Report : Integrated Platform Management System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware, Software); Naval Vessels (Frigates, Aircraft Carriers, Submarines); Application (Propulsion Control, Auxiliary Machinery Control, Safety and Damage Control Systems, Alarm and Event Monitoring, On-Board Trainer), and Geography
Growing Defense Budgets and Expenditures is Boosting the Demand will lead the Integrated Platform Management System market growth during 2020–2027
According to our latest market study on "Integrated Platform Management System Market to 2027 – COVID-19 Impact and Global Analysis and Forecast by by Component (Hardware, Software); Naval Vessels (Frigates, Aircraft Carriers, Submarines); Application (Propulsion Control, Auxiliary Machinery Control, Safety and Damage Control Systems, Alarm and Event Monitoring, On-Board Trainer), and Geography" the 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 report highlights the key factors driving the market growth, and prominent players and their developments in the market.
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. Companies such as Northrop Grumman Sperry Marine provide distributed machinery control systems (MCAS) for ferries, cruise ships, yachts, and defense vessels, such as offshore patrol vessels, coast guard, and fast patrol vessels. Integrated turn-key solutions, flexible modular design, quick response, and cost-effectiveness with advanced automation are some of the benefits of IPMS.
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.
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.
The Report Segments the Global Integrated Platform Management System Market as Follows:
By Naval Vessels