The Military Vetronics Market is expected to grow from USD 4.58 billion in 2019, at a CAGR of 5.7% during the forecast period.

Military Vetronics Market

Vetronics involve the electronic components of vehicles primarily driven by defense organizations. These include various systems such as navigation systems, display systems, C3 systems, weapons control systems, vehicle protection systems, power systems, among others, used to enhance military vehicles ' fighting capacity and situational awareness. In addition, these systems are essential for enhancing land vehicle efficiency and their position in integrated channel-centered warfare activities.

Factors such as improving combat situational awareness and increasing asymmetric and channel-centered fighting incidences have a positive impact on the army vetronics market. Furthermore, the increase in defense spending, particularly in emerging economies and subsequent increases in the procurement of such technologies further boosts the military vetronics market growth. Factors such as strict regulations and subsequent delays in procurement processes, however, still hamper market growth. Major players are inclined to offer a solution that includes improved Swap characteristics (shape, weight, and energy). Meanwhile, rising terrorist attacks and focus on counter operations are generating promising growth opportunities for the military vetronics market, and vehicle modernization programs are now being launched by many countries across the world.

Military Vetronics Market

The military vetronics market is segmented based on defense and home-country security applications. In addition to market size, the defense sector is projected to guide the overall military vetronics market and is anticipated to show an analogous pattern during the forecast period due to increased defense spending around the world. There has been a rise in the procurement of technologically sophisticated military land vehicles in emerging countries, such as India and China, which is fueling the expansion of vetronics in the APAC region.

 The military vetronics market was divided into communication, navigation, observation & screen technologies, C3 systems; weapons command technologies, camera & control technologies, car security technologies, and energy technologies based on the system. Due to increased demand for both technologically advanced and lightweight vetronics systems, the C3 systems segment is estimated to grow at the highest CAGR. In North America and Europe, demand for C3 systems is highest due to increased demand for military land vehicle systems with next-generation vetronics systems.

It is projected that APAC's military vetronics market will grow at the highest pace between 2016 and 2028, due to increased demand in emerging economies such as India and China for technologically advanced combat land vehicles. Rise in developing countries ' defense budget is one of the critical factors driving this region's vetronics market.

Key Factors Impacting Market Growth:

• Easy availability of cost-effective components
• Increased demand for enhanced vetronics in the Aerospace sector.
• The emergence of wireless communication technology
• Border insecurity and competition
• High spending in defense activities

Key Developments:

• In 2016, Lockheed Martin completed the acquisition of Sikorsky Aircraft, replacing United Technologies as the American helicopter maker’s parent company.
• In 2019, the TLVS bidder’s consortium, an MBDA Deutschland and Lockheed Martin joint venture, submitted its proposal to the German Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) to develop, test and deliver TLVS, Germany’s future Integrated Air and Missile Defense (IAMD) system.
• In 2019, the U.S. Air Force and Lockheed Martin successfully flight tested the AGM-183A Air-Launched Rapid Response Weapon (ARRW) on the service's B-52 Strata fortress out of Edwards Air Force Base, Calif.

What Does This Report Provide?

This report provides a detailed understanding of the global military vetronics market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Platform:

• Tanks
• Troop Carriers
• UGVs
• Amphibious Vehicles
• Others

By System:

• Communication & Navigation
• Weapon
• Power
• Other Systems

By Fit:

• Line-Fit
• Retrofit

By Region:

• North America
  • By Country (US, Canada, Mexico)
  • By Platform
  • By System
  • By Fit
• Western Europe
  • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
  • By Platform
  • By System
  • By Fit
• Eastern Europe
  • By Country (Russia, Turkey, Rest of Eastern Europe)
  • By Platform
  • By System
  • By Fit
• Asia Pacific
  • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
  • By Platform
  • By System
  • By Fit
• Middle East
  • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
  • By Platform
  • By System
  • By Fit
• Rest of the World
  • By Region (South America, Africa)
  • By Platform
  • By System
  • By Fit

Companies Covered: Lockheed Martin Corporation, Leonardo-Finmeccanica S.p.a., Saab Group, Thales S.A., General Dynamics Corporation, Harris Corporation, Curtiss-Wright Corporation, BAE Systems PLC, Raytheon Company, and Rheinmetall AG...

Years Considered In The Study

 

Historic Year	2016, 2017
Base Year	2018
Forecast Period	2019-2028
CAGR % (2019-2028)	5.7

 Reasons To Buy This Report:

• Market size estimation of the global military vetronics market on a regional and global basis
• The unique research design for market size estimation and forecast
• Profiling of major companies operating in the market with key developments
• Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

• By Segment
• By Sub-segment
• By Region/Country

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