surface vessels are expected to lead the Product segment during 2024-2028

The Nuclear Powered Naval Vessels Market is being driven by Cost effectiveness of nuclear power

The Nuclear Powered Naval Vessels Market is expected to grow at a CAGR of 8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12.44 billion. In the realm of nuclear-powered naval vessels, uranium plays a pivotal role as the primary fuel source for nuclear reactors. Specifically, it is the isotopes of Uranium-235 (U-235) that undergo nuclear fission, releasing approximately 200 million electron volts (MeV) of energy through the splitting of a single atom. Uranium naturally contains only about 0.7% U-235, making it necessary to enrich the uranium to increase its concentration for use in nuclear reactors. Historically, highly enriched uranium (HEU), containing over 20% U-235, has been the preferred choice for nuclear reactors due to its high concentration of fissile material. However, low-enriched uranium (LEU), with less than 20% U-235, is also used in some reactors and is increasingly being considered for use in advanced nuclear technologies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Surface vessels
  • Submerged vessels
• Application
  • Defense
  • Transportation
• Geography
  • North America
    • US
  • APAC
    • China
    • India
  • Europe
    • France
    • Russia
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Cost effectiveness of nuclear power
• Rising military spending
• Focus on making submarines more undetectable

However, the market also witnesses some limitations, which are as follows:

• Operational difficulties of nuclear-powered naval vessels
• Naval vessels powered by alternative biofuels
• High cost and incorporation of AIP systems

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Market Scope in Nuclear Powered Naval Vessels Market Research Report

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Research Analysis Overview

The Nuclear-powered Naval Vessels market has witnessed significant growth in recent years, with key players in the Black Sea region and other major naval powers investing heavily in this technology. Sanctions imposed on certain countries have not deterred their pursuit of nuclear-powered surface combatants, including ballistic missile submarines, amphibious assault ships, large destroyers, and main battle warships. These vessels are equipped with advanced armament systems, such as vertical missile launchers and rocket launchers, and are designed for surveillance, anti-submarine warfare, and air defense. In the Indian Navy, the Vishakhapatnam, INS Aridhaman, and INS Vindhyagiri are notable examples of nuclear-powered warships, with the Arihant class of ballistic missile submarines leading the way. The Government of India's military expenditure on defense equipment manufacturers continues to support the development and production of these advanced vessels. Other countries, such as the United States, Russia, China, and France, also maintain large fleets of nuclear-powered naval vessels, including frigates, destroyers, cruisers, and aircraft carriers, further driving the growth of this market. The demand for surface vessels with AIP (Air Independent Propulsion) systems is also increasing, offering greater operational flexibility and endurance.

Market Research Overview

In accordance with Technavio's market segmentation, the global nuclear powered naval vessels market falls under the aerospace and defense sector within the capital goods market. The aerospace and defense market comprises businesses involved in the manufacturing of commercial and general aviation aircraft, defense platforms for naval, land, and air applications, arms and ammunition, defense electronics, defense logistics equipment, space platforms, and related launch vehicles. Additionally, the market includes maintenance, repair, and overhaul (MRO) services for both commercial aviation and defense sectors. Technavio calculates the size of the global capital goods market based on the collective revenue generated by industries such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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