Sep 16, 2020 3:17 PM ET
iCrowd Newswire – Sep 16, 2020
The modern warfare has drastically changed over the years and is continuing to modernize year on year. The naval forces across the world are observing notable growth in submarine warfare, owing to which the demand for anti-submarine warfare is considerably rising. In order to successfully conduct anti-submarine warfare, adoption of maritime patrol aircraft (MPA) and patrol vessels capable of launching integrated platform management systems is growing substantially. The growth in newer orders for MPA and patrol vessels is generating demands for integrated platform management systems, which, in turn is propelling the growth of the integrated platform management systems market.
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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.
In terms of revenue, the global integrated platform management system 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.
Companies in the integrated platform management system market are adopting different strategies including product development, acquisition, and other expansion related strategies to expand their footprint worldwide by meeting the growing demand for their offerings. A few of the recent initiatives in the integrated platform management system market are listed below:
2020: ECA GROUP offered the Lithuanian Navy with its K-STER mine disposal vehicles to be used for mine counter measures at sea.
2020: L3Harris Technologies launched the latest demonstration series of end-to-end small satellites as part of the US Air Force constellation the company is responsible for developing. As the prime contractor for the firm fixed-price development space mission, L3Harris is designing, developing, building, testing, and deploying the satellites.
2020: Larsen & Toubro Infotech has launched LTI Canvas, a software engineering platform that aims to address critical need of enabling work from anywhere. The software is an integrated platform that brings together various processes, tools, and methodologies to drive technology and business outcomes in an environment where teams are operating in a distributed environment, as per the company.
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Keywords: Integrated Platform Management System Market, Integrated Platform Management System, Integrated Platform Management System Market 2020, Integrated Platform Management System Market 2027