Global Military Vetronics Market to Exhibit 5.3% CAGR from2015-2023 due to Rise in Network-centric Military Operations
According to a recent market research report published by Transparency Market Research, the global military vetronics market is anticipated to expand at a CAGR of 5.3% during the period between 2015 and 2023. The report, titled “Military Vetronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” projects this market to reach a valuation of US$10.71 bn by 2023. The overall market was worth US$6.82 bn in 2014.
Browse the full Military Vetronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 report at https://www.transparencymarketresearch.com/military-vetronics-market.html
Vetronics refers to the electronic systems integrated in military vehicles to streamline activities such as surveillance, communication, navigation, and vehicle health management. The growing need for real-time data to improve battle space awareness among soldiers has fuelled the demand for military vetronics.
The report points out that network-centric military operations have influenced the demand for rugged vetronics. The growing demand for real-time data in the defense industry and enhanced size, weight, and power (SWaP) specifications for embedded technology will boost the growth of the global military vetronics market. However, demilitarization initiatives adopted in North America and Europe, coupled with open architectural design of vetronics are expected to hamper the market’s growth during the forecast period. The overall military vetronics market has a considerable scope of growth with the development of advanced vetronics and SWaP reduction initiatives.
The report studies the global military vetronics market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2014, North America accounted for over 40% of the market and is anticipated to lead the market throughout the forecast horizon. The rise in the adoption of technologically enhanced systems in aging vehicles and growing investments in modernizing military vehicles are the key factors driving the growth of the North America military vetronics market. The U.S. is projected to dominate the regional market during the period between 2015 and 2023.
In Europe, the military vetronics market is growing at a stable pace due to various initiatives taken by countries such as the U.K., Russia, and Germany to upgrade military vehicles. However, during the forecast period, Asia Pacific is anticipated to be the fastest-growing region in the market, expanding at a CAGR of 6.0%. The growing demand from Japan, China, and India will propel the growth of the regional market. In South America, Brazil is expected to be the largest market for military vetronics. Countries in the Middle East and Africa are investing heavily in the procurement of advanced electronic systems to fight against terrorist activities in the region.
Describing the competitive hierarchy, the report profiles some of the major players operating in the global military vetronics market such as Oshkosh Corporation, Curtiss-Wright Corporation, Ultra Electronics Ltd., SAAB A.B., TE Connectivity, Kongsberg Gruppen ASA, BAE Systems plc, General Electric Company, Moog Inc., Rheinmetall Defence, The Raytheon Company, Lockheed Martin Corporation, Thales Group, Elbit Systems Ltd., and General Dynamics Corporation. The report further provides detailed information about the market players including their company overview, financial overview, revenue, business strategies, and recent developments.
Global military vetronics market has been segmented as:
Global Military Vetronics Market, 2015 – 2023: By System
- Control and Data Distribution Systems
- Display Systems
- Power Systems
- Vehicle Management Systems
- Other Vetronics Systems
Global Military Vetronics Market, 2015 – 2023: By Vehicle Type
- Light Protected Vehicles
- Infantry Fighting Vehicles
- Armored Personnel Carriers
- Unmanned Ground Vehicles
- Armored Amphibious Vehicles
Global Military Vetronics Market, 2015 – 2023: By Geography
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)
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