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Global Military Vetronics Market
Global Military Vetronics Market was valued at US$ 6.48Bn in 2017 and is expected to reach US$ 9.63Bn by 2026, at a CAGR of 5.06% during a forecast period. Vetronics, a portmanteau of vehicle and electronics, is a technological designation used extensively in the military domain.
Global Military Vetronics Market
Major driving factors of the military vetronics market are increasing in tanks for the Vetronics is getting more crucial in allowing military vehicles to perform intelligence, surveillance, and reconnaissance tasks. The need for soldier modernization programs undertaken by military forces worldwide. Countries such as the USA, France, India and Australia made major progress in military modernization in recent years and these long-term programs will ensure the continued demand for military vetronics during the forecast period. Growing demand for unmanned aerial vehicles and drones is also expected to support growth in the market as well as the growth of the overall vetronics market. Changing economy and decreasing defense budget will act as restraint to the vetronics market.
Based on the Application, Defense segment is expected to hold the largest share in the vetronics market during the forecast period. The rising demand for new sighting devices as well as infrared cameras and thermal imaging systems is therefore contributing significantly to the growth of the global defense vetronics systems market. The growing inclination of various defense forces towards the integration of technologically advanced electronic systems in the military vehicles in order to increase the vehicle’s operational efficiency is driving the vetronics market for military globally. The shift of the defense industry towards the embedded technology and development of reduced size, weight, and power consumption (SWaP) rugged systems for extreme military applications is expected to further drive the growth of military vetronics market over the forecast period.
In Trends – Stealthier Tanks.
Technological trends may be converging to produce a potentially transformative battlefield capability: “stealth tanks.” This concept is not new and there is no certainty that these new technological developments will fully scale or prove operationally effective. But as these technologies develop they hint at possibilities that warrant serious discussion about their potential application to armored vehicles, as well as their operational and politico-strategic implications. By “stealth,” we do not mean invisibility. Rather, it is a collection of technologies designed to reduce an object’s observable signature, thereby making detection more difficult. Even if temporary or incomplete, stealth provides a significant tactical advantage.
In terms of region, North America is expected to hold the largest share in the vetronics market during the forecast period. The North America military spending as a percentage of GDP in peacetime fluctuates around half in times of war however, military spending rises dramatically. The higher spending is to support increases in military personnel and the modernization of conventional and nuclear weapons. Most major elements of U.S. defense policy are on reasonably solid ground, despite innumerable squabbles among experts over many of the details. The U.S. military to remain globally engaged to shape the security environment and to preserve our network of alliances.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the vetronics market. Moreover, the study also covers a vetronics market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
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The Scope of the Report for Military Vetronics Market
Global Military Vetronics Market, By Application
• Homeland Security
Global Military Vetronics Market, By Vehicle Type
• Main Battle Tank
• Light Protected Vehicle
• Amphibious Armoured Vehicle
Global Military Vetronics Market, By Subsystem
• C3 Systems
• Power Systems
Global Military Vetronics Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Military Vetronics Market
• Raytheon Company
• Lockheed Martin Corporation
• SAAB Group
• General Dynamics Corporation
• Curtiss Wright Corporation
• Elbit Systems
• Leonardo-Finmeccanica SPA
• Harris Corporation
• Rheinmetall AG
• BAE Systems
• General Electric Company
• Kongsberg Gruppen ASA
• TE Connectivity
• Oshkosh Corporation
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