BAE Systems plc (UK), Curtiss-Wright Corporation (US), General Dynamics Corporation (US), Harris Corporation (US), Leonardo S.p.A (Italy), Lockheed Martin Corporation (US), Raytheon Company (US), Rheinmetall AG (Germany), Saab AB (Sweden), Thales SA (France) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global military vetronics market.
Military Vetronics Market – Overview
According to a recent study report published by the Market Research Future, the global market of military vetronics will grow at a steady pace over the forecast period. The market is forecasted to witness slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2018 -2023).
Based on system, the military vetronics market is divided into communication & navigation system, weapon system, power system, and other systems. The communication & navigation system segment is estimated to account for the largest share and is poised to expand at the highest CAGR during the forecast period. Effective control cannot be accomplished without the existence of two-way communications providing the necessary liaison to exercise suitable command between tactical or strategic units.
Based on platform, the military vetronics market is divided into tanks & other armored vehicles, troop carriers & other military engineering vehicles, unmanned ground vehicles, and amphibious vehicles & other vehicles. The tanks & other armored vehicles segment accounted for the largest market share while the unmanned ground vehicles (UGVs) segment is expected to be the fastest-growing market during the review period. UGVs are force multipliers and reduce the number of active personnel deployed in the battlefield, thereby enhancing safety. This in turn led to the increasing demand for UGVs in defense sector indirectly influencing the vetronics market growth.
Based on fit, the military vetronics market is divided into line-fit and retrofit. The line-fit segment accounted for the largest market share while the retrofit segment is expected to be the fastest-growing market during the review period. Vetronics upgrades and retrofits are less costly than procuring new armored vehicle in the current period of budget cuts.
Asia Pacific will be the fastest growing market for military vetronics during the forecast period. In Asia-Pacific, emerging economies such as China and India are driving the growth of the military industry. Military expenditure in Asia-Pacific was among the highest in the world in 2017. Along with the need to equip vehicles for modern warfare, there has been substantial expenditure on vehicle electronics.
Since the manufacturing of combat vehicles are being shifted to buying countries and places that offer inexpensive labor, manufacturers based in North America and Europe are expanding their presence in Asia-Pacific. Developing countries in the region such as China, Australia, and India have emerged as major producers and consumers of such systems.
Industry/ Innovation/ Related News:
November 2018: General Dynamics was awarded a contract by the US Army to provide them with military vehicles and vetronics for ground mobility.
October 2018: Systel Inc. in Sugar Land, Texas introduced Raven-Strike, a rugged mission computer, for vetronics and other military applications. Raven-Strike integrates computer and networking throughput and enables deep learning and artificial intelligence capability.
Military Vetronics Market – Segmentation
The global military vetronics market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by System: Communication & Navigation System, Weapon System, Power System, and Other Systems
Segmentation by Platform: Tanks & other Armored Vehicles, Troop Carriers & other Military Engineering Vehicles, Unmanned Ground Vehicles, and Amphibious Vehicles & Other Vehicles
Segmentation by Fit: Line-fit and Retrofit
Segmentation by Region: North America, Europe, Asia-Pacific and Rest of the World
Military vetronics Market: Regional Analysis
The military vetronics market has been segmented into North America, Europe, Asia Pacific and Rest of the World. North America is expected to be the largest market for military vetronics. The military vetronics market across the globe is expected to rise at a considerable pace during the forecast period due to rising focus on vehicle modernization programs to enhance the combat capabilities.