High Concentration of Key Vendors Makes North America and Europe Frontrunners in Global Armored Vehicles Market

​The innovation and technology-driven for armored vehicles market features a select few vendors that mostly take up contracts from government and commercial bodies, with the defense sector being the key determinant of the market’s overall development, finds a new research report by TMR. Most of the market’s leading and most reputed vendors are headquartered in North America and Europe, making these regions the frontrunners and leading regional segments.

The demand for integration of technologically advanced electrical, photonic, and efficient and highly secure communication components in armored fleet to maintain an edge over extremist powers is gaining strength, stimulating the need for technological transformation for the market. In the next few years, continual investment in R&D activities, development of highly advanced, and innovative technologies will be the core of growth strategies adopted by key vendors, including Oshkosh Corporation, Elbit Systems Ltd., BAE Systems plc, Lockheed Martin Corporation, and Rheinmetall Defence.

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Rising Military Modernization Activities in Asia Pacific and RoW and Focus on SWaP Specifications Key Facilitators of Growth

Rising concerns regarding security from insurgent groups and terrorist attacks in countries across Asia Pacific have highlighted the need for modernization of military groups, pressing government bodies to allot more funds to the defense sector in the past few years. Countries such as India, China, and South Korea are focusing on the procurement of enhanced armored vehicles, driving the global market. Developed nations such as UAE, Israel, Saudi Arabia, Iran, and Turkey are also substantially increasing their military budgets and increasing the numbers of technologically advanced armored vehicles in their military troops.

The need for reducing the weight and size of vehicles deployed in the defense sector, and the demand for highly efficient, compact, and robust vehicles and weapons is also a key driver of the global armored vehicle market. Promising advancements on fronts such as communication medium, adaptability, navigation, surveillance, protection, and enhanced situational awareness are expected to appeal to an extended set of clients in the next few years.

Dearth of Regulatory Standards and High Costs of Advanced Armored Vehicles Major Deterrent in Low-income Countries

In most countries across Asia Pacific and the RoW sectors, lack of regulatory standards differentiating protection levels leads to high prices and an increased risk of fraudulence from manufacturers. These factors are also leading to the emergence of several unauthorized vehicle armoring companies in countries such as India, China, and Brazil, challenging businesses of established companies to a certain extent.

The high costs of advanced armored vehicles is also a major deterrent for the global armored vehicles market, especially when sales across cost-conscious developing economies are considered. Fluctuating raw material costs, import expenses, and a horde of taxed levied by countries often result in increased costs of end products. Maintaining a balance between the base cost of products and their quality is thus one of the key challenges for the global armored vehicles if companies wish to expand their businesses across emerging economies.

Transparency Market Research states that the global armored vehicle market is expected to expand at a CAGR of 5.2% from 2015 to 2023. At this pace, the market, which had a valuation of US$22.73 bn 2014, is expected to rise to US$35.49 bn by 2023. In terms of technology, the market is presently dominated by the mine protection segment, which accounted for over 24% of the overall market in 2014. In terms of end-use segment, the military sector held over 62% in the global market in 2014.

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North America to Continue Leading Demand for Military Radars

​According to a recent report by Transparency Market Research (TMR), the global military radar market is moderately divided between a few leading players and a large chunk of regional vendors, owing to the vast and diverse opportunities available in the value chain. The TMR report picks out Lockheed, Raytheon, and Northrop Grumman Corporation as three most prominent companies operating in the global military radar market, who accounted for 35.4% of the market in 2015. Each of these key vendors of military radar possess a striking product portfolio and are aggressive towards maintaining their stronghold over the demand with all means possible.

As per the estimations provided by the TMR report, the global military radar market will continue to prosper in the near future with increased defense budgets of several developed as well as emerging economies, projecting it to increment the demand at a CAGR of 2.4% during the forecast period of 2016 to 2024. The report has evaluated that the global military radar market was worth US$7.78 bn in 2016, which will reach a valuation of US$9.36 bn by 2024, the end of the forecast period. In the near future, the report expects the competitive landscape of military radar market to remain highly competitive, with top players indulging in aggressive expansion plans while the new entrants will also make a mark in the market via niche technology development. However, the capital requirement for the setup is expected to restrain the prospects of the new players, unless they are backed by venture capitalists with financial might.

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Airborne Segment Remains Prominent

Based on product type, the TMR report segments the global military radar market into naval, airborne, ground based, and space based. In 2015, the base year of the report, the airborne military radar segment served the maximum demand, which accounted for a worth of US$2.34 bn, and is expected to remain highly profitable throughout the forecast period. This substantial demand for airborne military radars is a reflection of growing risks of air strikes and infiltration of terrorists. There are high possibilities of research and development in this segment, which will keep innovative approaches and adoptability prominent in the airborne military radar segment.

The U.S. Makes North America Most Profitable Region

Geographically, the report takes stock of the potential of military radar market in the regions of Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa (MEA). Among these, North America continues to lead as most lucrative region, serving high volume of demand for military radar owing to strong backing from the government and the presence of several leading vendors in the country of the U.S. Along with Canada, the U.S. has significant investments in radar technology, which is expected to continue in the near future too. Among Asia Pacific, emerging economies such as India, China, South Korea, and Japan are rated as most profitable country-wide markets.

