ID: MRFR/A&D/7309-HCR | February 2021 | Region: Global | 168 pages
Global Soldier Modernization Market is projected to reach USD 18,290 Million by 2028 at a CAGR of 3.70%. The global soldier modernization market is highly fragmented with the presence of a large number of players catering to the increasing demand. Armies of various countries such as the US are investing in modernizing and upgrading their ammunitions to offer enhanced situational awareness to capabilities to the soldiers. For example, in November 2019, the US Army Intelligence and Security Command (INSCOM) signed a four-year contract with BAE Systems amounting to USD 100 million to procure maintenance, technical, functional, and support services for its 16th Military Intelligence Brigade (MIB). The contract enabled the US Army to experience enhanced surveillance and situational awareness.
The Global Soldier Modernization Market is expected to register significant growth during the forecast period owing to factors such as increasing military expenditure of countries such as China and India and growing terrorism across the globe. Furthermore, the increasing R&D programs in the military are expected to drive the growth of the market. However, high costs associated with maintenance and modernization of soldier systems and stringent government regulations might hamper the growth of the market.
The growing need to upgrade legacy systems is increasing the demand for the soldier modernization market.
Other Prominent Players
|Market Size||USD 18,290 Million (2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Purpose, Platform|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Honeywell International, Inc. (US), United Technologies Corporation (US),Safran (France), Thales Group (France), Raytheon Company (US), BAE Systems (UK), Elbit Systems Ltd. (Israel), General Dynamics Corporation (US), Lockheed Martin Corporation (US), Northrop Martin Corporation (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The upgradation of ammunitions in various military bodies is estimated to benefit the market.
Safran (France), Thales Group (France), Honeywell International, Inc. (US), United Technologies Corporation (US), Raytheon Company (US), BAE Systems (UK) and Elbit Systems Ltd. (Israel) are the vital contributors to the market.
The North American region is estimated to lead the charge in the forecast period.
A CAGR of 3.70% is foreseen to back the global market development in the forecast period.
An income of USD 18,290 Million by 2028 is predicted to change the market landscape in the forecast period.