According to the latest research report published by The Insight Partners, titled “Integrated Platform Management System Market to 2027–COVID-19 Impact and Forecast and Global Analysis”, the global Integrated Platform Management System market is expected to reach US$ 5,234.3 million by 2027, registering a CAGR of 5.8% during 2020–2027.
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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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.
Companies in the integrated platform management system market are adopting different strategies including product development, acquisition, and other expansion related strategies to expand their footprint worldwide by meeting the growing demand for their offerings. A few of the recent initiatives in the integrated platform management system market are listed below:
2020: ECA GROUP offered the Lithuanian Navy with its K-STER mine disposal vehicles to be used for mine counter measures at sea.
2020: L3Harris Technologies launched the latest demonstration series of end-to-end small satellites as part of the US Air Force constellation the company is responsible for developing. As the prime contractor for the firm fixed-price development space mission, L3Harris is designing, developing, building, testing, and deploying the satellites.
2020: Larsen & Toubro Infotech has launched LTI Canvas, a software engineering platform that aims to address critical need of enabling work from anywhere. The software is an integrated platform that brings together various processes, tools, and methodologies to drive technology and business outcomes in an environment where teams are operating in a distributed environment, as per the company.
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