2020 Integrated Platform Management System Market Growth Prospectus with 5.8% of CAGR by 2027

March 17 12:48 2021
2020 Integrated Platform Management System Market Growth Prospectus with 5.8% of CAGR by 2027

Integrated Platform Management System Market Regional Analysis
Integrated Platform Management System market was valued at US$ 3,314.3 million in 2019 and is projected to reach US$ 5,234.3 million by 2027 and is expected to grow at a CAGR of 5.8% during the forecast period.

The integrated platform management system (IPMS) is a complex control system solution developed for various types of naval vessels, including aircraft carriers, submarines, and frigates. The solution consists of electrical, damage control, propulsion, auxiliary, and HVAC systems integrated in a single solution. Integrating the system into aforesaid naval vessels removes standalone third party control equipment lowering cabling, weight, and space while offering better supportability. The growing focus on anti-submarine warfare and defense budgets and expenditures are the major factors expected to support the growth of the integrated platform management system market. The stagnant focus on the development of robust vessel control solutions and integrating integrated platform management systems with combat management system is creating lucrative growth opportunities for the market players.

C2C DB Systems, ECA Group, L3 MAPPS Inc., Larsen And Toubro Limited, Logimatic, Northrop Grumman Sperry Marine B.V., Marine Electricals, Praxis Automation Technology BV, Rolls-Royce PLC, and Seastema S.P.A. are among the well-established players in the integrated platform management system market.

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COVID-19 Impact on Integrated Platform Management System Market

According to World Health Organization (WHO) report, the US, Spain, Italy, France, Germany, the UK, Turkey, Iran, China, and Russia are among the worst affected countries due to COVID-19 outbreak. In the wake of strong lockdown regulations imposed by the majority of the countries across the globe, the defense equipment manufacturing sector is experiencing a lower number of labors in respective manufacturing facilities. Also, the outbreak of COVID-19 has tremendously disrupted the supply chain and manufacturing of defense equipment. However, the recovery period of impact of COVID-19 on defense industry is foreseen to be quicker compared to various other industries. This is due to the fact that, various defense forces are awarding contracts for naval vessels to the manufacturers. The production of the defense equipment are expected to start at a slower pace in 2020 and is anticipated to gain pace from 2021 which is further foreseen to positively influence the market growth.

Growth in the adoption of IPMS within the submarines is creating significant opportunities for IPMS providers. Global submarine segment for Integrated Platform Management System is expected to reach US$ 1,762.7 million by 2022.

Key findings of the study:

The military of Russia ensures to take steps towards modernization to support other maritime operations. In February 2020, Russian Navy has aimed to sign an agreement for building two additional nuclear-powered submarines. The contract depicts that the ships are to be laid down at the Sevmash Shipyard of United Shipbuilding Corporation by 2021. This order will bring a positive impact in the Russia’s submarine industry. More contracts of submarines would boost the growth of IPMS.

Also, as per the global firepower Index, the UK, Russia, France, are among the European countries having maximum number of submarines and frigates within their territory. Large number of naval vessels needs Integrated Platform Management System which will help in ensuring high security in underwater systems. This aspect will positively increase the launch of Integrated Platform Management System among the naval forces in European market.

In Europe, Italy is anticipated to grow at the highest CAGR. Italy owns 8 submarines as per global firepower index which supports the Italian naval forces to conduct maritime operations efficiently. To ensure uninterrupted performance, the country is looking ahead to build submarines with Italian design. For this, the design of the Near Future Submarine (NFS) is projected to be Italian in nature; whereas Marina Militare submarine of the Italian Navy have four Type-212A submarines in German design. The NFS will promote the independent Italian submarine building industry in the country.

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Table of Contents:

•             Introduction

•             Key Takeaways

•             Research Methodology

•             Integrated Platform Management System Market Landscape

•             Integrated Platform Management Systems Market –  Key Market Dynamics

•             Integrated Platform Management System Market –  Global Analysis

•             Integrated Platform Management System Market Analysis– By Component

•             Integrated Platform Management System Market Analysis – By Naval Vessels

•             Integrated Platform Management System Market Analysis– By Application

•             Integrated Platform Management System Market – Geographic Analysis

•             Impact of Coronavirus Outbreak

•             Global Integrated Platform Management Market-Industry Landscape

•             Company Profiles

•             Appendix

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