The Global Military Vetronics Market Is Driven by Increasing Need for Military Modernization

Global Military Vetronics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9 billion by 2024 from $5 billion in 2016, growing at a CAGR of 6.5% from 2016 to 2024.
"Military Vetronics Market (By System: Power Systems, Displays Systems, Vehicle Management Systems, Control & Data Distribution Systems, and Others; By Type: Armored Personal Carriers, Infantry Fighting Vehicles, Light Protected Vehicles, Armored Amphibious Vehicles, and Unmanned Ground Vehicles; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"

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Vetronics is a fusion of electronics & vehicle technology, designed typically for the military field. Vetronics have become an important module of the fighting vehicles for its efficiency on the battlefield. The changing battlefield fights necessitates voice communication, real-time information, video and data, anywhere in the biosphere faster than before. It enables inter-vehicular and intra-vehicular information exchange which augments the overall effectiveness during the time of emergency. Vetronics technology has emerged over the years and enables various abilities such as radars, mission recorder, network sensor suites, advanced communication devices, satellite communications and others.

Rising Need for Drones and Unmanned Aerial Vehicles Drives the Military Vetronics Market

Increasing need for military modernization, rising need for drones, and high adoption of IoT & big data, are the primary aspects to drive the global military vetronics market. However, unmanned aerial vehicles, rising trading opportunities across globe, and armored vehicles & counter IED have also supported the market growth. Though, defense budget issues and demilitarization initiatives by developed countries are the major hindrance for the market. Moreover, rising defense expenditure by emerging economies, and increase spending on military information technology is expected to offer beneficial market opportunities during the forecast timeframe.
Market Segmentation

The global military vetronics market is majorly classified on the basis of system, type, and geography. By system, the segment comprises of power systems, display systems (navigation, observation, and others), vehicle management systems (surveillance, smoke & fire protection, vehicle health management, and others), and control & data distribution systems (communications, data storage, data recorder, turret control, and others) and other systems. On the basis of type, the segment is further divided into armored personal carriers, infantry fighting vehicles, light protected vehicles, armored amphibious vehicles, and unmanned ground vehicles. By geography, the global market is segmented into North America, Europe, Asia-Pacific and Rest of the world (RoW).

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Power Systems Dominated the Systems Segment

Power systems accounted for the largest market share in the year 2016, due to their qualities such as high-power & performance, and rugged construction used in military vetronics.
Armored Personal Carriers Accounted for The Largest Type Segment
Armored personnel carriers are likely to achieve at fastest CAGR throughout the forecast period 2015 – 2024, driven by its high speed and protection level.
North America Dominated the Global Military Vetronics Market with Leading Share
North America is the largest revenue generating region in the global market, driven by transformation of military information technology, and high adoption of advanced technologies. In terms of growth, Asia Pacific is expected to attain fastest CAGR throughout the forecast period, owing to increasing border conflicts, and high investment on modernization of military.

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Competitive Landscape

BAE Systems to upgrade combat Armored Multi-Purpose Vehicle (AMPV) vetronics for enhanced battlefield networking. The key players profiled in the market include BAE Systems, General Dynamics, Harris Corporation, GE Intelligent Platforms, Rheinmetall Defense, Lockheed Martin Corporation, Kongsberg Gruppen, Thales Group, SAAB A.B., and Bharat Electronics, among others.

Scope of Military Vetronics Market

Systems Segments
• Control & Data Distribution Systems
o Communications
o Data Recorder
o Data Storage
o Turret Control
o Others

• Displays Systems
o Navigation
o Observation
o Others

• Power Systems
• Vehicle Management Systems
o Smoke & Fire Protection
o Surveillance
o Vehicle Health Management
o Others
• Other Systems

Types Segments
• Light Protected Vehicles
• Infantry Fighting Vehicles
• Armored Personal Carriers
• Unmanned Ground Vehicles
• Armored Amphibious Vehicles

Geography Segments
• North America
o US
o Canada
o Mexico

• Europe
o Russia
o U.K.
o Germany
o France
o Others

• Asia-Pacific
o China
o India
o Japan
o Others

• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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