Integrated Platform Management System Market Growth Prospectus with 5.8% of CAGR to 2027 – Business Opportunities by Northrop Grumman Sperry Marine B.V.Marine ElectricalsPraxis Automation Technology BVRolls-Royce

The modern warfare has drastically changed over the years and is continuing to modernize year on year. The naval forces across the world are observing notable growth in submarine warfare, owing to which the demand for anti-submarine warfare is considerably rising. In order to successfully conduct anti-submarine warfare, adoption of maritime patrol aircraft (MPA) and patrol vessels capable of launching integrated platform management systems is growing substantially. The growth in newer orders for MPA and patrol vessels is generating demands for integrated platform management systems, which, in turn is propelling the growth of the  integrated platform management systems 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.           

C2C DB Systems, ECA Group, L3HARRIES, LARSEN & TOUBRO LIMITED, Logimatic, Northrop Grumman Sperry Marine B.V, Praxis Automation Technology B.V., Rolls-Royce Holdings plc, Eustema S.p.A., and Marine Electrical are the leading players operating in the market. Several other players are also functioning and are contributing significant revenues in the Integrated Platform Management System market.

Europe holds the second largest share after North America in the global integrated platform management system market. Owing to fact that countries, such as France, the UK, and Russia, have a huge number of submarines and frigates within their territory which will raise the number of installation of IPMS in mentioned naval vessels. Moreover, countries such as China, India, South Korea, and Singapore are looking ahead to procure new naval vessels armed with advanced capabilities in order to combat underwater threats while protecting the security of the country. Procurement of new naval vessels would help encourage the adoption of IPMS by Asian navies.

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