Press release
Military Vetronics Market to Remain Lucrative During 2023
In terms of the geography, North America have emerged as the most profitable regional market for military vetronics. However, this regional market is soon to reach its maturity level, which may slow down its growth in the years to come. The market in Asia Pacific, on the other hand, is anticipated to experience a significantly high progress rate over the next few years on the grounds of the rising terrorist activities, notes the research study.
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The global market for military vetronics is highly dynamic. “Various factors, such as commonality of embedded systems, network centric warfare, increasing preference for COTS-enabled SWaP specifications, and situational awareness, are driving this market substantially,” says a TMR analyst. Over the coming years, the advent of power systems are expected to propel this market, as a number of modern warfare strategies and military vehicular utilities are primarily depended on autonomous and remote controlled military operations.
With power systems increasingly being incorporated in communication systems, the need for the deployment of high-end military vetronics is escalating, which will reflect greatly on this market in the years to come, states the research report.
In spite of the high demand for military vetronics across the world, the global market may face significant challenges in the near future from the decreasing defense budget in developed countries. The speeding demilitarization in various economies in North America and Europe is dissuading many vendors of conventional vetronics from continuing to expand in these regions, which is expected to impact the overall market negatively over the next few years. However, players are projected to shift their focus towards the scope of deploying vetronics systems in unmanned vehicles, which will normalize the effects of the limitations in the years to come, reports the study.
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With only a few established players, namely, Curtiss-Wright Corp., General Electric Co., TE Connectivity Ltd., Rheinmetall A.G., and BAE Systems Plc, in attendance, the global market for military vetronics is displaying a consolidated structure, finds a new research report by Transparency Market Research (TMR). For market penetration, these players have been concentrating especially on the technological advancements of their current offerings, such as power systems and armored personnel carriers, since long. However, they are expected to shift their focus towards mergers, acquisitions, and strategic partnerships in the near future for further expansion of their businesses, states the market report.
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