Military Vetronics Market||Top Companies, Trends and Future Prospects Details for Business Development

Rapidly evolving defense trends and the growing importance of electronic warfare is set to be the key factor driving global military vetronics market size in the coming years. China, Saudi Arabia, Russia, U.S., and France accounted for more than half of the global defense expenditure in 2019. Since the importance of electronics in the military is growing, advancements in sensor systems and integration of communication technologies like IoT and AI would be the major drivers of the global market through the forecast period. 

A research report by Global Market Insights Inc., estimates the global military vetronics market to exceed a valuation of $5 billion through 2026.

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Following is a brief overview of three key trends that are likely to characterize the global military vetronics market trends in the coming years:

  • Growing deployment of line fit

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.

  • Increasing use of power systems in ground 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.  

  • Rising focus on replacing ageing vetronics systems in North America

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.

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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.

Table of Contents (ToC) of the report:

Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definitions

1.1.6. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Primary

1.2.2. Secondary

1.2.2.1.      Paid sources

1.2.2.2.      Public sources

Chapter 2. Executive Summary

2.1. Military Vetronics industry 360º synopsis, 2015 - 2026

2.2. Business trends

2.3. Region trends

2.4. System trends

2.5. Platform trends

2.6. Fit trends

Chapter 3. Military Vetronics Industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2015 - 2026

3.4. Impact of the Coronavirus (COVID-19) pandemic

3.5. Evolution of military vetronics

3.6. Industry ecosystem analysis

3.7. Technology & innovation landscape

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