Press release
Man-Portable Military Electronics Market is expected to grow at a CAGR of 3.8% during the forecast period from 2013 to 2019
The global man-portable military electronics market is expected to grow at a CAGR of 3.8% during the forecast period from 2013 to 2019 to reach a market size of USD 19,674.5 million by 2019. The market was valued at USD 15,100.0 million in 2012. The man-portable military electronics includes all the portable equipments which facilitates and enhances the functional capabilities of military personals in the battlefield. These electronic equipments act as a force multiplier by providing advanced situational awareness and direct link communications to dismounted soldiers. The man-portable military electronics are crucial in achieving speed, agility and responsiveness by combat soldiers in battlefield.Man-Portable Military electronics are classified on the basis of its products types into communications, imaging, force Protection, command and control, ISTAR (Intelligence, Surveillance, Target Acquisition, Reconnaissance), and ancillary electronics. In 2012, Communication segment was holding the largest share in the global market. Asia Pacific regions such as India and South Korea have planned to get digitalized and are looking to replace their legacy systems with modern communication systems, thus fueling the market growth.
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The major factor driving the growth of this market is the soldier modernization programs undertaken by military forces worldwide. Countries such as the U.S., France, India, and Australia have taken military modernization initiatives on a massive scale. These long term programs will ensure the continued demand for man-portable military electronics during the forecast period. Growing demand for miniature unmanned aerial vehicles (M-UAVs) is expected to stimulate the category growth and as well as the growth of the overall market. The growth of this market is further fuelled by the increasing need for advanced man-portable equipments with reduced size, weight, and power consumption (SWAP).
North America is dominating the market due to technological advancement and huge expenditure in defense segment. North America is followed closely by the Europe, owing to its substantial investments in military technologies and increased number of global counter-terrorism operations. Asia Pacific region is also a promising market and has shown a rapid growth, owing to the number of military modernization programs taken by various governments in the region. In rest of the world, the growth of man-portable military electronics market is largely driven by countries such as Brazil, UAE and Turkey.
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