Market Forecast

Armored Vehicle Fire Suppression Systems Market Share is expected to grow USD 1.98 Trillion at a CAGR 6.4% by during the forecast period.

Armoured vehicles require fire suppression systems in order to prevent any fire-related damage. The explosives and flammable substances are frequently carried by the armoured vehicles. In the event of a mishap or during conflict, the fire suppression systems identify fire alarms and put out fires using fire suppressing agents. Troops are also transported between locations in armoured trucks. Therefore, in the event of any conflict or accident, the fire suppression systems contribute to minimising casualties.

The market is anticipated to develop as a result of rising defence spending and improvements in defence technology. The biggest economies of the world, including China, the US, India, Russia, and the UK, have consistently increased their defence spending over the past ten years. The Stockholm International Peace Research Institute (SIPRI) estimates that by 2020, the world would have spent USD 1,981 billion on its military. In spite of the pandemic's blow to the expansion of the world economy in 2020, there was a 2.6% rise in worldwide military spending compared to 2019. However, while some nations, like Brazil and Russia, chose to slash their military spending, others, like Chile and South Korea, decided to reallocate a portion of their budgets to pandemic response.

Key Players:

Fire Protection Technologies Pty. Ltd. (Australia), Spectrex Inc. (US), Halma plc (UK), N2 Towers Inc. (Canada), Marotta Controls Inc. (US), Bulldog Direct Protective Systems (US), Nero Industries (Turkey), Mikro-Pulssi Oy (Finland), Kidde-Deugra Brandschutzsysteme GmbH (Germany), ExploSpot Systems Pty Ltd. (South Africa)

Market Segmentation:

By Vehicle Type

The Combat Vehicles Segment is Expected to Grow at a Higher Rate: In the forecast period, 2020 to 2027, the combat vehicles section is anticipated to experience higher CAGR. The expansion can be linked to a greater emphasis on strengthening combat vehicle damage protection from fire. The combat vehicles are used to transport flammable liquids and explosives. Fire suppression systems are employed during combat to avoid any mishaps or casualties. During the forecast period, this is anticipated to fuel the expansion of the market for armoured vehicle fire suppression systems in the vehicle type segment.

The Troop Transport Vehicles Segment is Expected to Increase: Troops are transported between locations by use of troop transport vehicles. The need for troop transport vehicles is projected to rise as a result of rising geopolitical tensions and governments recruiting to strengthen their military capabilities. This will fuel demand for fire suppression systems in the troop transport vehicles market.

By Platform Type

The Wheeled Vehicles Segment is Expected to Witness Higher Growth in the Market: During the study period, the category of wheeled vehicles is anticipated to increase quickly and with a higher CAGR. Wheeled vehicles have many advantages over tracked vehicles, including on-road mobility, higher speed, low maintenance costs, high stealth, and low fatigue, making them suitable for the transportation of weapons and explosives as well as troops. As a result, there is a growing market for wheeled vehicle fire suppression systems worldwide.

The tracked vehicles segment is expected to grow considerably: The tracked sector has the lesser but still significant market share of the two categories in 2020. This is as a result of the limited advantages they possess over wheeled vehicles. Due to their structure and design, these vehicles have improved off-road mobility and aid in wartime survival.

Regional Analysis:

The top five military spenders—the US, China, India, Russia, and the UK—were responsible for roughly 62% of all military spending worldwide. While the US accounted for 778 billion USD in military spending in 2020, or more than 39% of all data worldwide, making it the largest military spender. R&D, expenditures in long-term initiatives, and the extensive purchase of guns and equipment are all factors in the US's high military spending.

Asia-Pacific is the most diverse and the largest region in the world. The region has the presence of several established and emerging economies of the world. It comprises five sub-regions, namely, China, Oceania, Northeast Asia, Southeast Asia, and South Asia, with each of them being characterized by their own unique market dynamics. Over the past decade, it has been witnessed that the economies, such as China and India, invested in long-term projects and procurement of critical systems & equipment to strengthen their military forces. According to SIPRI, China had the highest military expenditure of USD 252 billion among all other economies of the region. China was followed by India (USD 72.9 billion), Japan (USD 49.1 billion), South Korea (USD 45.7 billion), and Australia (USD 27.5 billion).Over the past 26 years, China had the longest series of successive increases in its military expenditures, reflecting its desire to become a global military superpower with a focus on military expansion and modernization of nuclear arsenal. Similarly, other major spenders have invested in long-term projects and procured modern technologically advanced armaments and systems, thereby bolstering their military strength. Additionally, advancements in military technology and their adoption in modern warfare is driving the demand for advanced systems, such as fire suppression systems, for armored vehicles. Thus, rising military spending and advancements in defense technology help drive the growth of the global Armored Vehicle Fire Suppression Systems Market Share.

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