Technavio, a tech-focused market research firm, has published a new report on the global naval combat systems market, which is expected to grow at a CAGR of close to 3% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global naval combat systems market into the following key regions: the Americas, APAC, and EMEA.
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Naval combat systems market in the Americas: The US, Brazil, Canada, and Mexico are primary contributors to the naval combat systems market in the Americas. The US Navy has been the pioneer in incorporating advanced combat systems into their naval vessels.
According to Moutushi Saha, a lead analyst at Technavio, specializing in research on defense, “Currently, the AEGIS Weapons Systems, which are one of the latest advancements in combat systems, have been installed on more than 84 in-service naval ships in the US. Lockheed Martin, the manufacturer of AEGIS Combat System, is also making efforts to bring forth a modernized version, AEGIS ACB 20, which will integrate new capabilities into the BL 9 Common Source Library in a two-phased approach.”
Naval combat systems market in APAC: Technavio expects that the combat management system market in APAC will post an impressive CAGR during the forecast period. The growth can be attributed to the rising tensions between neighboring countries, especially over the South China Sea dispute. Such tensions are compelling the navies to strengthen their naval ships with advanced combat systems. Countries in APAC like China, India, Japan, Australia, Korea, and Malaysia have been making significant investments in the modernization of their warships.
Naval combat systems market in EMEA: With evolving weapons and weapon systems in EMEA, it is expected that the older combat systems will undergo considerable upgrading to support the installation of new weapons. The UK has been making the highest defense budget investment in line with protecting the nation’s security and integrity. Moreover, the German Navy’s defense spending on naval vessels has increased in the past reflecting the presence of potential growth in naval combat systems as all the newly purchased naval ships would need advanced combat systems within the forecast period.
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The top vendors operating in the global naval combat systems market are:
- BAE Systems
- Lockheed Martin
- Raytheon
- Saab
- Thales
Other prominent vendors in the market include General Dynamics, Harris, Israel Military Industries, L-3 Technologies, and NORTHROP GRUMMAN.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Naval Combat Systems Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Naval Radar Systems Market 2016-2020
- Global Military Electro-Optical and Infrared Systems Market 2016-2020
- Global C4ISR Market 2016-2020
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