Increase in Terrorist Activities Across the World to Propel the Defense Technology Market Through 2020, According to Technavio
By Business Wire News
By Business Wire News
Technavio research analysts are forecasting positive growth for many segments of the defense technology market over the next four years as several markets including multirotor UAV, maritime security, andmilitary communication, will witness an increase in revenues.
The global market for Multirotor UAVs is expected to grow at a CAGR of over 21% over the period 2014-2019. Multirotor UAV has become an essential part of military, commercial, and law enforcement market. It consists of a remotely controlled device for aerial support application and designed for vertical take-off and landing (VTOL). It supports industries such as mining, agriculture, aerial shooting, traffic monitoring, surveillance, and intelligence gathering. It gained popularity due to its long endurance capabilities in the air, cost-effectiveness, and ease of operation.
Aside from the multirotor UAV market, the second most sought after market for defense technology is the maritime security market which is expected to grow at a CAGR of almost 8% between the period of 2015 to 2019. Maritime security agencies protect the nation from illegal activities and threats, such as smuggling, drug trafficking, piracy at sea, human trafficking, and maritime terrorism. These agencies provide security to ports and marine traffic. Increase in maritime terrorist activities, such as the Mumbai attack in 2008 and rise in piracy in the Gulf of Aden, has raised concerns about the need to secure ports, and modernize weaponry and equipment utilized by maritime security agencies. The market has been segmented into three categories which are intelligence, surveillance, and reconnaissance (ISR) systems, communication systems, and biometrics.
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Technavio market research analysts predict the global military communication market to reach a little over USD 30 billion in revenues by 2019, with increasing investments in ISR. For instance, in a bid to strengthen the country’s ISR capabilities, Japan purchased an E-2D Advanced Hawkeye, which is an electronic warfare (EW) system, along with an unmanned aerial system in a deal that is estimated to be around USD 488 million.
According to Arushi Thakur, an expert in aerospace and defense research at Technavio, “Other countries will make similar purchases over the next four years. Advanced defense systems integrated with multi-sensors, tactical glass cockpit, and radars are some key features in EW aircrafts that go a long way in enhancing missile defense capabilities. Vendors will look to leverage the demand for advanced systems by introducing many types of long-endurance UAVs into the market. These UAVs will be designed to capture high-resolution images of the geographical regions for military, humanitarian and environmental missions, even in harsh environments.”
Some of the key vendors for the defense technology market include 3D Robotics, Aeryon Labs, and Aibotix, for the global multirotor UAV market; BAE Systems, General Dynamics, and Skybox Imaging for the maritime security market; and Airbus group, Raytheon, and Rockwell Collins for the global military communication market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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