Pune, India, Jan. 05, 2022 (GLOBE NEWSWIRE) -- The global military shelter market is set to gain traction from the increasing cross-border conflicts and rising terrorism and warfare activities. Fortune Business Insight has published this information in a report titled, “Military Shelter Market, 2021-2028.” As per the report, the market size was USD 879.0 million in 2020. It is projected to grow from USD 887.8 million in 2021 to USD 1,015.8 million by 2028, at a CAGR of 1.94% between 2021 to 2028.
Military tents and shelters are used as protective tents by soldiers to protect them and their equipment. These shelters provide a safe and efficient operational environment for military equipment and personnel. In addition, it also provides increased mobility, great speed for various critical, unfavorable situations and combat operations. Thus, these factors are driving the market growth.
COVID-19 Impact Analysis
The global economy witnessed a decline during the pandemic. Several OEMs are facing supply issues due to lockdown and disruption in the supply chain. This has greatly affected the defense sector. In addition, the Indian Military Affairs requested its defense forces to hold their capital acquisitions, since their budget has been cut due to the COVID-19 pandemic. Furthermore, in May 2020, Indian Defense Ministry terminated 9,300 posts in Military Engineering Service (MES). As per our analysis during the pandemic, the growth rate declined by 1.85% in 2020.
What does the Report Provide?
The market research report for military shelter offers a comprehensive examination of numerous influences such as the significant drivers and limitations that will influence growth. Moreover, the report delivers insights into the regional analysis that covers diverse regions, contributing to the growth of the market. It comprises a competitive landscape that includes the principal companies and the implementation of strategies to announce novel products, announce mergers, and collaboration to back to the market development.
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List of Key Players Profiled in Military Shelter Market Report are:
- AAR (U.S.)
- Alaska Structures, Inc. (U.S.)
- Big Top Manufacturing (U.S.)
- DEW Engineering and Development ULC (Canada)
- General Dynamics Corporation (U.S.)
- J & J. Carter Limited (U.K.)
- Marshall Aerospace and Defence Group (U.K.)
- HDT Global (U.S.)
- Utilitis SAS (France)
- VELDEMAN (Belgium)
- Weatherhaven Global Resources Ltd. (Canada)
Segmentation:
- By type, the market is divided into, expandable, personnel, vehicle-mounted, command post, and container.
- By material, it is divided into composites, and others.
- By application, it is segmented into, military and homeland security.
- Based on type, the expandable segment held the largest market share in 2020. This is attributable to its variable geometry. Its dimensions can be changed as per the requirement and it’s easy and efficient in providing safety to military personnel and their equipment in harsh conditions.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Driving Factor
Increasing Defense Expenditure Will Promote Growth
Increasing military expenditure and investment around the world is favoring the military shelter market growth. For instance, according to a report by the Stockholm International Peace Research Institute (SIPRI), total global military spending rose to USD 1.98 trillion in 2020. This will increase by 2.6% as compared to 2019. The five biggest defense spenders in 2020 were the U.S., China, India, Russia, and the U.K. These countries accounted for a total of 62% of global defense expenditure. Thus, rising defense spending and rapid expansion of military forces are anticipated to fuel the market during the forecast period.
Regional Insights
North America to Dominate Backed by Increasing Investment on Military Forces
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to increasing investments on military forces. The adoption of smart shelters in the region is also boosting the market expansion for military shelters. For instance, in June 2019, the U.S. Army made a contract worth USD 44 million with General Dynamics Corporation to provide them with extended rigid wall shelters, which should be expandable at one side and two-side expandable shelters to the U.S. Army. The region’s market stood at USD 309.9 million in 2020.
Asia Pacific is expected to showcase a significant military shelter market share in upcoming years, due to the cross-border issues between India-China, India-Pakistan, and growing terrorism in the region. For instance, in May 2020, Galwan Valley in Ladakh had experienced a violent clash between Indian and Chinese soldiers.
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Competitive Landscape
Key Players to Focus on Collaborations and Agreements to Strengthen Market Growth
The market is combined by prime companies striving to preserve their position by emphasizing on procurements. For example, in April 2020, AAR made a deal worth USD 11.9 million with the U.S. Army. This agreement focuses on providing three alternatives of Lightweight Multipurpose Shelters (LMS) to the U.S army. These shelters will be utilized for Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) and other operations while being vehicle mounted.
Key Industry Development
May 2021 – Western Metal Supply Co. Inc. made a contract worth USD 9.39 million with the U.S. Army to design and build F-35A aircraft shelters. The agreement provides for the design, manufacture, and installation of F-35A aircraft shelters.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions, and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Military Shelter Market
- Impact of COVID-19 on Global Military Shelter Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued…!
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