Global military vetronics market report published by Accurize Market Research forecast that the global market is expected to reach $9 billion by 2024; growing at a CAGR of 6.4% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Increasing transformation of military along with expanding trade opportunities across the globe to drive the growth of the market
Increasing transformation of military along with expanding trade opportunities fuels the demand for the global military vetronics market. Moreover, implementation of IoT& big data, need for drones & unmanned aerial vehicles for surveillance coupled with increasing demand for counter IED and armored vehicles also boosts the growth of the market.
The global military vetronics market has been bifurcated on the basis of system, type and geography. By system, the market is segmented into control & data distribution systems (communications, data recorder, data storage, turret control and others), displays systems (navigation, observation and others), power systems, vehicle management systems (smoke & fire protection, surveillance, vehicle health management and others) and others. Furthermore, by type, it can be segmented into light protected vehicles, infantry fighting vehicles, armored personal carriers, unmanned ground vehicles and armored amphibious vehicles.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France and Rest of Europe. Asia-Pacific covers China, India, Japan and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
“Power systems and control & data distribution systems accounted for majority of the market share in the system segment”, says Accurize
By system segment, power systems and control & data distribution systems accounted for majority of the market share in 2017.
By type segment, armored personnel carriers are expected to grow at a fastest CAGR during the forecast period 2017-2025, owing to its high speed and defense level.
“North America dominated the global market with the highest market share over the forecast period”, says Accurize
In 2017, North America accounted for the major market share, owing to high assumption of latest technologies and innovation of military information technology. However, Asia Pacific is estimated to dominate the market with fastest CAGR during the forecast period, owing to the high investment on modernization of military and rising border conflicts.
Top players in the market
The key market players include GE Intelligent Platforms, Lockheed Martin Corporation, General Dynamics, Kongsberg Gruppen, Bharat Electronics, Rheinmetall Defense, BAE Systems, Harris Corporation, Thales Group and SAAB A.B., among others.