The prominent players in the ground defense system market adopted strategies of product launches, mergers and acquisitions, partnerships and collaborations, contracts and other strategies to expand their business. The companies are also involved in some of the other developments that include demonstration, integration, and business expansion. Due to the intensive competition, the ground defense system industry requires manufacturers to constantly innovate and develop cost-effective products. The existing companies as well as new entrants, which aim to develop next-generation solutions in adherence with the existing and forthcoming industry standards for various end user applications. The market is likely to grow rapidly with the innovations in the fields of artificial intelligence, machine learning, robotics and autonomous unmanned vehicles which offer longer endurance and higher efficiency.
There has been a significant development in the modernization of ground defense systems which increase the mobility, survivability, and lethality of ground defense vehicles. This is primarily due to the rising inflow of defense budgets across the globe on account of increasing extent of conflicts among various countries. In defense and security application, the ground defense systems are used for combat, logistic & transportation, search & rescue explosive ordinance disposal, intelligent, surveillance & reconnaissance, mine clearance, firefighting, engineering and recovery support. Ground defense vehicles such as main battle tanks, infantry fighting vehicles, self-propelled artillery, multiple launch rocket systems, armored personnel carrier, mine resistant ambush protected vehicles, tactical armored vehicles, light utility vehicles, amphibious and military engineering vehicles are the major types of vehicles which comprise different kinds of electronic and mechanical systems for optimum operation. These vehicles are capable of handling various activities that include combat capabilities, cognitive capabilities, sensing emotion, intelligence, and surveillance & reconnaissance.
Countries across the globe are actively increasing their defense spending for modernizing their defense systems by procurement defense-related products and services. Demand for upgradation of tanks, multi-purpose armored vehicles, unmanned ground vehicles and other defense vehicles generate huge interest. The increase in defense budget of various countries such as the U.S., India, Russia, China, Saudi Arabia, South Korea, and South Africa is the key driver for defense modernization program for strengthening their defense forces. Moreover, in order to strengthen the defense forces, the increased demand for defense and security application such as combat operation, logistics and transportation, explosive ordinance disposal, mine clearance, search & rescue, engineering and recovery support is expected to aid in the growth of global ground defense system market.
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Additionally, changing geopolitical situations, military interventions, and outbreak of new conflicts give rise to a need for advanced & sophisticated defense vehicles for handling the critical situations. Geopolitical conditions and nature of warfare have made the countries devise various forms of strategies to keep their militaries prepared for the security challenges. With the Middle East currently in political turmoil, Asia-Pacific, followed by Africa, are becoming the next hubs of global economic growth focusing majorly on the modernization programs. New defense policies in Asia-Pacific and North America region focuses on modernizing the ground defense vehicles through manned and unmanned platforms. The U.S. military is helping Asia-Pacific for rebalancing their defense forces, and its economic resources which can largely strengthen the partnership and alliance of both the regions.
The key players that are actively participating in ground defense system market include BAE Systems, QinetiQ, Elbit Systems Ltd., IVECO DEFENCE VEHICLES, Denel Land Systems, Northrop Grumman Corporation, Lockheed Martin Corporation, Navistar Defense, Oshkosh Defense, Rheinmetall A.G., Israel Aerospace Industries General Dynamics Corporation, Harris Corporation., Clearpath Robotics Inc., Oshkosh Corporation, Endeavor Robotics, and Thales Group, among others.
According to a new market intelligence report by BIS Research titled ‘Global Ground Defense System Market − Analysis and Forecast, 2019-2024’, the global ground defense system market was valued at $23.85 billion in 2018 and is expected to reach $34.81 billion in 2024 at a CAGR 6.27% during the forecast period 2019-2024.The growth of the ground defense system market is majorly due to the factors such as the impending need for the modernization of defense forces, strengthening deterrence capability, and rising terrorist activities around the world which has led to a growing demand of ground defense systems.
Moreover, the increasing capital expenditure in the field of electric propulsion system, robotics and autonomous combat and support vehicles drive the market of ground defense systems.BIS Research Report: https://bisresearch.com/industry-report/ground-defense-system-market.htmlOn account of growing cross-border conflicts, terrorist activities, and NATO’s defense spending standard, the government and defense forces are focusing on raising defense budget for procurement of advanced combat and support system along with upgradation of old fleets, resulted in the demand for main battle tanks, armored personnel carrier, light tactical vehicle/multi-purpose armored vehicle and amphibious vehicles, among others is growing substantially.
Countries such as U.S., U.K., China, India, Japan, Germany, South Korea and Saudi Arabia are actively engaging in new production contracts with private and public defense equipment manufacturing companies.Request for Sample Report: https://bisresearch.com/requestsample?id=819=download Key Questions Answered in this Report:Why should an investor consider venturing into the ground defense system market, and what are the future growth opportunities?For a new company looking to enter the market, which areas could it focus upon to stay ahead of the competition?How do the existing market players function to improve their market positioning?How does the supply chain function in the ground defense system market?Which product and technology segment is expected to witness the maximum demand growth in the ground defense system market during 2018-2024 and how is their growth pattern across different regions and countries?
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