Soldier Modernization Market Research Report - Global Forecast till 2028

Global Soldier Modernization Market Research Report: Information, by Purpose (Weaponry/Ammunition, C5ISR, Protection, and Mobility), Platform (Airborne, Naval and Land) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2028

ID: MRFR/A&D/7309-HCR | February 2021 | Region: Global | 168 pages

Market Scenario


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.


Market Synopsis


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.


Market USP


The growing need to upgrade legacy systems is increasing the demand for the soldier modernization market.


Market Drivers



  • Increasing military expenditure: Increasing military expenditure of countries such as China and India owing to rising cross-border conflicts and territorial conflicts in the region is expected to increase the demand for the soldier modernization market.



  • Growing terrorism across the globe



  • Increasing R&D programs in military


Market Restraints



  • High cost associated with maintenance and modernization of soldier systems

  • Stringent government regulations


Segmentation


By Purpose



  • Weaponry/Ammunition: The segment dominated the market in 2018. The segment dominated to increasing need to modernize legacy systems and the growing demand for technologically advanced military equipment such as wearable sensors and communication equipment.



  • C5ISR: The segment is expected to grow at the highest CAGR during the forecast period from 2019 to 2028. Increased use of C5ISR systems in military operations and increasing need for border protection are expected to drive the growth of the segment. Furthermore, the growing adoption of C5ISR systems by the US Army is also expected to drive the growth of the segment. For example, in November 2019, Northrop Grumman Corporation signed a contract worth USD 70 million with the US Army to build and test software for the army’s air and missile defense command and control system. Therefore, such factors are expected to drive the growth of the segment during the review period.



  • Protection: The growing demand for advanced ammunition to offer enhanced safety to military personnel is expected to drive the growth of the segment.



  • Mobility: Increasing the need for quick transportation of resources such as food and armament to troops deployed in war-prone and disaster-prone regions is expected to drive the growth of the segment.


By Platform



  • Airborne: The segment is expected to grow at the highest CAGR during the forecast period from 2019 to 2028, owing to increasing investment by countries such as China and India in modernizing aircraft fleet and procuring new military aircraft.



  • Naval: The increasing modernization of naval ships by the UK Royal Navy to offer enhanced surveillance capabilities to its soldiers is expected to drive the growth of the segment.  



  • Land: The segment dominated the global soldier modernization market in 2018. Factors such as growing demand for enhanced security and lightweight military equipment are expected to drive the growth of the segment during the review period.


By Region



  • North America: North America dominated the global soldier modernization market in 2018 due to the presence of prominent companies such as Lockheed Martin Corporation and Raytheon Company.



  • Europe: Increasing collaborations between prominent companies based in Europe and army agencies of countries such as the US is expected to drive the market growth in the region.



  • Asia-Pacific: The market in this region is projected to register the highest CAGR during the forecast period. Increasing military expenditure and rising territorial conflicts in the region are encouraging the army agencies to invest in soldier modernization programs.



  • Middle East & Africa: Increasing military aircraft modernization programs is driving the market growth in the region.



  • Latin America: Increasing procurement of advanced military equipment by the Brazilian Army for enhanced border surveillance is expected to drive the market growth in the region.


Key Players



  • 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)


Other Prominent Players



  • Colt Defense (US)

  • Herstal SA (Germany)

  • Heckler & Koch Inc. (Germany)

  • Remington Arms Company, LLC (US)

  • Boeing (US)

  • Israel Aerospace Industries (Israel)

  • Exelis Inc. (US)

  • L3Harris Technologies, Inc. (US)

  • Tata Group (India)

  • Rheinmetall AG (Germany)

  • Aselsan AS (Turkey)

  • Saab AB (Sweden)

  • Leonardo SpA (Italy)

  • General Atomics (US)



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 18,290 Million (2028)
  CAGR   3.70% (2020-2028)
  Base Year   2019
  Forecast Period   2028
  Historical Data   2018
  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

  • High cost associated with maintenance and modernization of soldier systems.
  • Stringent government regulations
  •   Key Market Drivers

  • Increasing military expenditure.
  • Growing terrorism across the globe.
  • Increasing R&D programs in military


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    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.