Armored Vehicle Fire Suppression Systems Market Aircraft Cabin Designs to Boost Market Growth
Market Forecast
Armored Vehicle Fire Suppression Systems Market is expected to grow USD 1.98 Trillion at a CAGR 6.4% by during the forecast period.
Fire suppression systems are essential to armored vehicles, protecting them from any damage caused due to fire. The armored vehicles often carry explosives and in flammable liquids. The fire suppression systems detect fire alarms and suppress fire using fire suppressing agents in case of an accident or during combats. Armored vehicles are also used for carrying troops from point to point. Therefore, the fire suppression systems help keep the casualties to a minimum in case of any combat or accident.
Rising defense expenditure and advancements in defense technology are expected to drive the market's growth. Over the past decade, there has been a continuous increase in the defense expenditure of the major economies in the world, including China, the US, India, Russia, and the UK. According to Stockholm International Peace Research Institute (SIPRI), the global military expenditure rose to USD 1,981 billion in 2020. Despite the pandemic shock to the global economic growth in 2020, the world witnessed a 2.6% increase in global military expenditure compared to 2019. However, some countries, including Chile and South Korea, opted for reallocating a portion of their military budget towards pandemic response, while others, such as Brazil and Russia, opted for military budget cuts.
Key Players:
Fire Protection Technologies Pty. Ltd. (Australia), Spectrex Inc. (US), Halma plc (UK), N2 Towers Inc. (Canada), Marotta Controls Inc. (US), Bulldog Direct Protective Systems (US), Nero Industries (Turkey), Mikro-Pulssi Oy (Finland), Kidde-Deugra Brandschutzsysteme GmbH (Germany), ExploSpot Systems Pty Ltd. (South Africa)
Market Segmentation:
By Vehicle Type
The Combat Vehicles Segment is Expected to Grow at a Higher Rate: The combat vehicles segment is expected to register higher CAGR during the forecast period, 2020 to 2027. The growth can be attributed to increasing focus on improving the damage protection against fire for combat vehicles. The combat vehicles are used to carry explosives and inflammable fluids. To prevent any accidents or casualties during combat, fire suppression systems are used. This is expected to drive the growth of armored vehicle fire suppression systems market in the vehicle type segment during the forecast period.
The Troop Transport Vehicles Segment is Expected to Increase: The troop transport vehicles are used to carry troops from place to place. With rising geopolitical tensions and nations recruiting to bolster their military strength, the demand for troop transport vehicles is likely to increase, which will drive the demand for fire suppression systems in the troop transport vehicles segment.
By Platform Type
The Wheeled Vehicles Segment is Expected to Witness Higher Growth in the Market: The wheeled vehicles segment is expected to register a robust growth rate and is expected to register higher CAGR during the review period. The wheeled vehicles offer numerous advantages over tracked vehicles, including on-road mobility, higher speed, low maintenance costs, high stealth, low fatigue, making it favourable for transportation of arms & explosives and troops, and in turn, driving the demand for fire suppression systems for the wheeled vehicles in the global armored vehicle fire suppression systems market.
The tracked vehicles segment is expected to grow considerably: Of the two segments, the tracked segment accounted for a smaller but significant market share in 2020. This is due to the few advantages that they offer when compared to wheeled vehicles. These vehicles provide better off-road mobility and help survive on the battlefield, owing to their design and structure.
Regional Analysis:
The top five military spenders, namely, the US, China, India, Russia, and the UK, accounted for an almost 62% share of the global military expenditure. While the US was the most significant military spender in 2020, accounting for USD 778 billion in military expenditure, which is equal to over 39% of the global data. The high military spending of the US can be attributed to R&D, investments in long-term projects, and the procurement of arms and equipment on a large scale.
Asia-Pacific is the most diverse and the largest region in the world. The region has the presence of several established and emerging economies of the world. It comprises five sub-regions, namely, China, Oceania, Northeast Asia, Southeast Asia, and South Asia, with each of them being characterized by their own unique market dynamics. Over the past decade, it has been witnessed that the economies, such as China and India, invested in long-term projects and procurement of critical systems & equipment to strengthen their military forces. According to SIPRI, China had the highest military expenditure of USD 252 billion among all other economies of the region. China was followed by India (USD 72.9 billion), Japan (USD 49.1 billion), South Korea (USD 45.7 billion), and Australia (USD 27.5 billion).Over the past 26 years, China had the longest series of successive increases in its military expenditures, reflecting its desire to become a global military superpower with a focus on military expansion and modernization of nuclear arsenal. Similarly, other major spenders have invested in long-term projects and procured modern technologically advanced armaments and systems, thereby bolstering their military strength. Additionally, advancements in military technology and their adoption in modern warfare is driving the demand for advanced systems, such as fire suppression systems, for armored vehicles. Thus, rising military spending and advancements in defense technology help drive the growth of the global armored vehicle fire suppression systems market.
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