Military Vetronics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Military Vetronics Market
The military vetronics market size was valued at USD 6.48 billion in 2019, and the market is now projected to grow USD 11.48 billion in 2032 exhibiting a CAGR of 4.50% during the forecast period of 2020-2032.
Key factors affecting the defence industry includes decrease in demand for weapon industry and disruptions in production resulting from the occurrence of COVID 19 lock down. Masked behind healthcare requirements, defense spending in numerous countries were cut. That electronics production slowdown impacted the LTD production, also the delivery of the combat vehicles. For instance, BAE Systems to supply the U.S. Army with 2,936 combat vehicles for USD 15 billion had the first delivery of a batch of three due in March 2020 delayed by five months. These delays point to the difficulties within the defence industry throughout the pandemic.
Contemporary military forces are predetermined on the application of the recent development of the network technologies to assure fast and accurate shooting. With the Caley application bringing sensors, commanders, and shooters to an end-to-end fully connected network they seek to capitalize on information dominance. These advances enhance situation awareness and the efficiency of control tasks. The purpose is thus to enhance the efficiency of the actors’ missions by harmonizing their real-time information exchange. Therefore, they are also building up the systems to produce agile solutions to the rapidly changing warfare environments.
As the can bus technology is proving to be more reliable, and the use of electronics is become among the autonomous vehicles growing, the global market is set to exhibit the following traits. To illustrate, W.L. Gore & Associates has GORE™ CAN bus cables used in defense land systems used in military vehicles to support modern communication. Military personnel utilize computers in tactical military vehicles to provide sophisticated sensor and algorithm information to help them decide on safe movements in ambiguous territories. With the implementation of the CAN bus, the desired goals are achieved of enabling faster, clearer, more specific communications between multifaceted systems in these vehicles. Also, because of its construction, it is suitable for use in harsh conditions such as heat and cold environments.
Comprehensive Analysis of Military Vetronics Market
The military vetronics market growth is also increasing exponentially because of the segmentation of its market. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by product type analysis, by platform analysis and by application analysis. By product type analysis incudes communication & navigation systems, display systems, power systems, C4 systems, and others. By platform analysis incudes unmanned ground vehicles, tanks & other armored vehicles, lightly protected vehicles, amphibious vehicles, special purpose vehicles, and others. By application analysis incudes original equipment manufacturers (OEMs) and aftermarket.
The North America region lead the military vetronics market share by benefitting a market size of USD 2.22 billion in 2019 due to its advanced technological developments.
Top players in the market have their responsibility of aerospace & defence industrial prospectus growth of the retailing industry and the markets. These players include, BAE Systems, General Dynamics Corporation, L3Harris Technologies, Inc., Leonardo S.p.A, Lockheed Martin Corporation, Raytheon Technologies Corporation, Rheinmetall AG, Saab AB, Thales Group, Oshkosh Corporation, and Curtiss Wright Corporation these market players provide a level-playing competitive landscape.
