The military vetronics market is poised to amass lucrative gains on account of shifting focus towards electronic warfare. Military budgets are gradually prioritizing on electronic warfare devices owing to increasing requirement for integrating, analyzing and acquiring data during field operations.
According to a report, in 2019, countries like Russia, the U.S., Saudi Arabia, France, and China had accounted for more than 50% in global defense spending. Estimates predict that the Command, Control & Communication (C3) platforms could observe dominance from developed nations such as Russia and the U.S.
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With respect to the fit segment, line fit dominated the overall market in 2019 with a share of more than $3 billion. The segment is further projected to showcase exponential growth with a CAGR of more than 4% over the projected time period.
This dominating performance in the industry can be attributed to an upsurge in vehicle purchases, by various nations, that are equipped with the latest vetronics. Taking April 2019 for instance, the government of New Zealand approved $12.49 million to acquire new high mobility ultra-light vehicles. These vehicles would replace the aging Unimog and Pinzgauer vehicles.
Innovation and the subsequent production of new battery systems designed to be used in ground vehicles is driving the growth of power systems in the military vetronics market landscape. Deployment of these innovative battery systems allows ground vehicles to work effectively through one power source for a long time period.
Citing an instance, in September 2019, the Defence Ministry of Germany unveiled its plans to develop a prototype of electric combat vehicle in about three years which will replace conventional tanks. The total budget allocated for this project is approximately $3.94 million. This new project is being led by DSTL (Defense Science and Technology Laboratory). Due to these growth factors, the segment is slated to grow at a CAGR of more than 5% through the forecast timeframe.
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North America military vetronics market would observe a growth rate of more than 4% through the forecast timespan owing to the presence of a number of industry giants in the region. General Dynamic, Rheinmetall, Lockheed Martin, and L3Harris are some of the key players in the industry that are operating in North America.
The region is currently focusing on upgrading its old vetronics systems, which are further generating immense industry demand to increase competition in the industry. Taking 2018 for instance, the U.S. DoD (Department of Defence) approved $4.5 billion for combat vehicle research and procurement. The amount is 18.6% more than that of last year. The allotted budget covers modernization and acquisition of combat vehicles, military vehicles, vetronics, as well as other connected technologies.
The competitive landscape of the military vetronics market is inclusive of players like L3Harris, BAE Systems PLC., Rheinmetall AG, Leonardo-Finmeccanica S.P.A, Curtiss-Wright Corporation, Raytheon Company, General Dynamics Corporation, Lockheed Martin Corporation, Saab Group, and Thales Group among others.
Major Key Points from Table of Content:
Chapter 6. Military Vetronics Market, By Platform
6.1. Key trends, by platform
6.2. Light armored vehicle
6.2.1. Military vetronics market estimates and forecast, 2015 - 2026
6.3. Main battle tank
6.3.1. Market estimates and forecast, 2015 – 2026
6.4. Mine-resistant Ambush Protected (MRAP) vehicles
6.4.1. Market estimates and forecast, 2015 - 2026
6.5. Infantry Fighting vehicles (IFV)
6.5.1. Market estimates and forecast, 2015 - 2026
6.6. Unmanned armored ground vehicles
6.6.1. Market estimates and forecast, 2015 - 2026
6.7. Amphibious vehicles
6.7.1. Market estimates and forecast, 2015 - 2026
6.8.1. Market estimates and forecast, 2015 - 2026
Chapter 7. Military Vetronics Market, By Fit
7.1. Key trends, by fit
7.2. Line fit
7.2.1. Market estimates and forecast, 2015 - 2026
7.3. Retro fit
7.3.1. Market estimates and forecast, 2015 - 2026
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