Trending News: Military Navigation Market by Offering (Hardware, Software, Solution)
Global Military Navigation Market: Key Highlights
- According to the new market research report “Military Navigation Market by Offering (Hardware, Software, Solution), by Function (Guidance, Command and Control, Positioning, Weapon Targeting, Precision Targeting, Geo-Surveying, Others), by Application (Unmanned Air and Ground Vehicles , Missile, Defense Helicopters, Defense Aircrafts, Rockets, Submarine, Others), by Region (Asia Pacific, Europe, Middle East and Africa, South America, North America) — Global Forecast (2019 to 2027)”, the global military navigation market is estimated to reach USD 14.6 Billion by 2027 at a CAGR of 6% during forecast period 2019–2027.
- Rising geopolitical conflicts, rising defense budget of various countries, adoption of ultramodern solutions in military equipment are few factors among others, which are expected to drive the military navigation market during the forecast period.
- However, high cost and poor accuracy of inertial navigation system are few factors among others, which are expected to challenge the growth of the market during the forecast period.
Global Military navigation Market: Key Market Dynamics
- Rising geopolitical conflicts is expected to drive the market of military navigation as the countries are trying to sustain in this phase and are spending on the military equipment procurement notably.
- Augmented GPS navigation is expected to rise the market in near future as the GPS-based navigation may hamper the military operations in the GPS-denied or degraded environment.
- Poor accuracy of inertial navigation systems can hinder the growth of the market, as the system when used for longer time the navigation error increases which results in long-term poor accuracy.
Global Military Navigation Market: Regional Overview
- North America
The military navigation market estimates significant growth in North America. US defense department proposed national defense budget of USD 750 Billion for 2020. Also, the Department of Defense given contracts to the key players in the industry to get ultramodern solutions like unmanned aerial vehicles and Virginia-class submarines. Hence, the expansion of the defense industry, requirement of new solutions, supportive government initiatives can fuel the demand of military navigation system in North America during next seven years.
Asia-pacific is expected to become fastest growing region in the military navigation market. According to Stockholm International Peace Research Institute (SIPRI), military spending in the region was USD 507 Billion in 2018. Out of top 15 military spenders, five are from Asia-Pacific, China (rank 2), India (rank 4), Japan (rank 9), South Korea (rank 10), and Australia (rank 13). Australia increased its military expenditure significantly in past few years majorly spending in arms procurement. China is the second largest military spender in the world, as it granted USD 250 Billion in 2018 for the military expenditure, which is 14 per cent of global spending. Hence, increasing budget in the region can surge the demand for the military navigation system in the region.
Global Military Navigation Market: Key Players Overview
Safran is a France-based multinational aerospace company that provides aircraft engine, rocket engine, aerospace component, defense equipment, and equipment for space market. It supplies high performance navigation systems in two variants, SIGMA95N and GADIRS. The other associated technologies supplied by the company comprises of gyroscopes, gyrometers, accelerometers, integrated GPS receivers, and navigation data processing, among others. In October 2019, Safran and Defense Australasia contracted to design combat system components for Australia’s Future Submarine programme. In this Safran has to deliver initial detailed designs of optronic search-and-attack mast, navigation radar and navigation data distribution components, which will be installed in combat system.
- L3Harris Technologies, Inc.:
L3Harris Technologies, Inc. is a US-based company that operates in air, land, sea, space and cyber domains providing end-to-end solutions to the customers. The product portfolio of the company for navigation segment comprises of inertial navigation system (INS) for land, sea, air, and space applications, GPS Navigation System, Ring Laser Gyros (RLG), Fiber-optic Gyros (FOG), Fire Control Solutions, Environmental Stress Screening, among others. In July 2019, Harris and L3 technologies merged to form a large scale aerospace and defense company. The merger comprises of four business segments: integrated mission systems, space and airborne systems, communication systems, and aviation systems. The first segment will have intelligence, surveillance, reconnaissance, and navigation among others.
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