The global C5ISR Market demand is set to gain impetus from the surging need for battlefield management systems for efficient land-based operations. It is capable of providing decision-making tools, unique sensors, and weapon platforms to soldiers or an individual commander. Raytheon Technologies Corporation, for instance, signed a contract with the U.S. Air Force in June 2020 worth USD 350 million to develop state-of-the-art battlefield management systems. As per a report by Fortune Business Insights™, titled, “C5ISR Market, 2021-2028,” the market size was USD 120.35 billion in 2020. It is projected to grow from USD 123.63 billion in 2021 to USD 152.51 billion in 2028 at a CAGR of 3.04% in the forecast period.
COVID-19 Pandemic: Enhancement of Capabilities in Various Countries to Aid Growth
The outbreak of the COVID-19 pandemic has positively affected this industry across the globe. Most of the companies present in the industry are aiming to enhance their capabilities by conducting extensive R&D activities. In 2021, for instance, China surged its defense budget by 6.8% to improve its military forces. We are offering in-depth research reports to help you get a clear picture of the current scenario of the market amid the pandemic.
Segments-
Naval Segment Earned 42.66% Share in 2020: Fortune Business Insights™
By type, the market is segregated into space, airborne, naval, and land. Out of these, the naval segment generated 42.66% in terms of the C5ISR market share in 2020. Several countries, such as the U.S., India, and China are investing huge sums in naval modernization programs. It is set to drive this segment’s growth.
Report Coverage-
The market research report presents in-depth information about value chain optimization, recent developments, import & export analysis, market share, production analysis, trade regulations, strategic growth analysis, impact of domestic and localized organizations, application niches, geographical expansions, emerging revenue pockets, technological innovations, product approvals, and category market growths.
Drivers & Restraints-
Increasing Need to Access Real-time Database Will Favor Growth
The high demand for situational awareness to analyze, identify, and process critical systems for gaining information about battlefield operations are set to propel the C5ISR market growth. This cutting-edge technology helps in offering maritime, ground, and air solutions and ensures access to the real-time database. The decision-making process in a battlefield operation requires video management, high-bandwidth sensors, and secured network routers. At the same time, these systems help in generating vital sensor, flight, and mission information for refining the effectiveness of the decision-making process. However, C5ISR systems are very expensive because of their inclusion of various unique components. It may hamper growth.
Regional Insights-
Presence of Northrop Grumman and General Dynamics to Help North America Dominate
Geographically, North America procured USD 50.86 billion in 2020 in terms of revenue. It is anticipated to remain at the forefront in the near future because of the presence of multiple reputed C5ISR providers, such as Lockheed Martin Corporation, General Dynamics Corporation, L3Harris Technologies Inc., and Northrop Grumman Corporation. On the other hand, Europe is set to show significant growth on account of the higher defense expenditure by Russia, France, and Germany. In Asia Pacific, South Korea, India, and China are likely to be the major contributors to growth backed by the rising military spending by them.
Competitive Landscape-
Key Players Focus on Bagging New Contracts to Strengthen Their Positions
The market contains a large number of prominent manufacturers that are striving persistently to win new contracts from government bodies. This strategy is helping them to strengthen their positions in the global market. Below are the two vital industry developments:
- February 2020: BAE Systems received a four-year contract from the U.S. Navy worth USD 42.5 million. It would enable the company to deliver shore-based landing systems integration (LSI) support services for instrument and instrument carrier landing systems.
- February 2020: Leonardo DRS, Inc. received a contract for providing a suite of electronic products worth USD 808 million. These products will be used to link C5ISR equipment with combat vehicles. It would help federal agencies in satisfying interconnection requirements.
Browse Source :
https://www.fortunebusinessinsights.com/c5isr-market-102102
