Naval Combat Systems Market Size to Grow by $ 7.56 bn through 2020-2024
The naval combat systems market is expected to grow by $ 7.56 bn, accelerating at a CAGR of almost 3% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. View Free Sample Report
Naval Combat Systems Market: Segmentation by Product
This report provides a detailed analysis of the market by 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). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.
Naval Combat Systems Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. 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 are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Technavio has been monitoring the global naval combat systems market and it is expected to grow by USD 7.56 billion accelerating at a CAGR of over 3% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking Download latest version with COVID-19 analysis Free Sample Report
Naval Combat Systems Market: Segmentation by Product
During 2019, the weapon systems segment accounted for the major share of the Naval Combat Systems Market.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 segment will witness significant market growth over the forecast period.
Naval Combat Systems Market: Segmentation by Geography
APAC was the largest Naval Combat Systems Market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. 58% of the growth will originate from the APAC region with China and Japan being the key markets. The market growth in APAC is also driven by significant investments in the modernization of warships by countries such as China, India, Japan, Australia, Korea, and Malaysia.
Naval Combat Systems Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. BAE Systems Plc, Elbit Systems Ltd. and General Dynamics Mission Systems Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
