Global Military Vetronics Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the global market of military vetronics will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2021, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2021).
Vetronics (vehicle electronics) are used in military land vehicles to enable navigation, observation, and communication. They can help in the exchange of inter-vehicular or intra-vehicular information. These systems increase warfare capabilities by facilitating the military in their intelligence, surveillance, and reconnaissance missions. The market has grown significantly due to the growing demand for advanced vetronics that enhance the performance and capability of the military land vehicles. Additionally, the military land vehicle modernization program in many countries, in turn has led to the increased demand for vetronics system. Also, there is a growing need for size, weight and price (SWaP) reduction in military land vehicles to enhance performance and operability of the land vehicle fleet. However, the fall short in terms of computing capability for high-performance military system requirements acts as a barrier for the growth of global military vetronics market.
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The automotive vetronics market is completely dependent on the growth of military ground vehicles. Thus, the increasing or decreasing demand of the military ground vehicles directly has an impact on the market. Another factor responsible for the increase in vetronics market research is rising demand for “low cost per mile” military ground vehicles. This is the primary factor that drives the growth of the military vetronics market and has gained prevalence in the recent times, with modernisation of military ground vehicles and need for SWaP reduction. Thus, the growth of the military vetronics market is expected to go hand in hand with the growth of military ground vehicles.
Military land vehicle manufacturers and vetronics system integrators are moving towards the commercial Off-the-shelf (COTS) solutions for new vehicles as well as vehicle retrofits. COTS solutions help in SWaP reduction and are also more cost-efficient to utilize. The complexity and amount of on-board vetronics is expected to increase for both the current and next generation military land vehicles. Along with the increasing number of computing systems integrated into the vehicle, there comes the issue related to cooling, shock and vibration.
Curtiss-Wright Corporation, Oshkosh Corporation, Ultra Electronics Ltd., TE Connectivity, SAAB A.B., Kongsberg Gruppen ASA, General Electric Company, BAE Systems plc., Rheinmetall Defence, Moog, Inc., Lockheed Martin Corporation, Elbit Systems Ltd., Thales Group, The Raytheon Company and General Dynamics Corporation and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Military Vetronics Market.
The Global Military Vetronics Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Vehicle Type: Comprises Light Protected Vehicles, Unmanned Ground Vehicles, Armoured Amphibious Vehicles, and Special Purpose Vehicles
Segmentation by System: Comprises Communication, Navigation, C3 Systems and Power Systems
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Europe market is dominating the market of global military vetronics market due to largest military base. The market in the developing countries is largely driven by economic growth and ongoing industrialization, which helps in growth of vetronics market.
Asia-Pacific is referred to as the second-largest military vetronics market due to growing R&D expenditure in developing economies such as China and India, which are driving the market for vetronics.
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