Territorial Conflicts Driving Demand

The global market for military radar is gaining traction from various factors such as the incrementing demand for radars as militaries replace legacy systems, advent of drones, territorial conflicts among several nations, geopolitical instability in the Asia Pacific as well as the Middle East regions, and miniaturization and automation of surveillance and defense systems. On the other hand, high cost of space-based radars and growing cyber warfare are two key factors challenging the military radar market from attaining its full potential. Nevertheless, the existing vendors of this market will continue to gain new opportunities from trends such as growing use of unmanned combat systems for battlefield surveillance and counter-attack and increasing demand for ballistic missiles, provided they can overcome the issues pertaining to noise interruptions and electromagnetic jamming.

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Military Biometrics Market: Growing Number of Nations Struggling with Terrorist Attacks to Drive Demand

The competitive scenario of the global military biometrics market is intense and extremely competitive and Transparency Market Research (TMR) in its latest report predicts that the competition will gain more momentum in the years to come on account of new players entering in the market. These new players could possibly cause ripples among the large pool of existing global players. The top five companies within the global military biometrics market are: Crossmatch, Safran, M2SYS Technology, 3M Cogent, and NEC Corporation. These five companies collectively held a whopping 61% of the market in 2016. Leading players are engaging in the development of new products so as to gain competitive advantage among other players. Players are increasingly investing in research and development so as to come up with products that are technologically advanced. Players are also working closely with end users, software integrators, and resellers so as to make most of the opportunity in hand and enhance the return on investment.

According to a TMR, the global market for military biometrics will be worth US$10.62 bn by 2025, expanding at a 7.4% CAGR from 2017 to 2025. By geography, Asia Pacific will emerge as a lucrative region. Europe and North America collectively accounted for 55% of the market in 2016. North America is anticipated to lead in the market for the rest of the forecast period driven by the growing concerns over illegal migration in the U.S. On the basis of type, the market is expected to be led by the fingerprint recognition segment. Facial recognition segment is also anticipated to witness a steady growth in the years to come.


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Growing Infiltration and Identity Threats to Drive Demand for Military Biometrics

A TMR analyst said that, “the demand for military biometrics is anticipated to increase in the coming years on account of the growing demand for advanced technology so as to fight terrorism. With growing need for addressing infiltration and similar security issues, it has become utmost important to adopt military biometrics. The growing number of nations struggling with forged identities, identity thefts, and illegal immigrations will spur a heightened demand for military biometrics. More and more airports and borders across countries are making use of biometrics authentication systems in a bid to reduce terrorism and terror attacks.

Complicated Installation to Pose a Challenge for Military Biometrics Market

On the other hand, the complexity of military biometrics systems could be a challenge. The high cost may also be a deterring factor for large scale adoption. In addition to this, the installation of these systems is complicated and requires skilled personnel. The fact that it involves security of highly confidential data, necessitates for the system to never be compromised and as this system cannot be reset easily, it is a big factor for reduced adoption. However, the continuous technological advancements in this field is estimated to reduce the impact of this restraint.

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Aircraft Sensors Market: Burgeoning Air Traffic to Play Pivotal Role in Growth

​The worldwide aircraft sensors market is expected toget a solid push dueheadways in innovations, enormous capital invested by private equity groups, and the rising demandfor aircraft travel, states Transparency Market Research (TMR) in a research report.

Need for adherence to mandates framed by neighborhood aircraft administrative bodies and the Federal Aviation Administration (FAA), however, could hamper the growth trajectory of the market. In any case, there could be many factors benefitting the market for aircraft sensors in the coming years, which has been discussed in details in the current publication. The companies operating in the market are AMETEK Inc., Zodiac Aerospace SA, Honeywell International, Inc., TE Connectivity Ltd., and UTC Aerospace Systems.

Transparency Market Research (TMR) projects the worldwide aircraft sensors market to ascend at a CAGR of 6.4% to achieve a revenue of US$2.5 bn before the finish of 2022. In 2017, the market was valued at US$1.8 bn.

The world aircraft sensors market is divided into turboshaft, turboprop, and turbofan depending upon the type of products.. Based on application, the global market can be segmented into general, military, and commercial. Out of thesecommercial is forecasted to attain a share of 51.9% in the market by 2022. By the end of the forecast period, market could reach a value of US$1.2 bn.

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North America to move Ahead of other Paving Way for Development

Region-wise, North America is expected to lead the market by 2022 end by registering a 7.0% CAGR in the forecast period. In 2017, it as of now, it secured a US$0.8 bn and is imagined to grow well in the coming years.

Ascending at a CAGR of 6.2% in the given time period, Europe could be another appealing region of the worldwide aircraft sensors market. Not to overlook, the Middle East and Africa (MEA) which is forecasted to exhibit its quality in the market while rakingin a US$0.3 bn by 2022 end. Japan and Asia Pacific except Japan (APEJ) in any case, could grow at a slower pace in the market.

Growing Need for Aircraft Carriers to Bode Well for Market

The growing demand for aircraft carriers will bode well for the worldwide aircraft sensors market. Minimal cost carriers, specifically, are much demanded in the flight business. Subsequently, narrow body aircraft could encounter a heavy increase in its request in the coming years.

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