The new report by Zion Market Research on the “Military Vetronics Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2026″ has vast information about the market and its potential. The global military vetronics market was valued at around USD 3,870 million in the year 2017 and it is expected to reach approximately USD 5,650 million by 2026. The global military vetronics market is expected to exhibit a CAGR of more than 4% between 2018 and 2026.
Major factors driving the growth of military vetronics market includes increased demand for unmanned aerial vehicles & drones and the growing technological advancements in military vetronics such as the development of advanced batteries. The increasing modernization of military vetronics is expected to generate enormous growth opportunities for the industry participants.
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Our research analysts came up with the conclusion that the development of next-generation military vetronics is expected to propel the growth of the market in the coming years.
The communication system, navigation system, c4 system, power system, display system, and control and data distribution system are the key types of military vetronics system. Power system segment accounted for the high revenue share in the global military vetronics market in 2017. Power management is one of the key challenges in the networking vetronics system. The power system helps in computing and managing the increased power requirement. The power system segment is expected to retain its dominance in the coming years owing to its increased CAGR of 4.6% in the forecast period. Moreover, continuous advancements in vetronics power system such as portable power with the high-quality power supply are expected to propel the growth of the segment during the forecast period.
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Following power systems, c4 vetronics also held a significant share in the global military vetronics market. The c4 vetronics system includes command, control, communication & computers. The c4 vetronics has the ability to cover multiple functions in a single system. As there is an increasing demand for the systems that can incorporate multiple functions it is expected to propel the growth of c4 vetronics in the global military vetronics market over the forecast period.
The armored amphibious vehicles contributed to the highest market share of more than 26.5% in the year 2017. Increased use of armored amphibious vehicles in military applications since it can be used both on land and water has contributed to the major market contribution.
It is anticipated that the light protected vehicles will register the highest CAGR growth in the forecast period followed by the unmanned ground vehicles. The automated or remotely controlled tank vehicles come under the unmanned ground vehicles. The increasing security concerns among the nations are increasing the demand for the unmanned ground vehicles globally thus contributing to the growth of the segment.
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North America has registered the dominant position in the military vetronics market. Advancements in the defense sector and increasing security concerns contribute to the growth of the military vetronics market in the region. The U.S. contributed the topmost shares in the North America military vetronics market. The military expenditure of the U.S. in 2016 was USD 611 billion which was highest among all the countries. The market is anticipated to grow at a rapid CAGR in the Asia Pacific especially in countries such as China, India, and South Korea.
The major market players in the military vetronics are Kongsberg Gruppen, Curtiss-Wright Corporation, BAE Systems Plc, Thales S.A., Ultra Electronics Holdings Plc, General Dynamics Corporation, Raytheon Company, SAAB AB, General Electric Company, Assa Abloy AB, Lockheed Martin Corporation, and Oshkosh Corporation, among others.
The global military vetronics market is segmented on the basis of the product, application, and geographical regions.
Global Military Vetronics: Product Segment Analysis
• Communication System
• Navigation System
• C4 System
• Power System
• Display System
• Control and Data Distribution System
Global Military Vetronics: Application Segment Analysis
• Light Protected Vehicles
• Unmanned Ground Vehicles
• Armored Amphibious Vehicles
• Special Purpose Vehicles
Global Military Vetronics Market: Regional Segment Analysis
• North America
o The U.S.
• Asia Pacific
• Latin America
• The Middle East and Africa