Market Research Future (MRFR) has published a research report about the global naval gun system market that anticipates aggrandizement for this market with 4% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
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Analyzing the market structure, this report evaluates the future growth potential of the market. It analyzes the strategies of the key players in the market and follows the competitive developments such as joint ventures, new product developments, mergers and acquisitions, research and developments (R & D) in the market. The global naval gun system market is growing due to significant technological advancement. Due to new technology, the operational cost and capital cost have reduced.
This market has been segmented on the basis of type and region. By types, this market has been segmented into C4ISR, electronic warfare, and weapon. C4ISR stands for Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance. Electronic warfare (EW) is defined as an action that involves the use of the electromagnetic spectrum (EM spectrum) or directed energy to control the spectrum, attack an enemy, or block enemy assaults. The regional segmentation of the global naval gun system market segments this market into continents-based regional markets known as North America, Europe, Asia Pacific, and Middle East & Africa (MEA).
According to the report, North America is expected to dominate the global naval gun system market during the forecast period, mainly due to the existence of established market players in this region. Other factors contributing to the growth of this market include investment in R&D in this region that has resulted in the aggressive technology development and its adoption, contributing to rapid market growth. The most important country-based markets in this region are the United States of America (USA) and Canada. The USA anyways is the largest spender on military in the whole world. Therefore, during the forecast period at least, being an established market, the USA will retain its position in the global naval gun system market.
The Asia Pacific and Europe are expected to be the emerging nations in the military simulation and training market during the forecast period. Due to the high density of population, government aided researches in defense sectors, and rising technological advancement, the market is strong in both continents. In the Asia Pacific region, the top country-specific markets are China, India, Japan, and South Korea, followed by the rest of the Asia Pacific region. In Europe, the cream of market revenue comes from country-specific markets namely France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Europe.
In the MEA region, the market is limited. The primary reason for the low market is that most countries in the Middle East do not share borders with any sea. Therefore, they do not have a navy. Countries like the United Arab Emirates (UAE) and Qatar have navy, and they have the potential to emerge as decent markets. Some other reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability.
The key players in the global naval gun system market include Bae Systems (UK), Israel Military Industries (IMI) (Israel), Lockheed Martin (USA), Northrop Grumman (USA), Raytheon (USA), and Thales (Australia).
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