In terms of revenue, the global 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; it 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.
The integrated platform management system market has been segmented on the basis of component, naval vessel, application, and geography. Based on component, the integrated platform management system market is segmented into hardware and software. The hardware segment is sub segmented into sensors, actuators, remote terminal units, display devices, and others. Based on naval vessel, the integrated platform management system market is segmented into frigates, aircraft carriers, and submarines. Based on application, the integrated platform management system market is segmented into propulsion control, auxiliary machinery control, safety and damage control systems, alarm and event monitoring, and on-board trainer. Geographically, the integrated platform management system market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
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.
Impact of COVID-19 Pandemic on Integrated Platform Management System Market
The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace around the globe. As of June 2020, the US, Italy, Spain, Germany, China, France, Iran, India, and the UK are among the worst affected countries in terms of confirmed cases and reported deaths. 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 significantly lower number of labors in respective manufacturing facilities. The military spenders of countries such as the US and the UK allocate close to or over 2% of their GDP, a significant amount, to defense. However, several governments are deprioritizing defense spending, owing to the emergence of pandemic; instead, a majority of the governments are focusing on investing towards combatting the spread of COVID-19. This factor is also anticipated to hamper the production of various defense equipment in 2020, thereby hindering the growth of integrated platform management systems market.
The global integrated platform management system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the integrated platform management system market with respects to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the integrated platform management system market.