Global Vetronics Market 2022-2028
MARKET OUTLOOK
A report by Triton Market Research states that the global vetronics market is expected to show an uptrend at a CAGR of 5.62% during the forecast period of 2022-2028.
The market is driven by factors such as the open architecture of the vetronics systems, advancements in battlefield technology and ongoing military modernization of the land-based vehicle inventory. The defense forces are expected to be modernized, updated and ready to respond to changes concerning developing technologies. Armies worldwide prioritize and update ground vehicles and their components, particularly their electronic systems, to provide soldiers with the most modern fighting platforms available. Future armies are projected to change the battlefield of the future due to the modernization of next-generation vehicles. On the contrary, the cut-offs in the defense budget, rising cost of raw materials and usability regulations are expected to impede the growth of the studied market.
REGIONAL OUTLOOK
The global vetronics market is studied across North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
North America dominates the vetronics market globally, and it is expected to maintain its stronghold until 2028. The demand for vetronics in the region has increased significantly due to efforts made by its military and administration to modernize its army and navy. Another element boosting the growth of the North American vetronics industry is the ongoing upgradation of outdated platforms. The Department of Defense and regional market players are investing heavily in R&D to upgrade its land-based fleet. Additionally, United States leads the region’s market with a share of 96.93% in 2021. This is due to the presence of more developed venture capital market in the country.
COMPETITIVE OUTLOOK
The esteemed players in the vetronics market include BAE Systems, Leonardo S.p.A, Thales Group, Lockheed Martin Corporation, Rheinmetall AG, Raytheon Technologies, General Dynamics Corporation, Saab AB, L3Harris Technologies, and Curtiss-Wright.
Founded in 1929, Curtiss-Wright is a precision component and engineered product manufacturer and services distributor for the aerospace, defense, general industrial, and power generation sectors. It is headquartered in the United States and operates businesses and factories worldwide. Its three operating segments are Aerospace and Industrial, Defense Electronics, and Naval and Power. In addition to producing industrial vehicle items, the corporation also provides military assistance and equipment for the air, land, and marine divisions. Further, it also provides hardware, pumps, valves, fastening systems, specialist containment doors, and other items.
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