Battlefield Management System Market to Grow at a CAGR of 5.28% - Exclusive Report by MarketsandMarkets™
05 Jun, 2019, 14:30 BST
CHICAGO, June 5, 2019 /PRNewswire/ -- According to the new market research report "Battlefield Management System Market by Platform (Headquarter, Vehicle, Soldier), System (Computing, Navigation & Imaging, Communication & Networking), Component (Hardware, Software, and Display Devices), and Region - Global Forecast to 2021", published by MarketsandMarkets™, the Battlefield Management System Market is projected to grow from $13.25 billion USD in 2016 to $18 billion USD by 2021, at a CAGR of 5.28% from 2016 to 2021.
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Military modernization programs, enhanced situational awareness, increasing defense budgets of countries worldwide, border disputes, and rising tensions between Middle Eastern countries are expected to drive the battlefield management system market during the forecast period.
"The vehicle segment is projected to lead the battlefield management system market during the forecast period"
Based on platform, the vehicle segment is projected to lead the battlefield management system market during the forecast period. The use of military vehicles by defense forces is growing rapidly across the globe. The growth of the vehicle segment can be attributed to the need for situational awareness in battlefields, accuracy in navigation and connectivity, increase in regional conflicts, and modernization of militaries.
Military vehicles act as mobile information systems, wherein the information is collected from military headquarters and data is shared with soldiers on the battlefield. The increasing use of military vehicles such as main battle tank, light protected vehicles, amphibious armored vehicles, mine-resistant ambush protected vehicles, and armored personnel carriers by defense forces is growing at a rapid pace across the globe.
"The navigation & imaging system segment is estimated to grow at the highest CAGR during the forecast period"
On the basis of system, the navigation & imaging system segment of the battlefield management system market is anticipated to grow at the highest CAGR during the forecast period, primarily driven by the increasing demand for technological advancements, with respect to navigation & imaging systems to strengthen military forces.
Growth of the navigation & imaging system segment is also driven by increasing investments in military modernization programs to enhance situational awareness and the high demand for surveillance products, especially for military surveillance application are also contributing to the growth of this segment.
"The night vision devices segment is estimated to grow at the highest CAGR during the forecast period"
On the basis of component, the night vision devices segment of the battlefield management system market is anticipated to grow at the highest CAGR during the forecast period. With the increasing need for surveillance and security in the battleground, there will be rise in the deployment of night vision cameras for soldiers and in defense vehicles in the future. This, in turn, is expected to contribute to the growth of the night vision devices segment.
"The North America market is projected to lead the battlefield management system market during the forecast period"
North America led the battlefield management system market in 2016. The North America battlefield management system market has been studied for the U.S. and Canada. Significant investments in research and development of battlefield management systems for armies and special operations, increasing demand for advanced communication systems to replace legacy equipment in the warzone, and demand for blue force tracking are some of the factors that are expected to drive the battlefield management system market in the region. The U.S. is expected to contribute majorly to the growth of the battlefield management system market in North America. This growth can be attributed to the ongoing technological advancements in the country.
Browse in-depth TOC on "Battlefield Management System Market"
82 – Tables
65 – Figures
196 – Pages
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Major players in the battlefield management system market are Raytheon Company (U.S.), BAE Systems plc (U.K.), Rockwell Collins, Inc. (U.S.), Thales Group (France), Harris Corporation (U.S.), Leonardo S.p.A. (Italy), General Dynamics Corporation (U.S.), and SAAB AB (Sweden), among others.
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