ID: MRFR/A&D/0920-CR | September 2016 | Region: Global | 105 pages
Vetronics comprises the electronic components associated with vehicles that are mainly operated by the defense organizations. These include various systems such as navigation systems, display systems, C3 Systems, weapon control systems, vehicle protection systems, power systems, among others, used for the purpose enhancing combat capability and situational awareness of the military vehicles. Furthermore, these systems are vital in improving the effectiveness of land vehicles and their role in integrated network-centric warfare operations.
Factors such as focus on enhancing situational awareness in the battlefield and rising incidences of asymmetric and network-centric warfare are positively impacting the military vetronics market. In addition, the rise in defense expenditure, especially in emerging economies and subsequent investments in procuring such systems further boosts the market growth. However, factors such as stringent regulations and subsequent delays in procurement processes hinders the market growth to a certain extent. Major players are keen on offering a solution with enhanced (size, weight, and power) SWaP features. Meanwhile, rising terrorist attacks and focus on counter operations, and vehicle modernization programs being initiated by many countries throughout the world, create promising growth opportunities for the military vetronics market. The global military vetronics market is expected to witness a CAGR of approximately 5% during the period 2018 to 2023.
The market is segmented by system, platform, fit, and region. Based on system, the military vetronics market is divided into communication & navigation system, weapon system, power system, and other systems. In 2017, the communication & navigation system segment accounted for the largest market share as the modern warfare is technology-centric rather that weapon-centric and effective communication enhances the success rate of military missions. 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. In 2017, the tanks & other armored vehicles segment accounted for the largest market share due to the focus on procurement as well as indigenous development of such vehicles by many countries around the world. Based on fit, the military vetronics market is divided into line-fit and retrofit. In 2017, The line-fit segment accounted for the largest market share due to huge scope for forward fitting in top defense spending countries such as US, Russia, and UK.
North America is estimated to account for the largest share during the review period. North America region in this report includes the US and Canada. Focus by the U.S. Department of Defense (DOD) on developing military vehicles, in the recent years, have resulted in the market witnessing a significant surge in demand, in this region. Moreover, the current military operations and exercises in the Middle East countries will also result in the US focusing on developing vehicle systems in terms of C3 capabilities, which will further deepen the scope of the military vetronics market in the region.
The key players in military vetronics market are 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), and Thales SA (France)
Armored Vehicle Manufacturers
Defense Electronics Suppliers
Frequently Asked Questions (FAQ) :
An ascendant CAGR will shape the market through the forecast period.
Curtiss-Wright Corporation (U.S.), General Dynamics Corporation (U.S.), Harris Corporation (U.S.), are the prominent companies in the market.
The market is foreseen to create a desirable valuation by 2023.
The need to augment situational awareness on the battlefield will bolster global market development.
The North American region is estimated to take charge of the global market.