TMCnet News
Global Naval Combat Systems Market to Record USD 41.37 Billion by 2020, Predicts TechnavioAccording to the latest market study released by Technavio, the global naval combat systems market is projected to reach USD 41.37 billion by 2020, growing at a CAGR of nearly 3%. This research report titled 'Global Naval Combat Systems Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions. Request sample report: http://goo.gl/s4z9SA The global naval combat systems market is segmented into three different systems:
Global naval weapon systems market In 2014, the weapon systems accounted for the largest share of 45.38% in the market. Growth in this market will be driven by extensive procurement of anti-ship missile defense systems and man-portable air-defense systems (MANPADS) by combat ships, which will attract new investments in the market during the forecast period. In 2015, BAE Systems (News - Alert), a major vendor in the market, signed a contract worth USD 130 million with the US Navy to overhaul and upgrade six MK-45 naval gun systems for the US Navy Destroyer class (DDG) ships. The MK-45 naval gun system is an effective weapon for anti-surface, strike, fire support, and anti-air warfare combat. "During the same period, BAE Systems signed another contract worth USD 146.7 million with the US Navy to provide engineering and technical support to the US Navy combat and communications systems for the next five years," says Abhay Singh, a lead analyst at Technavio for the defense sector. Similarly, in 2014, Raytheon (News - Alert), a major vendor in the market, signed a contract worth USD 205 million with the Japan aritime Self-Defense Force (JMSDF) to provide upgrade kits, support equipment, and hardware spares for computer-controlled radar and gun maritime defense systems. Global naval C4ISR systems market In 2014, C4ISR systems accounted for a 28.61% share of the market. During the same year, the US had 20 aircraft carriers and 72 submarines, whereas, Asian countries such as North Korea, China, Iran, Japan, India, and South Korea together had 213 submarines. In the same year, Russia had four aircraft carriers and 55 submarines. A large number of submarines and aircraft carriers aid in C4ISR operations, and will result in high investments in the market during the forecast period. In 2015, M.C. Dean, a prominent vendor in the market, signed a contract worth USD 853.7 million with the US Navy for the installation and operational certification of C4ISR systems on naval vessels. "During the same year, Serco, another prominent vendor, signed a nine-month contract worth USD 13 million with the US Navy to replace old C4ISR systems with new ones on naval vessels," adds Abhay. Global naval EW systems market In 2014, EW systems accounted for a 26.01% share of the market. During the same year, Asian countries such as North Korea, China, and Iran had over 2,100 naval ships as compared to the US, which had 473 vessels. In the same year, Russia had a naval force comprising of 352 ships. Similarly, India, which is expanding its naval strength and power, had 202 vessels. A large number of these ships will result in high investments in the EW systems market during the forecast period. In 2015, Lockheed Martin (News - Alert), a major vendor of the market, signed a contract worth USD 153.9 million with the US Navy for the modification of Surface Electronic Warfare Improvement Program (SEWIP) Block 2 EW systems on surface ships. Under the contract, the vendor will also upgrade AN/SLQ-32 systems on the US Navy aircraft carriers, cruisers, and destroyers. The top vendors highlighted by Technavio's research analysts in this report are: Browse Related Reports:
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio's reports allows you to download any three reports per month for the price of one. Contact [email protected] with your requirements and a link to our subscription platform. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160328005394/en/ |
