Market Leader - Military Navigation Market
A military navigation system uses GPS receivers and other equipment to track activities of aircraft, ships, UAVs, missiles, etc. The military navigation market is projected to grow from USD 8.87 billion in 2018 to USD 12.07 billion by 2023, at a CAGR of 6.36% from 2018 to 2023. The North America military navigation market is growing due to the increasing defense aircraft deliveries, whereas the Asia Pacific market is growing due to the increasing demand for new fighter aircraft.
Rockwell Collins (US), L3 Navigation (US), and Raytheon (US) are some of the key players operating in the military navigation market. These market players have been focusing on securing contracts to ensure their organic growth in the military navigation market. The core competencies of these players include their widespread geographical presence and increased investments in R&D activities.
Rockwell Collins (US) is increasingly focusing on contracts to strengthen its position in the military navigation market. The company has a broad product portfolio and focuses on launching new products for the military navigation market with significant investments in research & development. The company has a workforce of 29,000 employees (as of 2017) and a presence in major regions across the world, such as North America, Europe, Asia Pacific, and the Middle East. Compared to 2016, the company’s revenue for GPS products increased by USD 22 million in 2017.
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L3 Navigation (US) is one of the leading players in the aerospace & defense market and supplies several military navigation platforms and support services for the defense market. The company continues to focus on its business portfolio to develop new products and systems in its core defense electronics, ISR, and communication businesses. The company intends to gain a greater market share with collaboration across L3’s business units, provide innovative and affordable solutions, and address customer imperatives. For instance, in 2017, the company invested USD 63 million in R&D for the development of militarized and precise systems for military-oriented platforms.
Raytheon (US) majorly focuses on innovations and enhancing its product portfolio to increase its market share on key areas of strength, such as missile systems; intelligence, information & services; missile defense; EW; C5ISR; precision weapons; cybersecurity; and training to increase revenue by offering cost-effective products and solutions. The company is expected to continue to explore growth opportunities to develop affordable solutions and make them readily available to its international customers through its robust distribution network. Raytheon also continues to invest to support its growth strategies, including acquisitions and R&D in the military navigation market.
Related Reports:Military Navigation Market by Platform (Ammunition, Aviation, Ground, Marine, Unmanned Vehicle, Space), Application (ISR, C2, Combat & Security, Targeting & Guidance, SAR), Component (Hardware, Software, Service), Grade & Region - Global Forecast to 2023
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