LONDON–(BUSINESS WIRE)–Jan 22, 2021–
The new armored vehicles automatic fire extinguishing systems (AFES) market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Technavio has announced its latest market research report titled Global Armored Vehicles Automatic Fire Extinguishing Systems (AFES) Market 2021-2025 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the armored vehicles automatic fire extinguishing systems (AFES) market.
“One of the primary growth drivers for this market is the growing number of military vehicle modernization programs,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the armored vehicles automatic fire extinguishing systems (AFES) market size to grow by USD 11.11 million during the period 2021-2025.
Armored Vehicles Automatic Fire Extinguishing Systems (AFES) Market Segment Highlights for 2020
- The armored vehicles automatic fire extinguishing systems (AFES) market is expected to post a year-over-year growth rate of 1.28%.
- Based on the platform, the APCs segment saw maximum growth in 2020. The inclusion and modernization of AFES in APCs are being driven by the increased focus on the safety and survivability of the crew. These factors are expected to increase the demand for AFESs for APCs.
- The growth of the market segment will be significant during the forecast period.
- 37% of the growth will originate from the APAC region.
- The increase in inventories of armored vehicles and components and spares to prepare for military insurgencies and other border threats will facilitate the armored vehicles AFES market growth in APAC over the forecast period.
- China and Japan are the key markets for the armored vehicle’s automatic fire extinguishing systems in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
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- The armored vehicles automatic fire extinguishing systems (AFES) market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The armored vehicles’ automatic fire extinguishing systems (AFES) market is segmented by geography (Europe, APAC, North America, MEA, and South America) and platform (APCs, Tanks, and other fighting vehicles).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Bulldog Direct Protective Systems Inc., Emerson Electric Co., Fire Protection Technologies Group, General Dynamics Corp., Halma Plc, Johnson Controls International Plc, Marotta Controls Inc., N2 Towers Inc., Raytheon Technologies Corp., and Rheinmetall AG.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY PERFORMANCE & SPECIAL INTEREST AUTOMOTIVE
SOURCE: Technavio Research
Copyright Business Wire 2021.
PUB: 01/22/2021 03:01 AM/DISC: 01/22/2021 03:00 AM
Copyright Business Wire 2021.
