Defense sector to lead mission-management systems market, say analysts
NewsMarch 06, 2017
AMSTERDAM. The global market for mission-management systems is projected to grow from $13.97 billion in 2016 to $27.50 billion by 2022, a compound annual growth rate (CAGR) of 11.95 percent over the period, according to a report from ASDReports.
According to the report, the multiple needs for surveillance, border patrol and security, search and rescue, combat management, and sensor and weapon management have all been instrumental in the development and growth of mission-management systems. Based on application, the defense segment of the market is projected to lead the industry during the forecast period, as analysts say that defense forces across the globe are investing heavily in new technologies to modernize while keeping costs down.
North America -- including the defense departments of the U.S. and Canada -- led the mission-management systems market during 2016, the report notes, with significant investments in research and development in mission-management systems for the U.S. Army and special operations, increasing demand for unmanned systems, and heavy growth in the sensors sector.
Major players in the mission-management systems market include Lockheed Martin (U.S.), Saab (Sweden), Thales Group (France), Northrop Grumman (U.S.), Honeywell International (U.S.), Curtiss-Wright (U.S.), and QinetiQ Group (U.K.), among others.
For more information on this report, please visit ASDReports.
