Collins Aerospace Military Global Positioning System is capable of tracking jet fighters to tanks and therefore the acquisition will bring innovative technology and an extensive installed base of products to the company. In January 2020, BAE Systems PLC, a British multinational defence, security, and aerospace company, acquired Collins Aerospace Military Global Positioning System (GPS) business from Raytheon Technologies Corporation for $1.93 billion. Such a high cost of main battle tanks is expected to have a negative impact on the growth of tanks markets. Technological advancements has added new features in today's military tanks, therefore the cost of productions to manufacture a single unit of tank has also increased. High cost of production for main battle tanks is expected to hinder the growth of the tanks market. It is also segmented by application into patrolling, fighting. The tanks market covered in this report is segmented by type into light, medium, heavy. Only goods and services traded between entities or sold to end consumers are included. A tank is an armored fighting vehicle which is equipped with heavy firepower and strong armor designed for front line combat. The tanks market consists of sales of military tanks by entities (organizations, sole traders and partnerships) that produce military tanks. Major players in the tanks market are Oshkosh Defense LLC, General Dynamics Corporation, BAE Systems Plc., Textron Inc., Navistar International Corporation, Norinco Private Limited, Rheinmetall AG, Ukroboronprom, UralVagonZavod, and Hyundai Rotem. The market is expected to reach $1.02 billion in 2025 at a CAGR of 2.1%. The global tanks market is expected to decline from $0.96 billion in 2020 to $0.94 billion in 2021 at a compound annual growth rate (CAGR) of -2.1%. DUBLIN-( BUSINESS WIRE)-The "Tanks Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to 's offering.
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