Global Integrated Platform Management System Market Forecast to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

The "Integrated Platform Management System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; Naval Vessels; Application, and Geography" report has been added to ResearchAndMarkets.com's offering.

According to this report 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.

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.

Reasons to Buy:

1. Highlights key business priorities in order to assist companies to realign their business strategies.
2. The key findings and recommendations highlight crucial progressive industry trends in the integrated platform management systems market, thereby allowing players to develop effective long term strategies.
3. Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
4. Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
5. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to mount type, platform and mode of operation

Market Dynamics

Drivers

• Focus on Anti-Submarine Warfare (ASW) is Stimulating the Growth
• Growing Defense Budgets and Expenditures is Boosting the Demand

Restraints

• Lifespan of Integrated platform management systems

Opportunity

• Continuous Focus on Development of Robust Vessel Control Solutions

Future Trends

• Integrating Integrated platform management systems with Combat Management System

Companies Mentioned

• 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. (Fincantieri Company)
• Marine Electrical

For more information about this report visit https://www.researchandmarkets.com/r/8b4g8l

View source version on businesswire.com: https://www.businesswire.com/news/home/20200924005433/en/