According to the business intelligence report titled ‘Military Navigation Systems Market size study by Component (Hardware, Software, Services), by Platform (Aviation, Marine, Ground, Space, Unmanned Vehicle), by Application (Command and Control, Intelligence, Surveillance and Reconnaissance, Combat and Security, Others ) and Regional forecasts 2021-2027.’, available with Market Study Report, global military navigation systems market was assessed at USD 10.11 million in 2020 and is anticipated to amass USD 15.56 million by 2027, growing at 6.36% CAGR between 2021-2027.
 

Adoption of artillery systems & advanced missile systems in military vertical, widespread application in aeronautics sector, and usage of miniature warheads are key factors driving global military navigation systems market expansion.
 

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For the unversed, military navigation system monitors convoy movements and helps in rescuing wounded troops thereby decreasing response time. It is very useful for night operations as there is no light and the visibility is scarce.
 

Increasing military budgets, modernization in defense sector, and launch of GPS technology will aid industry growth as well. Moreover, the report cites that increasing use of unmanned aerial vehicles for border control, tracking, and surveillance purposes will facilitate revenue inflow in the forthcoming years.
 

While surging demand for missiles & armaments systems will spur market proliferation, high cost of military navigation systems and limited military budget in emerging economies will act as challenges for players in this business sphere.   
 

Based on component, global military navigation systems market space is fragmented into hardware, service, and software. Speaking of platform, the industry is divided into ground, marine, ammunition, space, and unmanned. Moving on to application scope, the business sphere is bifurcated into command & control, security & combat, intelligence, and surveillance & reconnaissance among others.
 

Regionally speaking, Europe held majority of worldwide military navigation systems market share in the recent past owing to presence of leading players, and high number of military missile deliveries. Meanwhile, Asia Pacific market is slated to expand rapidly between 2021-2027, due to rising military expenditure in economies like China, South Korea, and India, which is spurring acquisition of military equipment and modernization plans.
 

Key players profiled in the report are Cobham Limited, Garmin Ltd., Esterline Technologies Corporation, GE Aviation, Israel Aerospace Industries, Honeywell International Inc., KVH Industries Inc., Parker Hannifin Corporation, Moog Inc., and L3Harris Technologies Inc.