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Global Military Navigation Market Overwhelming Hike in near future with Trends,Comprehensive Research,Revenues by 2020-2026


iCrowdNewswire   Jan 12, 2021  4:36 PM ET

Global Military Navigation Market.

Market Forecast

Global Military Navigation Market is projected to grow at a CAGR of 6.31% during the forecast period from 2020 to 2026. 

Rapid demand for new generation air and missile defense systems and rising demand for missiles and artillery systems has significantly contributed to the expansion of the military navigation market. Furthermore, increasing investments made by the governments of countries such as the UK in developing advanced anti-jamming technologies is also expected to drive the growth of the market. For example, in March 2020, Cobham Limited signed a contract with the UK Ministry of Defense’s Defence Equipment and Support (DE&S) office to conduct research advanced GNSS anti-jam techniques.

However, issues related to technical and measurement errors in sensors and high cost of development might hamper the growth of the market.

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Market USP

Technological advancements in military navigation such as weapons integrated battlefield management systems (WIBBMS), advanced inertial navigation systems, and multi-sensor data fusion are expected to drive the growth of the market.

Growth Opportunities in the Market

Hardware segment to register the higher growth rate: The hardware segment is expected to register the higher CAGR during the forecast period, 2020 to 2026 owing to rising military expenditure of developed countries such as India and China in developing and procuring advanced navigation systems.

Intelligence, Surveillance & Reconnaissance (ISR) segment is expected to be the fastest growing: The Intelligence, Surveillance & Reconnaissance (ISR) segment is expected to register the highest CAGR during the forecast period, 2020 to 2026. The rising demand for enhanced ISR capabilities by the armed forces with an aim to gain an 360 degree view of the battlefield and gain real-time information about the targets is expected to drive the growth of the segment.

Aviation segment is expected to register the highest CAGR: The aviation segment is expected to grow at the highest CAGR during the forecast period owing to increasing procurement of advanced combat aircraft such as India and China owing to rising territorial conflicts in the region. Furthermore, rising military modernization programs and growing adoption of advanced UAVs for various military applications is also expected to drive the growth of the segment.

Key Players

Northrop Grumman Corporation (US)

Raytheon Technologies Corporation (US)

Safran (France)

Thales Group (France)

Trimble Inc. (US)Intelsat (US)

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