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Vetronics Market - The Future in Truck Technology Begins | Military Communication, Command, and Control System | Lockheed Martin Corporation, Leonardo-Finmeccanica, Saab Group, Thales S.A, Harris Corporation, BAE Systems, Rheinmetall AG

03-12-2020 05:47 PM CET | Logistics & Transport

Press release from: Allied Market Research

Vetronics Market

Vetronics Market

Vetronics Market 2020-2030: A new report by Allied Market Research, titled, "World vetronics market is expected to generate $4,362 million by 2022, registering an estimated CAGR of 5.4% from 2016 to 2022. Among system types, the military communication, command, and control segment is expected to dominate the global market throughout the analysis period.

The Objective of the "Global Vetronics Market" report is to depict the trends and upcoming for the Vetronics industry over the forecast years. Vetronics Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2014 to 2022 mulling over 2013 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

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Lack of security measures at the border areas make it immensely easy for illegal border crossers, smugglers, and terrorists to breach the border. This hampers the security of a nation, and harms its natural resources. To keep a security check at the border areas, various countries are expected to heavily invest on procuring efficient vetronics systems such as military communication systems, navigation systems, and electronic warfare systems. This is anticipated to drive the overall vetronics market during the forecast period.

Vetronics refers to vehicle electronics that enable military units to integrate various systems such as communication, command, and control, vehicle electronic warfare system, navigation system, vehicle protection systems, and surveillance system to streamline activities such as communication, navigation, surveillance, and vehicle health management.

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Military units across the globe have focused on investing in solutions and systems to ensure significant improvement in military operations, and have an edge in the battlefield. Furthermore, increasing need for efficient combat management systems in the defense sector has encouraged prominent players offering military communication, command, and control systems to develop and offer advanced battlefield management systems for military applications. In addition, advancement in wireless communication technology has opened new opportunities for the market players. These factors are expected to drive the military communication, command, and control segment, registering the fastest CAGR during the forecast period. In addition, the vehicle electronic warfare system segment is projected to grow at the second-highest CAGR during the forecast period, owing to the growing need for monitoring cross-border activities, identifying enemy's weaknesses, and facilitating enhanced connectivity between central and remote vetronics systems.

Based on geography, the vetronics market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2014, accounting for around 29% share of the overall vetronics market. The LAMEA vetronics market is projected to grow at the second-highest CAGR of 5.3% during the forecast period.

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The report features a competitive scenario of the overall vetronics market, and provides comprehensive analysis of key growth strategies adopted by major players. Prominent companies operating in the world vetronics market have adopted various strategies, such as product launch, partnership, collaboration, joint ventures, and others, to strengthen their market position and expand their market presence. Some of the key players operating in the vetronics market include Lockheed Martin Corporation, Leonardo-Finmeccanica S.p.a., Saab Group, Thales S.A., General Dynamics Corporation, Harris Corporation, Curtiss-Wright Corporation, BAE Systems PLC., Raytheon Company, and Rheinmetall AG.

Driving factors for the market

1 Easy availability of cost-effective components

2 Increased demand for enhanced vetronics

3 The emergence of wireless communication technology

.4 Border insecurity and competition

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Market Restraints and Opportunities:

o Low defense spending

o Domestic capability

o Advanced navigation technology-based vetronics

o Efficient vetronics systems for emerging countries

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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