The global ground defense system market is expected to witness a significant growth during the forecast period 2019-2024 owing to the induction of new fleets and upgradation programs of defense forces across the globe. Additionally, adoption of cutting-edge technologies such as robotics, electric propulsion system, artificial intelligence and Internet of Battle Things (IoBT) among others are changing the landscape of armored vehicles. A rise in the number of terrorist attacks over the last two decades has raised the need for a more advanced network connected combat and support vehicles.
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On account of growing cross-border conflicts, terrorist activities, and NATO’s defense spending standard, the government and defense forces are focusing on raising defense budget for procurement of advanced combat and support system along with upgradation of old fleets, resulted in the demand for main battle tanks, armored personnel carrier, light tactical vehicle/multi-purpose armored vehicle and amphibious vehicles, among others is growing substantially. Countries such as U.S., U.K., China, India, Japan, Germany, South Korea and Saudi Arabia are actively engaging in new production contracts with private and public defense equipment manufacturing companies.
The increased revenue generated by the manned and unmanned ground vehicles is due to high demand for the modernization of main battle tanks, infantry fighting vehicles and new procurements of armored personnel carriers and UGVs for defense and security applications. Main battle tanks and infantry fighting vehicles are mainly used for combat applications, whereas unmanned ground vehicles are usually used for navigation through tough terrains that are both unsafe and toxic. Unmanned ground vehicles are robotic vehicles that are used in complex environments of military operations, explosives handling, search operations, and intelligence gathering, among others.
The ground defense system market has witnessed different market dynamics across various regions of the globe. Moreover, the key ground defense system manufacturing companies have witnessed a rising demand from countries such as the U.S., the U.K., China, and India. The U.S. and Canada are the prominent countries of the region in this market. Major defense vehicle and systems companies around the globe are headquartered in this region, leading to high revenue generation in North America. However, the presence of major players and intense competition among them makes North America the most technologically advanced region. The companies in the region have signed contracts with the U.S. Army and armed forces to provide ground defense system over the recent years.
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The global ground defense system industry is one of the most competitive industries with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the ground defense system industry exhibits an inclination toward emerging strategies and developments by market players.
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