Armored Vehicle Fire Suppression Systems Market Research Report: Information by Vehicle Type (Combat Vehicles, Troop Transport Vehicles, and Others), Platform Type (Wheeled Vehicles and Tracked Vehicles), and Region (North America, Europe, Asia-Pacific, Middle East Africa, and Latin America)—Forecast till 2027

Market Forecast

Armoured vehicle fire suppression systems market is projected to register a CAGR of 6.4% between 2021 and 2027.

Fire suppression systems are essential to armored vehicles, protecting them from any damage caused due to fire. The armored vehicles often carry explosives and in flammable liquids. The fire suppression systems detect fire alarms and suppress fire using fire suppressing agents in case of an accident or during combats. Armored vehicles are also used for carrying troops from point to point. Therefore, the fire suppression systems help keep the casualties to a minimum in case of any combat or accident.

Rising defense expenditure and advancements in defense technology are expected to drive the market's growth. Over the past decade, there has been a continuous increase in the defense expenditure of the major economies in the world, including China, the US, India, Russia, and the UK. According to Stockholm International Peace Research Institute (SIPRI), the global military expenditure rose to USD 1,981 billion in 2020. Despite the pandemic shock to the global economic growth in 2020, the world witnessed a 2.6% increase in global military expenditure compared to 2019. However, some countries, including Chile and South Korea, opted for reallocating a portion of their military budget towards pandemic response, while others, such as Brazil and Russia, opted for military budget cuts.

The top five military spenders, namely, the US, China, India, Russia, and the UK, accounted for an almost 62% share of the global military expenditure. While the US was the most significant military spender in 2020, accounting for USD 778 billion in military expenditure, which is equal to over 39% of the global data. The high military spending of the US can be attributed to RD, investments in long-term projects, and the procurement of arms and equipment on a large scale.

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.

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