Market Trends of Long Range Identification and Tracking Industry
This section covers the major market trends shaping the Long Range Identification & Tracking Market according to our research experts:
Defense to drive the market demand
- Major military spenders such as the United States and Europe-based NATO nations are significantly investing in new naval vessels. Development projects such as the European Corvette program, FFG(X) frigate development, etc., are expected to drive the long-range identification and tracking market growth.
- United States Navy plans to induct 46 new vessels to its naval fleet by 2023 and 20 FFG(X) next-generation frigates by 2030. This aforementioned factor is expected to propel the market growth due to the plans to equip these vessels with advanced C4ISR and battle management systems.
- On March 1, 2021, the Trilateral Secretariat of the National Security Advisor (NSA) on Maritime Security Cooperation between India, Sri Lanka, and the Maldives was established. The secretariat was set up at the Sri Lanka Navy (SLN) Headquarters in Colombo in conjunction with discussions at the 4th Trilateral Meeting on NSA-Level Maritime Cooperation in November 2020 to continue the communication between India, Sri Lanka, and the Maldives on issues related to maritime security in the Indian waters.
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Asia Pacific To Exhibit The Highest Growth Rate
- The Asia Pacific region is home to major military powers such as India, China, Australia, South Korea, Japan, etc., which account for a significant share in total global military spending.
- The rise in border conflicts, air space violations by several nations, tensions in the South China Sea and pacific ocean, the development of hypersonic ballistic missiles, etc., are propelling the demand for advanced long-range identification and tracking systems in the region.
- APAC region has a significant influence on ensuring the protection of the marine environment from ships. Its coastal and marine ecosystems are one of the richest and most productive globally and of great social and economic importance. However, these are at risk, especially given the increase in shipping activity. Asia consists of some of the busiest sea routes and some of the world's largest ports.
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