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Market Scenario:As per a detailed analysis by Market Research Future (MRFR), the global naval gun system market is estimated to garner a CAGR of 4% during the forecast period (2017-2023). The increased average defense budget globally has been poised for the growth of the market. Naval gun system refers to the weapons which are mounted on the smaller crafts and submarines and surface combatant warships. The significant development in technology in the market has led to the reduced capital and operational cost, which promotes the development and growth of the market across the globe.
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Potential and Pitfalls:
The naval gun system market has witnessed a tectonic surge over the past few years due to the surging average defense budget coupled with the growing terrorist and cross border threats. The significant advancements in technology in naval gun system has led to the reduced capital and operational cost which promotes the growth of the market during the assessment period. The augmenting procurement of naval gun systems is anticipated to attract investments in the market across the globe. As per a recent study, China is likely to have the world’s most powerful naval gun by the end of 2025. According to US intelligence report, the warship mounted electromagnetic railgun is anticipated to enter China’s arsenal by latest 2025.
On the contrary, the high price of such naval gun systems might impair the market growth in the coming years.
Segmental Analysis:
The global naval gun system market has been segmented on the basis of type.
Electronic warfare, C4ISR, and weapon comprises the type-segmentation of the global naval gun system market. C4ISR refers to Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance. Electronic warfare is an action which involves the utilization of the electromagnetic spectrum or directed energy in order to block enemy assaults, attack an enemy, and control the spectrum.
Industry Updates:
May 13, 2019: The US government has recently approved the deployment of naval weaponry to the region of the Middle East which includes the USS Arlington (LPD-24) warship along with MIM-104 Patriot missile defense battery.
Competitive Dashboard:
The prominent players operating in the global naval gun system market comprises Bae Systems, Northrop Grumman, Lockheed Martin, IMI, Raytheon and Thales.
Regional Frontiers:
Geographically, the naval gun system market has been studied under regions namely, Europe, North America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the North American region is anticipated to dominate the global naval gun system market due to the presence of established market players. The surging investment in R&D activities has led to the development of an aggressive technology development and its adoption which has further promoted the market growth in this region. The U.S.A. and Canada are the two most important country-based markets in this region. The U.S.A. being the largest spender on military in the entire world, contributes to the growth of the market.
Europe and the Asia Pacific regions are anticipated to be the emerging nations in military training and simulation market. The government aided researches in the defense sectors, high population density, and advancing technology are some of the major factors assisting in the growth of the market in both the regions. India, Japan, China, and South Korea are some of the top regions in the Asia Pacific region contributing towards its growth. Meanwhile, revenue comes from Germany, France, Spain, Italy, and U.K. in the European region. China is likely to own the world’s most powerful naval gun, as per a report by the US intelligence. The country is presently testing the naval gun and will be ready by the end of 2025. As per the report, railguns use electromagnetic energy in spite of gunpowder. China is capable of aiming 124 miles away at a speed of 1.6 miles per second.
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