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Nuclear Powered Merchant Vessel Market Leading Players by 2028 Are Adams Atomic Engines, Inc. Babcock & Wilcox Howaldtswerke Deutsche Werft AG
Nuclear energy has been used to drive a range of of cargo vessels including merchant, military and ice-breaker ships. A trading vessel or merchant vessel is a ship or boat that are used to transport passenger or cargo for hire. Conventionally, merchant vessel/ships use diesel powered engine to burn the fuel and that drive the turbines. However, with the evaluation of technology the ships are now powered by nuclear reactor to drive the engines. Nuclear powered merchant vessel/ships uses central, internally constrained consumption & storage system instead of storing fluctuating and large quantities of fuels. In 1950s, the world was introduced to an economical, thimble sized amount of nuclear material powering a vessel.
Most the countries have developed their individual nuclear powered merchant vessel. For instance, U.S. launched the NS Savannah – passenger cargo ship, Japan manufactured the Mutsu (which was decommissioned after a solo test run), Germany made the Otto Hahn (carried ore for nearly a decade) and Russia made the Sevmorput that carried cargo until 2012. Henceforth, most the countries have their own nuclear powered merchant vessel to carry the passenger or cargo from place to other.
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Nuclear Powered Merchant Vessel Market: Key Features/ Characteristics
Nuclear powered merchant vessel have reduced dependency on fuel and could run for numerous months without need for refilling fuel tanks, which has proven to be considerably impactful in remote areas such as arctic areas in Russia. Furthermore, reducing fuel demand has also allowed for a cut in fuel costs that helps to maintain the budget. On the top of fuel efficiency, these ships are more powerful and have less of an environmental impact on society.
Nuclear Powered Merchant Vessel Market: Dynamics
Increase in demand for alternate fuel technology couple with growing need for more powerful ships is expected to fuel the demand for Nuclear Powered Merchant Vessel market. Also, ability of these ships to have less environment impact would support the demand for nuclear powered merchant vessel market.
Nuclear Powered Merchant Vessel Market: Restraint
However, high cost of nuclear powered merchant ships as compared to fuel powered merchant ships finds low advocacy rate which can hamper the growth for nuclear powered merchant vessel market. Furthermore, subsequently most of nuclear powered merchant vessel are prepped for long journeys, therefore, to remain technically sounded need a high cost inclusive repair and maintenance.
Nuclear Powered Merchant Vessel Market: Opportunity
Owing to limitations related to sulfur oxide emissions norms from ships has put the global marine industry on a search for an economical ways to meet future and current environmental norms. Also, with the inevitable development of trans Arctic shipping, nuclear power is the only means to work on that extreme situation. Therefore, it gives an immense opportunity for nuclear powered merchant vessel manufacturers to invest in this technology.
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Nuclear Powered Merchant Vessel Market: Regional Outlook
As of 2017, most of nuclear powered merchant vessel are owned by countries such as Russia, U.S., Germany, and Japan. The maximum demand is expected to be coming from U.S., owing to huge investment by government for these vessels. Moreover, the country is the largest producer of nuclear power energy globally, accounting for more than thirty percent of worldwide nuclear generation. Germany and Japan are also contribute significant share for nuclear powered merchant vessel market.
Nuclear Powered Merchant Vessel Market: Segmentation
On the basis of type, the Nuclear Powered Merchant Vessel market can be segmented into:
Cargo Carrier
Passenger Carrier
On the basis of horsepower, the Nuclear Powered Merchant Vessel market can be segmented into:
Less than 20,000 HP
More than 20,000 HP
On the basis of size, the Nuclear Powered Merchant Vessel market can be segmented into:
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