LONDON–(BUSINESS WIRE)–The new naval combat systems market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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“One of the primary growth drivers for this market is the greater focus on ISR operations,” says a senior analyst for Industrials at Technavio. As the markets recover, Technavio expects the naval combat systems market size to grow by USD 7.56 billion during the period 2020-2024.
Naval Combat Systems Market Segment Highlights for 2020
- The naval combat systems market is expected to post a year-over-year growth rate of 1.91%.
- Based on the product, the weapon systems segments led the market in 2019. The segment is driven by the substantial procurement of anti-ship missile defense and man-portable air defense systems by combat ships, which is attracting new investments in the naval combat systems market.
- The market growth in the segment will be significant over the forecast period.
- 58% of the growth will originate from the APAC region.
- The market growth in APAC is driven by significant investments in the modernization of warships by countries such as China, India, Japan, Australia, Korea, and Malaysia.
- China and Japan are the key markets for naval combat systems in APAC.
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- The naval combat systems market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The naval combat systems market is segmented Product (Weapon systems, C4ISR systems, and Electronic warfare systems), Geography (North America, APAC, Europe, MEA, and South America), and Platform (Surface-based naval combat systems and Underwater-based naval combat systems).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including BAE Systems Plc, Elbit Systems Ltd., General Dynamics Mission Systems Inc., L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, Safran SA, and Thales Group
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.