Military Vetronics Market Research Methodology, Top Manufactures and Market Size by 2027
The global military vetronics market size is anticipated to witness staggering growth in the forthcoming years. The military vetronics system consists of several systems like weapon control systems, communication systems, navigation systems, power management systems, etc. The system collects and analyses real-time data and assists soldiers on the battlefield. Fortune Business Insights™ has presented this information in an upcoming report titled, “Military Vetronics Market, 2021-2028”.
The report elucidates the different factors propelling the growth of the market. For instance, the increasing demand for drones or unmanned aerial vehicles is attracting huge investments. The need for small, fast, and advanced drones is rising. This is expected to drive the military vetronics market growth.
Informational Source:
https://www.fortunebusinessinsights.com/military-vetronics-market-104062
Key Players in Military Vetronics Market:
Oshkosh Corporation (The U.S.)
Curtiss Wright Corporation (The U.S.)
General Dynamics Corporation (The U.S.)
L3Harris Technologies Inc. (The U.S.)
Lockheed Martin Corporation (The U.S.)
Raytheon Technologies Corporation (The U.S.)
BAE Systems (The U.K.)
Leonardo S.p.A. (Italy)
Rheinmetall AG (Germany)
Saab AB (Sweden)
Thales Group (France)
Segmentation-
On the basis of the product type, the market segments into display systems, communication & navigation systems, C4 systems, etc. On the basis of its platform, the market divides into tank & armored vehicles, unmanned ground vehicles, lightly protected vehicles, special vehicles, amphibious vehicles, etc. On the basis of its application, the market segments into aftermarket and original equipment manufacturers. Geographically, the market is categorized into North America, Asia Pacific, Europe, and the Rest of the World.
Report Coverage-
The report presents a detailed overview of the prospected market. The report is based on historical data and uses SWOT Analysis for an unerring prediction of the future market growth. The report follows an innovative methodology using top-down and bottom-up approaches for a holistic assessment of the prospected market. The information presented in the report is gathered through interviews with multiple stakeholders at the country, global, and regional levels. The report also incorporates PESTLE Analysis and Porters’ Five Forces Analysis for an infallible forecast. The report also presents data on the competitive landscape of the military vetronics market and highlights recent industry developments, key market trends, alliances, expansions, etc.
Drivers & Restraints-
Modernization & Increasing Upgradation of Military Vehicles to Foster Growth
The modernization of military vehicles and upgrading them with technologically advanced equipment is constantly rising. The escalating demand for modern high-tech electronics in autonomous vehicles and Controller Area Network (CAN) buses is expected to augment the global market growth. CAN buses are rugged embedded communication systems that can be operated in extremely cold and heat environments.
Defense expenditures by nations across the globe are rising. Huge investments in R&D and rising defense expenditures, especially by emerging countries, are expected to foster the market. For instance, in September 2020, the Australian Army pronounced its will to procure modern 678 armored vehicles loaded with high-capacity sensors and a communication suite worth USD 12.5 billion.
The growing demand for unmanned aerial vehicles and drones is also expected to boost the market growth.
However, the reduced allocations for defense expenditure by several countries are expected to hamper the market growth.
Regional Insights-
North America to Capture the Largest Growth Share
Constant investments in upgrading existing vehicles, the huge defense expenditures to procure advanced vehicles by the U.S., and the key players present in North America like General Dynamic Corporation, L3Harris Technologies Inc., Lockheed Martin Corporation, etc., are expected to help North America hold the lion’s share in global military vetronics market share.
The Asia Pacific is anticipated to observe significant growth due to spiraling cross-border issues and terrorist activities. The rising investments by Asian countries for strengthening their military power are expected to foster market growth. For instance, in 2020, the Indian Ministry of Defense permitted the acquisition of 156 BMP 2 infantry vehicles. These vehicles will be manufactured under the Make in India initiative at the Ordnance Factory, Medak.
Europe’s rising defense expenditures and increased expenditure on combat vehicle acquisition are expected to drive the market. Key players like BAE Systems, Saab AB, Rheinmetall AG, etc., are also anticipated to foster the European market.
Increasing defense expenditure by various Middle Eastern nations like Turkey, Israel, and Saudi Arabia, are expected to help the Rest of the World observe exceptional growth.
Competitive Analysis-
Acquisition of Advanced Military Vehicles to Augment Market Growth
Key players worldwide are fixating on improving their technologies and developing advanced technologies to stay at the top of the game. Upgradation of systems through the use of artificial intelligence, big data analytics, etc., is rising. These upgrades are expected to escalate the market growth. For instance, the Australian Army and Tectonica signed a contract in September 2020. The USD 25 million contract will endow the Australian Army with situational awareness systems manufactured by Rheinmetall AG for the Boxer vehicles.
Industry Developments:
April 2020: The U.S. Army and BAE Systems signed a contract for the engineering and manufacturing development (EMD) of five armored multi-purpose vehicles (AMPV). The agreement was worth USD 14 million.
March 2020: Oshkosh Corporation signed a USD 14.5 million contract to acquire Leonardo DRS mounted family of computer systems (MFoCS) II, as an element of JTV’s baseline design.