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Military Displays Market Size, Latest Trends, Growth Rate, Key Drivers And Forecast To 2033
Military Displays Market Share
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According to The Business Research Company's, The military displays market size has grown strongly in recent years. It will grow from $1.19 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased demand for rugged displays, focus on soldier modernization, training and simulation systems, cybersecurity concerns, global defense expenditure.
The military displays market size is expected to see strong growth in the next few years. It will grow to $1.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to focus on energy-efficient displays, surge in unmanned systems, human-machine interface (hmi) developmen, urban warfare and close quarters operations, multi-function displays. Major trends in the forecast period include integration of touchscreen technology, advancements in night vision display technology, transition to oled and quantum dot displays, focus on cybersecurity in display systems, development of ruggedized and sunlight-readable displays, development of flexible and curved displays.
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Market Drivers and Trends:
The increasing growth of the military sector is expected to propel the growth military display market in the coming years. The military sector, also known as the defense sector, encompasses organizations, institutions, and activities related to the defense and security of a nation. Military displays are critical in the military sector because they provide vital visual information, improve situational awareness, and facilitate quick decision-making. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based international institute that provides information, analysis, and recommendations on armed conflict, military spending, and the arms trade, as well as disarmament and arms control, global military spending in 2022 increased by 3.7% in real terms to $2240 billion. Therefore, the increasing growth of the military sector is driving the military display market.
Technological advancement is the key trend gaining popularity in the military display market. Major companies operating in the military display market are focused on research and development for product innovations and better solutions to strengthen their position in the market. For instance, in May 2022, L3 Harris Technologies, a US-based company operating in aerospace and defense technology to deliver end-to-end solutions to meet customers' mission-critical needs such as medical displays, introduced its advanced military display with image intensification technology and thermal imagery known as the Fused Panoramic Night Vision Goggle (F-PANO). Image intensification technology is used to increase the intensity of low available light in surrounding such as a night in an optical system to enhance visual imaging for clear vision. F-PANO provides an advanced mobility system for the operator to assess and engage threats on the battlefield with greater speed and clarity and is capable of providing system communication to the end-user device to display Android Tactical Assault Kit (ATAK) information within the field-of-view of the goggle.
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Major Key Players of the Market:
BAE Systems plc, Lockheed Martin Corporation, Thales Group, L3Harris Technologies Inc., Elbit Systems Limited, General Digital Corporation, Aselsan AS, Curtiss-Wright Corporation, Advanced Embedded Solutions Limited, Crystal Group Inc., Hatteland Technology AS, Neuro Logic Systems Inc., Winmate Inc., CP Technologies LLC, Zmicro Inc., Xenarc Technologies Corporation, Leonardo SpA, Milcots LLC, Raytheon Technologies Corporation, Honeywell International Inc., Esterline Technologies Corporation, Saab AB, Barco NV, General Dynamics Corporation, Northrop Grumman Corporation, Garmin Ltd., FLIR Systems Inc., Vartech Systems Inc., Planar Systems Inc., EIZO Corporation, IEE Inc., Avidyne Corporation, AMLCD Inc.
Military Displays Market 2024 Key Insights:
• The military displays market size is expected to see strong growth in the next few years. It will grow to $1.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• The Role Of Military Displays In The Era Of Connected Devices For Armed Forces
• L3 Harris Technologies Introduces Cutting-Edge Fused Panoramic Night Vision Goggle Advancements In Military Displays Revolutionize Battlefield Visualization
• North America was the largest region in the military displays market in 2023
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