Pune, April 27, 2020 (GLOBE NEWSWIRE) -- The global C5ISR market size is projected to reach USD 147.97 billion by 2026, exhibiting a CAGR of 3.38% during the forecast period. Increasing defense expenditure in major economies will be a crucial factor driving the growth of this market, observes Fortune Business Insights™ in its new report, titled “C5ISR market Size, Share and Industry Analysis by Type (Land, Naval, Airborne, Space), By Application (Electronic Warfare, Surveillance and Reconnaissance, Intelligence, Command and Control), By Solution (Product and Services), and Regional Forecast, 2019- 2026”. According to the Stockholm International Peace Research Institute (SIPRI), worldwide military expenditure rose by 2.6% from 2017 levels, touching USD 1,822 billion in 2018. United States, China, Saudi Arabia, India, and France spent the most, accounting for nearly 60% of the total military spending in 2018, SIPRI notes. This surge in spending is a response to the growing intensity of border conflicts, proliferation of illegal migration, and rising threat of cross-border and international terrorism.
Increased spending on the armed forces is intended to equip on-field soldiers with latest communication and analysis technologies so as to facilitate more efficient decision-making in the field. The report further states that the value of this market stood at USD 113.44 billion in 2018.
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The report also contains the following:
Market Trends
Rising Adoption of Battlefield Management Systems (BMS) to Propel the Market
A battlefield management system (BMS) enhances quality of decisions and enables better control of military units by integrating information collection and processing on a unified platform. One of the leading C5ISR market trends is the rising demand for BMS for military combat missions owing to the multiple advantages of these systems. For example, BMS units can be worn or handheld by soldiers and commanders individually, thereby enabling each member of the unit to access and analyze incoming information.
Moreover, these systems have preinstalled GPS modules, making it easy for soldiers to find their way through tough terrains. Most importantly, BMS ensures that the messages and orders sent and received are digitally encrypted, thus reducing the risk of interception of communication by enemy radars. Thus, the multiple benefits of BMS tools have made them an integral part of C5ISR systems and their increasing adoption, therefore, augurs well for the market.
Browse In-depth Summary of This Research Insights with Table of Content: https://www.fortunebusinessinsights.com/c5isr-market-102102
Regional Analysis
Extensive Modernization of Armed Forces to Augment the Market in North America
The market size in North America stood at USD 65.80 billion in 2018 and the region is poised to dominate the market share for C5ISR, in the foreseeable future owing to the heavy investments made by the US government in modernizing its military equipment. In Canada, establishment of C5ISR centers at strategic points across the country will further boost the market. Asia-Pacific is expected to register a healthy CAGR as a result of higher budgetary allocation for the defense sectors in India and China. On the other hand, in the Middle East & Africa, strong presence of military systems suppliers will fuel the market.
Competitive Landscape
Key Players to Focus on Developing Advanced Solutions
The C5ISR market forecast predicts a dynamic period for this market as major players such as SAAB and BAE Systems increase their R&D expenditure to develop next-gen military communications technology. These advancements have empowered the key players to strengthen their hold on the market and ensure their dominance for perpetuity.
List of Key Companies Covered in the C5ISR Market Report are:
• Thales Group
• CACI International Inc.
• L3Harris Technologies Inc.
• Northrop Grumman Corporation
• General Dynamics Corporation
• Elbit Systems Ltd.
• Collins Aerospace
• SAAB AB
• BAE Systems
• Lockheed Martin Corporation
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Detailed Table of Content:
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Industry Developments:
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