Military Navigation System Market Insights, Trends, Opportunity & Forecast, 2020–2026
- by KD Market Insights
- May, 2021
According to a new report published by KD Market Insights, titled, “Military Navigation System Market Insights, Trends, Opportunity & Forecast, 2020–2026,” the global military navigation system size is anticipated to grow at a CAGR of 8.6% during forecast period i.e. 2021-2026. North America accounted for large share of market, owing to high spending on the defense industry in the region.
Increasing adoption of military navigation systems for military operations, the increasing purchase of missiles systems by governments, increasing border tensions and geopolitical risk among countries specially in Middle East & Asia are driving the demand for military navigation system market. Moreover, rising government spending expenditure, high demand for new generation missile defense systems and growing usage of unmanned aerial vehicles in military operations are also fueling the growth of market. Military organizations are focused on upgrading their artillery and advancement of their military equipment. This factor is envisioned to impel the growth of the market.
North America accounted for largest market share in the military navigation system. North America is projected to grow at a significant growth during forecast period, due to the increasing UAVs for surveillance and combat, continuous technological developments and advancements in the military equipments in the region, rising government budgets for military and defense systems in the region and the presence of major defense companies in the region.
According to platform, the aviation segment accounted for significant portion of market share during 2020. This can be attributed to high cost of aviation technologies. Moreover, ground segment is anticipated to continue its dominance during the forecast period.
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The global military navigation system is segmented into platform, component, grade, application, and region. Based on component, the market is segmented into refined hardware, software and services. Hardware segment is further categorized into GPS Receiver, Inertial Navigation System, Anti-jamming Device, SONAR, Personal Navigation System, Sense and Avoid System (SAS), Thrust Vector Control, Radar Altimeter, Radar and AIS Receiver. Based on grade, it is classified into navigation grade, tactical grade, space grade and marine grade. By application, it is segmented into Command & Control, Intelligence, Surveillance & Reconnaissance (ISR), Combat & Security, Targeting & Guidance and Search & Rescue (SAR).
The global military navigation system is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa). Asia Pacific market is anticipated to witness lucrative growth during the forecast period. Increasing regional tensions are fueling the growth of market in the region.
Key Insights of Military Navigation System
- On the basis of platform, the aviation military navigation system segment will be major contributor to the growth of market.
- On the basis of component, the hardware segment captured highest share of the military navigation system in 2020.
- On the basis of region, North America accounted for largest regional market the overall market in 2020.
- On the basis of region, Asia-Pacific is predicted to observe highest CAGR during the forecast period.
Some of the major military navigation system companies profiled in the report include LORD MicroStrain, Raytheon, Cobham Limited, Esterline Technologies, Thales Group, Honeywell International Inc., Garmin Ltd., GE Aviation, BAE Systems, Summitek Instruments Inc., Intelsat Corporation, KVH Industries Inc., Parker Hannifin Corp, L3Harris Technologies Inc., Moog Inc. (US), Northrop Grumman Corporation, Safran SA, Israel Aerospace Industries, Collins Aerospace (United Technologies Corporation), GEM elettronica and Trimble Inc.
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