Military Vetronics Market: Increased Defense Budget of Emerging Economies Driving Demand

A recent study by Transparency Market Research (TMR) has detected that the global military vetronics market is consolidated among a few players, including General Electric Company, Rheinmetall A.G., TE Connectivity Ltd., Curtiss-Wright Corporation, and BAE Systems PLC. Since long, these companies have been focusing on some of the key segments of the market, such as armored personnel carriers and power systems, and hold major shares of the market with their specialized products and services.

As per the estimations of the TMR report, the demand in the global military vetronics market will increment at a CAGR of 5.3% during the forecast period of 2015 to 2023, reaching a valuation of US$10.71 by the end of 2023. In the near future, the leading companies are expected to depend on innovation to gain ground over their competitors, as well as expand their geographical reach, primarily in emerging economies in Asia Pacific who have extended their defense budget in the recent years. Increased emphasis is also given on retrofitting older vehicles with modern vetronics.

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North America Defense Industry Pulling Large Number of Vetronics Players

The average pace of the revenue generation for vetronics players is expected to ramp up rapidly in the immediate future and eventually slow down to maturity later on. The military expenditure in Asia Pacific, Africa and the Middle East have recently witnessed significant growth rates, while Europe has shown a very low growth. North America on the other hand had shown a decline in military expenditure between 2013 and 2014, with the trend remaining consistent till 2016. Despite the fall in expenditure, North America, particularly due to the U.S., holds the top share of expenditure in the world.

North America held the leading revenue share in military vetronics in 2015 and is expected to retain its leadership till 2023. The growth of vetronics revenue in this region is primarily dependent on the increasing investments in research and development efforts for advanced vetronics systems. This applies especially to the fields of navigation systems, communication systems, and real time data transmission systems in modern combat vehicles.

High Demand for Autonomous Operations Propels Demand for Power Systems Vetronics

The revenue share of power systems in vetronics is expected to reach 32.2% by the end of 2023. Control and data distribution systems, the second-largest systems segment, is also expected to show a decent growth in market share. Meanwhile, display systems and vehicle management systems will show a very slow increase in market share between 2015 and 2023.

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Most of the modern warfare tactics and military vehicular utilities are largely dependent on remote controlled operations and even fully autonomous military operations. These systems are increasingly being integrated with communication systems, creating a greater need for the implementation of high-end military vetronics. The development of power systems is mainly based on these factors on a global level.

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This release was published on openPR.