Military Vetronics Market 2024 Share, Trends, Segmentation And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Military Vetronics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $6.49 billion In 2028 At A CAGR Of 4.4%.

The military vetronics market size has grown strongly in recent years. It will grow from $5.21 billion in 2023 to $5.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to modernization of military vehicles, focus on c4isr systems, increasing threats and security challenges, network-centric warfare strategies, demand for enhanced communication systems.

The military vetronics market size is expected to see steady growth in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to integration of ai and autonomous technologies, emphasis on cybersecurity measures, rise in urban warfare and hybrid threats, enhanced electronic warfare capabilities, global geopolitical developments. Major trends in the forecast period include modularity and scalability, unmanned ground vehicle (ugv) integration, energy-efficient power management, data fusion and analytics, cross-domain integration.

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Military Vetronics Market Major Segments
The military vetronics market covered in this report is segmented -
1) By Type: Navigation System, Communication System, Power System, Control And Data Distribution System, C4 System, Display System, Other Types
2) By Fit: Line-Fit, Retrofit
3) By Application: Unmanned Ground Vehicles, Light Protected Vehicles, Special Purpose Vehicles, Armored Amphibious Vehicles, Other Applications
4) By End-User: Defense, Homeland Security

Key Driver - Rising Defense Expenditure Fuels Military Vetronics Market Growth

An increase in defense expenditure is expected to propel the growth of the military vetronics market going forward. Defense expenditure encompasses all current and capital spending on the armed forces, including peacekeeping troops of defense ministries and other government organizations involved in defense initiatives and paramilitary forces. With higher defense budgets, military organizations can allocate more resources to research, develop, and acquire state-of-the-art vetronic systems. This increased investment enables the military to adopt cutting-edge technologies such as advanced sensors, communication systems, unmanned systems, and integrated command and control systems. For instance, in December 2022, according to a report published by the US Ministry Of Defense, a UK-based agency responsible for implementing the defense policy, the total increase in military expenditures in the fiscal year 2021-2022 totalled £45.9 billion ($58.35 billion), a £3.6 billion ($4,57 billion) increase over the previous year. Further, total equipment spending in 2021-2022 is £20.9 billion ($26.57 billion), a nominal increase of £2.1 billion ($2.66 billion) over the previous year. Therefore, an increase in defense expenditure will drive the military vetronics market.

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Prominent Trend - Advanced Mission Computer System For Demanding Military Applications

Product innovations are a key trend gaining popularity in the military vetronics market. Major companies operating in the military vetronics market are developing new products to sustain their position in the market. For instance, in May 2022, Kontron AG, a German-based company that designs and produces embedded computer modules and systems for defense and homeland security, introduced the DARC VX208, a high-performance, ruggedized, and secure SWaP-constrained mission computer system. It is well-suited for use in various demanding military and aerospace situations, including mission computing, command and control, electronic warfare, and vetronics. The DARC VX208 combines two Optical 10 GbE ports with server-class computing and MIL-DTL38999 I/O capabilities. It is perfect for radars and other high-definition video processing applications needing high bandwidth to send massive data volumes.

Military Vetronics Market Players
Major companies operating in the military vetronics market report are General Electric Co, Raytheon Company, The Boeing Company, Lockheed Martin Corporation, Rheinmetall AG, Elbit Systems Ltd., Saab AB, General Dynamics Corporation, Northrop Grumman, Kongsberg Gruppen ASA, Cummins Inc., BAE Systems Inc., Collins Aerospace, Curtiss-Wright Corp, Cobham Limited, Safran SA, Thales SA, L3Harris Technologies Inc., TE Connectivity Ltd., Assabloy AB, Leonardo-Finmeccanica SPA, Oshkosh Defense LLC, Point Blank Enterprises Inc., KVH Industries Inc., C4 Advanced Tactical Systems LLC.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the military vetronics market in 2023. The regions covered in the military vetronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Military Vetronics Market Report Structure
3. Military Vetronics Market Trends And Strategies
4. Military Vetronics Market - Macro Economic Scenario
5. Military Vetronics Market Size And Growth
…..
27. Military Vetronics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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