Military Vetronics Market Future Scope, Analysis, Size, Share, Trends, Growth Rate, Report 2024-2033

The new report published by The Business Research Company, titled Military Vetronics Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

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.

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

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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.

Contents of the report:
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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