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Empowering the Military: Soldier Systems Market Report 2024
Soldier Systems Market Report
According to The Business Research Company's, The soldier systems market size has grown strongly in recent years. It will grow from $11.45 billion in 2023 to $12.13 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to military modernization, medical advancements, advancements in materials science, terrorism and asymmetric warfare, gulf wars and global conflicts.
The soldier systems market size is expected to see strong growth in the next few years. It will grow to $15.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increasing focus on urban warfare, rise in asymmetric warfare, demand for enhanced situational awareness, shift towards network-centric warfare, focus on non-lethal capabilities. Major trends in the forecast period include integration of advanced technologies, miniaturization of equipment, enhanced communication systems, focus on survivability, modular and customizable solutions.
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Market Drivers and Trends:
The increasing number of terrorist strikes is expected to propel the growth of the soldier system market in the coming future. Terrorist strikes are surprise assault that intentionally targets civilians with violence in the pursuit of political or religious objectives. Soldier systems assist crew life by integrating protective apparel, personal electronics, and survival equipment to improve aircrew lethality, mission effectiveness, and protection. The increasing number of terrorist strikes is expanding the soldier system market, thus increasing demand. For instance, in 2022, according to the Global Terrorism Index (GTI), published by The Institute for Economics and Peace (IEP), an Australia-based global think tank, terrorist attacks increased by 17% in 2021, with a total of 5,226 recorded attacks. Therefore, the increasing number of terrorist strikes is driving the soldier system market.
The use of wearable technology and augmented reality is the key trend gaining popularity in the soldier systems market. Major companies operating in the soldier systems market are focused on developing innovative wearable technology and augmented reality technology to strengthen their position in the market. For instance, in July 2022, Elbit Systems Ltd., an Israel-based electronics company that operates in the defense and military sectors, launched a revolutionary helicopter vision suite for military pilots. The new suite combines an advanced sensor array, an AI-powered mission computer X-Sight HMD system, and a one-of-a-kind Helmet Mounted Display (HMD) system. The AI-powered mission computer combines sensor data, preloaded maps, and flight and mission information. It displays a live color image with an augmented reality overlay demonstrating obstacles, threats, the flight path, and extra flight and mission details on the visor of the X-Sight HMD.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Safran SA; Leonardo S.p.A.; Rheinmetall AG; L3Harris Technologies Inc.; Lockheed Martin Corporation; Saab AB; Aselsan Elektronik Sanayi ve Ticaret A.Ş.; Elbit Systems Ltd.; General Dynamics Corporation; Thales Group; Teledyne Technologies Inc.; Inova Design Solutions LLC; The Boeing Company; Northrop Grumman Corporation; Avon Protection plc; Banc 3 Technologies, Inc.; Inmarsat Global Limited; Metravib Defense SA; Teldat Group, S.A.; Textron Systems Corporation; Raytheon Technologies Corporation; BAE Systems plc; Harris Corporation; Leidos Holdings Inc.; KBR Inc.; CACI International Inc.; QinetiQ Group plc; Cobham plc; Ultra Electronics Holdings plc; Chemring Group plc; Hanwha Corporation; Bharat Electronics Limited; Israel Weapon Industries Ltd.; ST Engineering; RUAG AG; Nexter Systems; Oshkosh Corporation; Navistar International Corporation; Kongsberg Gruppen ASA; FN Herstal S.A.
Soldier Systems Market 2024 Key Insights:
• The soldier systems market will grow to $15.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Rising Terrorism Drives Surge In Demand For Soldier Systems Market
• Innovative Wearable Technology And Augmented Reality Drive Advancements In Soldier Systems Market
• North America was the largest region in the soldier systems market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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