LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global military fire control systems market is expected to reach USD 4.81 billion by 2021, growing at a CAGR of more than 5%.
This research report titled ‘Global Military Fire Control Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
There has been a rise in the number of conflicts in the recent years. With increasing extremist and border security threats, there is an imperative need to reassess the current approach to effective military operations. To render assistance to missions aimed at resolving these conflicts, military fire control systems have come into existence. Defense authorities around the globe are focusing more on the development and deployment of such systems, thereby lending adequate support to soldiers, ground vehicles, fighter planes, helicopters, and naval forces during missions. Due to these activities, the demand for global military fire control systems market will increase over the forecast period.
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Technavio’s aerospace and defense research analysts categorize the global military fire control systems market into the following segments by product. They are:
The seas and oceans cover more than 70% of the global surface and are home to approximately 50,000 large ships, which carry 80% of the world's traded cargo. However, owing to the growing possibilities of terrorist attacks through sea routes and increased illegal dealings in mid-oceans, it has become increasingly important for countries to enhance their combat systems to counter the maritime threats.
According to Moutushi Saha, a lead defense research analyst from Technavio, “Many countries are augmenting their maritime security capabilities to ensure that illegal and hostile infiltration into their territories does not take place. At the same time, major defense contractors are arming the existing naval vessels with advanced fire control systems, which enable effective detection and precision while firing or shooting at a target.”
The global ground-based fire control systems market can be divided into two segments, which are gun-mounted fire control systems and vehicle-mounted fire control systems. While there are many vehicle-mounted fire control systems, gun-mounted fire control systems are being widely adopted worldwide by the armed troops. The system is designed specifically to precisely detect, track, and aim at the ground-based mobile or stationary targets.
“Ground-based fire control systems are generally equipped with sun-viewable alpha-numeric displays, smart electronics for gun control, emergency stop buttons, and an option to interface with multiple guns. These fire control systems are capable of tracking and precisely striking the mobile and high-speed targets. These advanced targeting systems are generally operated in three modes; handheld fire control system, joystick, and laser aiming sight,” says Moutushi.
The global military aviation market has gained momentum both in the fighter planes segment and the special mission aircraft segment. There has been an increase in the focus on the development of these planes since 2011 with the emergence of fighter aircraft such as the Chengdu J-10 and the F-22 Raptor.
An imperative need has emerged for the defense authorities to gain control over the surrounding or neighboring skies, seas, and lands due to the raging conflicts in many countries. Several countries such as the US, China, Russia, Japan, India, the UAE, and the UK are investing extensively in defense equipment to accomplish a competitive edge over the enemies.
The top vendors highlighted by Technavio’s research analysts in this report are:
- BAE Systems
- Elbit Systems
- General Dynamics
- Lockheed Martin
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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