Global network centric warfare market to reach $57.68 billion by 2021
NewsJuly 28, 2016
VANCOUVER, Washington. Analysts at Markets and Markets are forecasting the global network centric warfare market to grow to $57.68 billion by 2021 with a compound annual growth rate (CAGR) of 4.52 percent during the forecast period.
They say the growth may be attributed to the increasing number of wars and transnational disputes, the growing need for timely and accurate information on the battlefield, and large investments by countries for advanced defense technology to improve defense communication systems.
Their report is titled "Network Centric Warfare Market by Platform (Land, Air, Naval, Unmanned), Application (ISR, Communication, Computer, Cyber, Combat, Control & Command), Mission Type, Communication Network, Architecture, and Region - Global Forecast to 2021."
For more information, visit http://www.marketsandmarkets.com/Market-Reports/network-centric-warfare-market-77370144.html.
The intelligence, surveillance, and reconnaissance (ISR) segment is expected to lead the network centric warfare application market with large procurements of radar by multiple nations. Partnership programs for defense satellite communications among European countries should also contribute to the growth of the ISR market, Markets and Markets analysts say.
The network centric warfare market has been analyzed and segmented on the basis of four platforms: land, naval, air, and unmanned with the land segment estimated to dominate the overall market in 2016. However, the unmanned segment is projected to grow at the highest CAGR during the forecast period.
The North America region is estimated to dominate the network centric warfare market in 2016, but the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period, analysts say. Procurement of defense electronics and communication systems by defense forces of Asia-Pacific countries for military equipment upgrades is expected to fuel the growth .
Markets and Markets analysts lists of the top players in the network centric warfare market include BAE Systems, Raytheon, Lockheed Martin, and Northrop Grumman.
