According to the market research report, now available on ASDReports, "Combat Management System Market by Sub-System (Self-Defense, Situational Awareness, Track Management, Identification, Unmanned Vehicle), Component (Hardware, Software), Platform (Destroyers, Submarines, Frigates, Corvettes) and Region - Global Forecast to 2022", The combat management system market is projected to grow from USD 298.3 Million in 2016 to USD 365.5 Million by 2022, at a CAGR of 3.57% during the forecast period.The growth of the market is supported by factors such as growing demand for advanced situational awareness systems for naval ships and submarines and increase in upgradation of combat management systems by different navies across the world.
Based on component, the software segment is expected to lead the combat management system market during the forecast period
On the basis of component, the software segment is projected to lead the combat management system market from 2017 to 2022 due to the high development cost of software, which is based on the complex architecture of the combat management system.
Based on sub-system, the unmanned vehicle control system segment is projected to grow at the highest CAGR during the forecast period
Based on sub-system, the unmanned vehicle control system segment of the combat management system market is projected to witness the highest growth during the forecast period, owing to the increase in adoption of unmanned vehicles, such as UAVs, UUVs, and UGVs in naval combat operations.
Based on platform, the corvettes segment is projected to grow at the highest CAGR during the forecast period
Based on platform, the corvettes segment of the combat management system market is projected to grow at the highest CAGR from 2017 to 2022, owing to the increase in deliveries of corvettes.
Asia Pacific is expected to be the fastest-growing market for combat management systems during the forecast period
The combat management system market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period due to the increase in combat ship building activities and deliveries of combat vessels in this region. Most of the countries in the region, such as China, India, Japan, Philippines, and Taiwan, are increasing their naval capabilities by upgrading existing naval systems to combat management systems. These upgradations are expected to drive the demand for combat management systems in the region.
Major players operating in the combat management system market include BAE Systems plc (UK), Elbit Systems Ltd. (Israel), Kongsberg Gruppen ASA (Norway), Leonardo S.p.A.(Italy), Lockheed Martin Corporation (US), Raytheon Company (US), Saab AB (Sweden), and Thales Group (France), among others.
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Source: ASDReports - Market Research
Date: Sep 14, 2017