LONDON, March 08, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the battlefield management system market, the growth in military spending (consisting of the army, navy, and air force) is expected to propel the growth of the battlefield management system market. A military expenditure plan, also known as a nation's defense budget, is the number of financial resources committed to the maintenance of an armed force or various defense strategies. In recent years, a rise in military spending and regional tensions among various countries have led to an increase in military spending, research and development, and procurement of advanced military equipment such as battlefield management systems. According to the Stockholm International Peace Research Institute (SIPRI), total global military spending in 2020 will be $1,981 billion, up 2.6% from 2019. China, the United States, Russia, India, and the United Kingdom were the top five spenders in 2020, accounting for 62% of worldwide military spending. China's military budget also increased for the 26th year in a row. Therefore, a rise in military spending drives the growth of battlefield management systems.
Request for a sample of the global battlefield management system market report
The global battlefield management system market size is expected to grow from $12.76 billion in 2021 to $13.49 billion in 2022 at a compound annual growth rate (CAGR) of 5.66%. The growth in the market is mainly due to the companies’ rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. According to TBRC’s battlefield management system market growth analysis, the market is expected to reach $17.18 billion in 2026 at a CAGR of 6.23%.
Strategic collaborations between companies are a key trend gaining popularity in the battlefield management systems market. Companies manufacturing battlefield management systems are undergoing partnerships and collaboration with other competing companies and government defense organizations, as well as developing new technologies and products. For instance, in February 2020, Saab, a Swedish-based company that manufactures aerospace and defense systems, and the Australian Department of Defense entered into an agreement for the production of battlefield management systems. The partnership will enable the Australian Department of Defense to acquire next-generation combat management systems produced by Saab for their new Arafura class offshore patrol vessels. Also, in December 2019, BAE Systems, a British multinational arms, security, and aerospace company based in London, and the U.S. Defense Advanced Research Projects Agency (DARPA) have formed a partnership to develop new cyber tools designed to prevent cyberattacks on the US Combat Management Systems (CMS). The partnership enables BAE Systems to work closely with the American armed forces and will also gain valuable insights and technology transfer in the field of cyber warfare. With this new development experience and awareness, BAE Systems will be at the forefront of developing advanced CMS and cyber security measures.
The major players constituting the battlefield management system market share are Rolta India Limited, Leonardo S.p.A., Atos SE, Elbit Systems, Thales Group, Rheinmetall AG, BAE Systems, Saab AB, Aselsan, L3Harris Technologies, Cobham Limited, Raytheon Company, Lockheed Martin Corporation, Northrop Grumman Corporation, RUAG Group, and ASELSAN A.S.
TBRC’s global battlefield management system market outlook is segmented by components into wireless communication devices, imaging devices, computer software, tracking devices, wired communication devices, computer hardware devices, night vision devices, display devices, identification friend or foe (IFF); by type into dismounted soldier systems, commander systems, communication network systems; by system into computing, communication and networking, command and control, navigation, imaging, and mapping; by platform into armored vehicles, headquarter and command centers, soldier systems; by application into air force, army, navy.
North America was the largest region in the battlefield management systems market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the battlefield management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Battlefield Management System Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide battlefield management system market overviews, battlefield management system market analyze and forecast market size and growth for the whole market, battlefield management system market segments and geographies, battlefield management system market trends, battlefield management system market drivers, battlefield management system market restraints, battlefield management system market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Defense Support And Auxiliary Equipment Global Market Report 2022– By Type (Military Radars, Military Satellites, Other Defense Support And Auxiliary Equipment), By Payload Type (Communication Payload, Navigation Payload, Imaging Payload), By Application (Intelligence, Surveillance, And Reconnaissance (ISR), Communication, Navigation) – Market Size, Trends, And Global Forecast 2022-2026
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
