Steady rise in military expenditure by countries is expected to drive the global combat management system market growth during the forecast period. A country’s economic development is usually reflected in its increased spending on defense. The Stockholm International Peace Research Institute (SIPRI) substantiates this statement in its recent study on military expenditures of countries. According to the SIPRI, total global military expenditure rose by 2.6% from 2017 levels, reaching $1822 billion in 2018. Around 60% of this spending was contributed by five countries – the US, China, Saudi Arabia, India, and France. SIPRI predicts that Asia will have the highest military spending in the next three decades, led by China and India. Combat Management Systems (CMS) is the new-age technology for efficient management of military infrastructures. Growing investment in defense systems is likely to fuel the adoption of CMS tools and techniques in the aerospace and defense industry.
In its report, titled “Combat Management System Market Size, Share & Industry Analysis, By Platform (Corvettes, Frigates, Submarines, Destroyers), By Component (Software, Hardware), By Sub-system (Unmanned Vehicle, Self-defense, Situational awareness, Track Management) and Regional Forecast, 2019-2026”, Fortune Business Insights™ provides the following information:
- Accurate computation of relevant market figures;
- Detailed study of the various market segments;
- Thorough research into the factors restraining the market;
- In-depth analysis of the drivers and trends influencing the market; and
- Exhaustive assessment of the regional and competitive dynamics of the market.
Fortune Business Insights™ lists out a few of the renowned companies present in the combat management system market. They are as follows:
- Thales Group (France)
- Raytheon Company (the U.S.)
- Kongsberg (Norway)
- Lockheed Martin Corporation (the U.S.)
- Elbit Systems Ltd. (Israel)
- Saab AB (Sweden)
- Leonardo SpA (Italy)
- Northrop Grumman Corporation (the U.S.)
- Israel Aerospace Industries Ltd.
- BAE Systems PLC (the U.K)
Increasing Usage of Unmanned Aerial Vehicles (UAVs) for Military Purposes to Aid the Market
Rising demand for UAVs for military applications is set to emerge as one of the leading combat management system market trends in the coming decade. UAVs or drones have gained popularity in the armed forces owing to the vast range of strategic advantages they offer. For example, UAVs can fly into and survey regions where sending a pilot would be dangerous. These aircraft can stay in the air up to 30 hours and perform continuous surveillance exercises. Furthermore, drones can capture and transmit high-resolution images of strategically important regions in enemy territory. According to research conducted by Goldman Sachs, the market value of UAVs is close to USD 100 billion presently. Military spending accounts for 70% of this value and will continue to be so in the foreseeable future. Thus, rapid uptake of UAVs by militaries across the globe will augment the CMS market revenue during the forecast period.
North America to be in the Driver’s Seat; Asia-Pacific to Follow Closely
North America is anticipated to dominate the combat management system market share in the stipulated time period owing to high defense spending, presence of top industry players, and speedy adoption of advanced military technologies. In Asia-Pacific, the market is set to greatly benefit from rising military expenditure in India and China. In addition to this, these two countries are accelerating their shipbuilding activities as well as increasing the deliveries of advanced combat vessels in their territorial waters.
Geographic Expansion Measures by Players to Heat up Competition
Key players are intensely focusing on broadening their business horizons by providing their services and products to governments and organizations in foreign countries. According to the CMS market analysis, these steps would enable companies to expand their global presence and establish themselves as pioneers of innovative solutions.
Key Industry Developments:
- January 2019: France-based Thales Group’s Tacticos Combat Management System was installed on the Mexican Navy’s ARM Reformador. The CMS suite includes a host of advanced technologies such as CAPTAS 2 Variable Depth Sonar, the SMART-S Mk2 Air and Surface Surveillance Radar, and the Gatekeeper Electro-optical Ship Security system.
- January 2018: Sweden-based defense and security company, Saab AB, signed a contract with the Finnish defense company, Patria Plc, to supply the 9LV Combat Management System (CMS) for the 2000 Mid-Life Upgrade program of the Finnish Navy. The system will enable the Navy to performed enhanced operations of its tactical vessels, including advanced surface vessels and submarines.
Key Questions Answered:
- What are the key demands and trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth?
- Why Choose Fortune Business Insights?
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