In July 2021, the U.S. Army signed a USD 72.5 million contract with BAE Systems to upgrade the M109A7 armored combat vehicle with digital vetronics and a modern power system.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD billion)
Segmentation By Product Type
Communication & Navigation System
Power System
Display System
C4 System
Others
By Platform
Unmanned Ground Vehicles
Main Battle Tanks and other Armored Vehicles
Light Protected Vehicles
Special Purpose Vehicles
Amphibious Vehicles
Others
By Application
OEM
Aftermarket
By Geography
North America (By Product Type, Platform, Application, and by Country)
The U.S. (By Product Type)
Canada (By Product Type)
Europe (By Product Type, Platform, Application, and by Country)
The U.K. (By Product Type)
Germany (By Product Type)
France (By Product Type)
Russia (By Product Type)
Rest of Europe (By Product Type)
Asia Pacific (By Product Type, Platform, Application, and by Country)
China (By Product Type)
India (By Product Type)
Japan (By Product Type)
Australia (By Product Type)
Rest of Asia Pacific (By Product Type)
Rest of the World (By Product Type, Platform, Application, and by Country)
The Middle East & Africa (By Product Type)
Latin America (By Product Type)
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments –Mergers, Acquisitions and Partnerships
- 4.2. Latest technological Advancements
- 4.3. Porters Five Forces Analysis
- 4.4. Supply Chain Analysis
- 5. Quantitative Insights- Impact of COVID-19 Pandemic on Military Vetronics Market
- 5.1. Impact of COVID-19 on Global Military Vetronics Market
- 5.2. Steps Taken by Industry/Companies/Governments to Overcome the Impact
- 5.3. Key Developments in The Industry in Response To COVID-19 Pandemic
- 5.4. Potential Opportunities Due to COVID-19 Outbreak
- 6. Global Military Vetronics Market Analysis, Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Product Type
- 6.2.1. Communication System and Navigation System
- 6.2.2. Power System
- 6.2.3. Display System
- 6.2.4. C4 System
- 6.2.5. Others
- 6.3. Market Analysis, Insights and Forecast – By Platform
- 6.3.1. Unmanned Ground Vehicles
- 6.3.2. Main Battle Tanks and other Armored Vehicles
- 6.3.3. Light Protected Vehicles
- 6.3.4. Special Purpose Vehicles
- 6.3.5. Amphibious Vehicles
- 6.3.6. Others
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. OEM
- 6.4.2. Aftermarket
- 6.5. Market Analysis, Insights and Forecast – By Region
- 6.5.1. North America
- 6.5.2. Europe
- 6.5.3. Asia pacific
- 6.5.4. Rest of the world
- 7. North America Military Vetronics Market Analysis, Insights and Forecast, 2016-2027
- 7.1. Market Analysis, Insights and Forecast – By Product Type
- 7.1.1. Communication System and Navigation System
- 7.1.2. Power System
- 7.1.3. Display System
- 7.1.4. C4 System
- 7.1.5. Others
- 7.2. Market Analysis, Insights and Forecast – By Platform
- 7.2.1. Unmanned Ground Vehicles
- 7.2.2. Main Battle Tanks and other Armored Vehicles
- 7.2.3. Light Protected Vehicles
- 7.2.4. Special Purpose Vehicles
- 7.2.5. Amphibious Vehicles
- 7.2.6. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. OEM
- 7.3.2. Aftermarket
- 7.4. Market Analysis – By Country
- 7.4.1. The U.S.
- 7.4.2. Canada
- 8. Europe Military Vetronics Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Market Analysis, Insights and Forecast – By Product Type
- 8.1.1. Communication System and Navigation System
- 8.1.2. Power System
- 8.1.3. Display System
- 8.1.4. C4 System
- 8.1.5. Others
- 8.2. Market Analysis, Insights and Forecast – By Platform
- 8.2.1. Unmanned Ground Vehicles
- 8.2.2. Main Battle Tanks and other Armored Vehicles
- 8.2.3. Light Protected Vehicles
- 8.2.4. Special Purpose Vehicles
- 8.2.5. Amphibious Vehicles
- 8.2.6. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. OEM
- 8.3.2. Aftermarket
- 8.4. Market Analysis – By Country
- 8.4.1. The U.K
- 8.4.2. Germany
- 8.4.3. France
- 8.4.4. Russia
- 8.4.5. Rest of Europe
