(PharmaNewsWire.Com, November 03, 2021 ) According to the new market research report on the "Military Navigation Market by Platform (Ammunition, Aviation, Ground, Marine, Unmanned Vehicle, Space), Application (ISR, C2, Combat & Security, Targeting & Guidance, SAR), Component (Hardware, Software, Service), Grade & Region - Global Forecast to 2023", The military navigation market is projected to grow from USD 8.87 billion in 2018 to USD 12.07 billion by 2023, at a CAGR of 6.36% from 2018 to 2023. Increasing preference for the use of UAVs in modern warfare and rising demand for missiles and artillery systems due to geopolitical instabilities and changing nature of warfare are the major factors driving the military navigation market.
Based on platform, the space segment is projected to grow at the highest CAGR during the forecast period.
Based on platform, the space segment of the military navigation market is estimated to witness the highest growth rate during the forecast period. The growing demand for earth observation, navigation services, and communication satellites is projected to drive the growth of the space segment. The space segment includes activities for monitoring the Earth’s surface to obtain valuable information for mapping, mineral exploration, land-use planning, and resource management, among others.
Based on application, the intelligence, surveillance & reconnaissance (ISR) segment is estimated to witness the highest growth during the forecast period.
Based on application, the intelligence, surveillance & reconnaissance (ISR) segment of the military navigation market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased requirement for situational awareness (SA) in military operations and rising use of geospatial intelligence. Intelligence is considered a crucial military competency as it acts as a force-multiplier by providing advanced situational awareness to armed forces. Surveillance & reconnaissance involves designing and processing specialized communication protocols for tactical and national intelligence systems.
Based on component, the service segment is estimated to witness the highest growth during the forecast period.
Based on component, the service segment of the military navigation market is projected to grow at a higher CAGR than the line fit segment during the forecast period. The anticipated higher growth rate of the service segment is due to the requirement of maintenance training, instructor-led training (ILT), computer-based training (CBT), on-field support, and maintenance & repair services for navigation equipment.
The North American market is expected to witness considerable growth during the forecast period.
Among regions, the North American military navigation market is projected to witness considerable growth during the forecast period. Factors responsible for the growth of the military navigation market in North America include the growing demand for new UAVs and aircraft. As most of the aircraft navigation equipment manufacturing companies are in the US, North America is considered to be a mature region in terms of adopting military navigation solutions and services.
Major companies profiled in the military navigation market report are L3 Technologies (US), Esterline (US), GE Aviation (US), Honeywell International (US), Moog (US), Northrop Grumman (US), Raytheon (US), Rockwell Collins (US), Trimble (US), KVH Industries (US), Safran (France), Cobham (UK), Garmin (Switzerland), Thales (France), and IAI (Israel), among others.
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