Vetronics Market Trends and Developments 2024

"The Business Research Company recently released a comprehensive report on the Global Vetronics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The vetronics market size has grown strongly in recent years. It will grow from $3.72 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to modernization of military vehicles, increasing threats and security challenges, demand for enhanced situational awareness, shift towards network-centric warfare, demand for lightweight and compact electronics, upgradation programs for legacy vehicles.

The vetronics market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to multifunctional displays and hmi, unification of communication protocols, focus on soldier safety and survivability, development of autonomous vehicles, operational efficiency and effectiveness, rising defense budgets. Major trends in the forecast period include integration of advanced electronics, network-centric warfare, digitalization and sensor fusion, artificial intelligence (ai) and machine learning (ml), enhanced vehicle communication, modularity and scalability.

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Market Drivers and Trends:

The increasing defense budget is expected to propel the growth of vetronics market going forward. Larger defense budgets provide the financial resources needed for modernizing military vehicles and equipment with advanced vetronics systems. These systems enhance communication, situational awareness, and coordination among military units, contributing to improved defense capabilities and responsiveness. Additionally, higher budgets support research and development, fostering innovation in vetronics technology and solutions. For instance, in April 2023, according to The Peter G. Peterson Foundation, a US-based non-profit organization, U.S. defense expenditure rose by $71 billion between 2021 and 2022. Therefore, the increasing defense budget is driving the growth of vetronics market.

Technological advancement is a key trend gaining popularity in vetronics market. Major industry players are focusing their efforts on developing novel technologies like the emergence of wireless communications technology and the increasing modernization of military vehicles, which are boosting the industry. For instance, drones and unmanned vehicles are employed for surveillance and a variety of commercial uses, including taking photos and videos of sporting events and cityscapes. It is also used in improvements in traffic flow analysis methodologies, risk assessment, aid in accident investigation, and damage assessments for bridges and pavements, as well as advances in computer vision algorithms to extract critical elements. Therefore, technological advancement is boosting the growth of vetronics market.

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Major Key Players of the Market:

Rheinmetall AG, Raytheon Technologies Corporation, L3Harris Technologies Inc., Lockheed Martin Corporation, Thales Group, Curtiss-Wright Corporation, General Dynamics Corporation, Leonardo SpA, Elbit Systems Ltd., Collins Aerospace, Harris Corporation, Northrop Grumman Corporation, Honeywell International Inc., Rockwell Collins Inc., Moog Inc., Ultra Electronics Holdings plc, Kongsberg Gruppen ASA, ASELSAN AS, Cobham plc, QinetiQ Group plc, Meggitt plc, Esterline Technologies Corporation, Safran Electronics & Defense, Rafael Advanced Defense Systems Ltd., Israel Aerospace Industries Ltd., Aselsan Elektronik Sanayi ve Ticaret AS, BAE Systems plc, Collins Aerospace Systems, General Electric Company, Hitachi Zosen Corporation, ITT Inc.

Vetronics Market 2024 Key Insights:

• The vetronics market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Growing Military And Defense Focus Boosting Vetronics Market Growth
• Technological Advancements Driving Innovation In Vetronics Market
• North America was the largest region in the vetronics market in 2023

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