- 9. Asia Pacific Military Vetronics Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Market Analysis, Insights and Forecast – By Product Type
- 9.1.1. Communication System and Navigation System
- 9.1.2. Power System
- 9.1.3. Display System
- 9.1.4. C4 System
- 9.1.5. Others
- 9.2. Market Analysis, Insights and Forecast – By Platform
- 9.2.1. Unmanned Ground Vehicles
- 9.2.2. Main Battle Tanks and other Armored Vehicles
- 9.2.3. Light Protected Vehicles
- 9.2.4. Special Purpose Vehicles
- 9.2.5. Amphibious Vehicles
- 9.2.6. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. OEM
- 9.3.2. Aftermarket
- 9.4. Market Analysis – By Country
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. Australia
- 9.4.5. Rest of Asia-Pacific
- 10. Rest of the World Military Vetronics Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Market Analysis, Insights and Forecast – By Product Type
- 10.1.1. Communication System and Navigation System
- 10.1.2. Power System
- 10.1.3. Display System
- 10.1.4. C4 System
- 10.1.5. Others
- 10.2. Market Analysis, Insights and Forecast – By Platform
- 10.2.1. Unmanned Ground Vehicles
- 10.2.2. Main Battle Tanks and other Armored Vehicles
- 10.2.3. Light Protected Vehicles
- 10.2.4. Special Purpose Vehicles
- 10.2.5. Amphibious Vehicles
- 10.2.6. Others
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. OEM
- 10.3.2. Aftermarket
- 10.4. Market Analysis – By Sub-Region
- 10.4.1. The Middle East & Africa
- 10.4.2. Latin America
- 11. Competitive Analysis
- 11.1. Global Market Share Analysis (2019)
- 11.2. Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 11.2.1. BAE Systems
- 11.2.1.1. Overview,
- 11.2.1.2. Products & services,
- 11.2.1.3. SWOT analysis
- 11.2.1.4. Recent developments,
- 11.2.1.5. strategies,
- 11.2.1.6. financials (based on availability)
- 11.2.2. Curtis Wright Corporation
- 11.2.2.1. Overview,
- 11.2.2.2. Products & services,
- 11.2.2.3. SWOT analysis
- 11.2.2.4. Recent developments,
- 11.2.2.5. strategies,
- 11.2.2.6. financials (based on availability)
- 11.2.3. General Dynamics Corporation
- 11.2.3.1. Overview,
- 11.2.3.2. Products & services,
- 11.2.3.3. SWOT analysis
- 11.2.3.4. Recent developments,
- 11.2.3.5. strategies,
- 11.2.3.6. financials (based on availability)
- 11.2.4. L3Harris Technologies, Inc.
- 11.2.4.1. Overview,
- 11.2.4.2. Products & services,
- 11.2.4.3. SWOT analysis
- 11.2.4.4. Recent developments,
- 11.2.4.5. strategies,
- 11.2.4.6. financials (based on availability)
- 11.2.5. Leonardo S.p.A
- 11.2.5.1. Overview,
- 11.2.5.2. Products & services,
- 11.2.5.3. SWOT analysis
- 11.2.5.4. Recent developments,
- 11.2.5.5. strategies,
- 11.2.5.6. financials (based on availability)
- 11.2.6. Lockheed Martin Corporation
- 11.2.6.1. Overview,
- 11.2.6.2. Products & services,
- 11.2.6.3. SWOT analysis
- 11.2.6.4. Recent developments,
- 11.2.6.5. strategies,
- 11.2.6.6. financials (based on availability)
- 11.2.7. Oshkosh Corporation
- 11.2.7.1. Overview,
- 11.2.7.2. Products & services,
- 11.2.7.3. SWOT analysis
- 11.2.7.4. Recent developments,
- 11.2.7.5. strategies,
- 11.2.7.6. financials (based on availability)
- 11.2.8. Raytheon Technologies Corporation
- 11.2.8.1. Overview,
- 11.2.8.2. Products & services,
- 11.2.8.3. SWOT analysis
- 11.2.8.4. Recent developments,
- 11.2.8.5. strategies,
- 11.2.8.6. financials (based on availability)
- 11.2.9. Rheinmetall AG
- 11.2.9.1. Overview,
- 11.2.9.2. Products & services,
- 11.2.9.3. SWOT analysis
- 11.2.9.4. Recent developments,
- 11.2.9.5. strategies,
- 11.2.9.6. financials (based on availability)
- 11.2.10. Saab AB
- 11.2.10.1. Overview,
- 11.2.10.2. Products & services,
- 11.2.10.3. SWOT analysis
- 11.2.10.4. Recent developments,
- 11.2.10.5. strategies,
- 11.2.10.6. financials (based on availability)
- 11.2.11. Thales Group
- 11.2.11.1. Overview,
- 11.2.11.2. Products & services,
- 11.2.11.3. SWOT analysis
- 11.2.11.4. Recent developments,
- 11.2.11.5. strategies,
- 11.2.11.6. financials (based on availability)
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