The armored vehicles navigation systems market is expected to exhibit a growth rate of more than 5.5% during the forecast period 2020 - 2025.
- The increase in defense spending by major economies such as the United States, France, Russia, and emerging economies such as India and China is expected to propel the growth of the market. The aforementioned countries are heavily investing in the development and procurement of armored vehicles and to give their fleet an increased battle range and combat effectiveness, substantial developments are being made in the field of armored vehicle navigation systems.
- Development and implementation of technologies such as artificial intelligence, autonomous vehicle technology, etc. are propelling the growth of the market for armored vehicle navigation systems. In 2019, the United States Army started testing its new anti-jamming first-generation Mounted Assured Position Navigation and Timing System (MAPS) and installed the system on 62 Stryker vehicles. In 2020, more than 320 Stryker vehicles are expected to be installed with MAPS.
Key Market Trends
Inertial Navigation Systems To Exhibit The Highest Growth Rate
Major military forces across the world are increasing their efforts to improve situational awareness of combat vehicle units on the battlefield and this is leading to significant improvements in inertial navigation systems. The integration of satellite positioning systems with inertial navigation systems is propelling the market growth for Armored Vehicles Navigation Systems across the globe. Investments are being made to improve the existing inertial navigation technology that can work precisely in GPS denied zones. Inertial navigation systems are safe and accurate, unlike GPS systems, that are prone to jamming and spoofing. Development in sensor technology stands at the core of inertial navigation system development. The increasing use of sensors is fueling the weight and space reduction designing of armored vehicle navigation systems. Sensors and Fibre-Optic Gyros (FOG) are reducing the instability of inertial navigation systems and making them more reliable. FOG systems are expected to witness a high growth rate during the forecast period owing to their autonomous vehicle applications.
Asia Pacific To Exhibit The Highest Growth Rate
The Asia-Pacific is home to major military powers such as Japan, China, India, South Korea, etc. and these countries are significantly increasing their defense expenditure for the procurement and development of armored vehicles and armored vehicles navigation systems owing to the rising border conflict and terrorism in the region. China is emerging as a major weapon supplier at the regional level and it has supplied armored vehicles and tanks to countries such as Kenya and Thailand. India is looking forward to procuring nearly 200 Armored Vehicles for its Army whereas the demand for Armored Fighting Vehicles and Armored Personnel Carriers is also rising in small nations such as Thailand. The presence of major electronics equipment manufacturers in the region is also propelling the regional market growth.
The market for Armored Vehicles Navigation Systems is a moderately consolidated one with major players such as Honeywell International Inc., KVH Industries Inc., Safran SA, etc. dominating the market. The market is witnessing investments in innovations and the development of precise technology that can be offered at low competitive rates. For revenue generation, major players aim at winning contracts and deals from the national governments and defense agencies. The market is expected to see a growth owing to the defense modernization and upgrade efforts by economies around the world.
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