According to a new report published by Fortune Business Insights™, titled “Military Vetronics Market Size, Share & COVID-19 Impact Analysis, By Product Type (Communication & Navigation Systems, Power System, Display System, C4 Systems, and Others), By Platform (Unmanned Ground Vehicles, Armored Amphibious Vehicles, Light Protected Vehicles, Special Purpose Vehicles, and Others), By Application (OEM and Aftermarket), and Regional Forecast, 2020-2027”.The global military vetronics market size is projected to reach USD 8.22 billion by 2027, exhibiting a CAGR of 3.68% during the forecast period. Development of autonomous combat systems for military vehicles will ensure multi-dimensional growth of this market.Battlefield environments are rapidly changing and modern warfare strategies require a heavy infusion of smart technologies to enhance alertness and augment the capabilities of the armed forces. In view of these evolving dynamics, defense agencies are conducting intense research to develop new technologies and equip combat vehicles with smart tools.
For example, the Army Research Laboratory Artificial Intelligence for Maneuver and Mobility (AIMM) program under the U.S. Army Combat Capabilities Development Command aims to create AI-enabled vehicles that can serve robotic partners to ground troops, boosting their strength and combat capacities. The incorporation of next-generation technologies such as AI in defense systems will open new doors of innovation in the military vetronics domain.
Since the pandemic has adversely affected almost every market in the world, it has become even more important to analyze the market situation before investing. Thus, the report comprises a separate section of all the data influencing the market growth. The analysts also suggest the measures that are likely to uplift the market after the downfall, bettering the current situation.
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Fortune Business Insights profiles some of the prominent companies operating in the military vetronics market. They are as follows:
- Curtis Wright Corporation (The U.S.)
- Thales Group (France)
- Rheinmetall AG (Germany)
- Lockheed Martin Corporation (The U.S.)
- L3Harris Technologies, Inc. (The U.S.)
- BAE Systems (The U.K)
- Oshkosh Corporation (The U.S.)
- Saab AB (Sweden)
- Raytheon Technologies Corporation (The U.S.)
- Leonardo S.p.A (Italy)
- General Dynamics Corporation (The U.S.)
The report states that the market value stood at USD 6.48 billion in 2019 and offers the following:
- Careful segmentation of the market and detailed analysis of each segment;
- Unparalleled insights into market drivers, trends, and challenges;
- A comprehensive evaluation of the regional dynamics of the market; and
- In-depth research into the key players’ profiles and their preferred strategies.
Economic Fallout of COVID-19 to Lead to Defense Cuts in Several Countries
The global economic crisis precipitated by the COVID-19 pandemic has forced countries to reprioritize their spending. According to the World Bank, the world economy could shrink by 8% in 2020, if financial crises in major economies continue to intensify. The International Monetary Fund (IMF) projects that output from the Eurozone could decline by 10.2% in 2020, with recovery expected to begin towards the end of 2022. These projections have spelled serious for defense sectors in most of the major economies. In India, for example, the Indian Finance Ministry instructed ministries to cut their expenditures and experts believe that defense cuts could go as low as 40% in 2020. Moreover, the nationwide lockdown between March and May 2020 led to an estimated loss of USD 3 billion for Indian defense companies. In the UK, the government has suspended budget announcement for 2021 and has undertaken an Integrated Security and Defense Review to rethink spending priorities, which are likely to lead to defense budget cuts. The military vetronics market growth is likely to suffer in this scenario.
Geographically, this report is segmented into several key regions, with sales, revenue, market share, and growth rate of Vetronics in these regions, covering:
- North America (United States, Canada, Mexico)
- Asia-Pacific (China, India, Japan, Taiwan, South Korea, Australia, Indonesia, Singapore, Malaysia, Rest of Asia-Pacific)
- Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
- Central & South America (Brazil, Argentina, Rest of South America)
- Middle East & Africa (Saudi Arabia, UAE, Turkey, Rest of Middle East & Africa)
Further, this report uses secondary sources to determine all breakdowns, splits, and percentage shares and completed their verification through primary sources. The report analyst has used both primary and secondary research processes to estimate the global Vetronics market size. In addition, extensive secondary research was conducted to identify key players in the market.
North America Market to Gain Momentum Powered by High Defense Spending by the US
In 2019, North America led the military vetronics market share with a market size of USD 2.22 billion and is expected to continue its impressive performance during the forecast period. This is primarily attributable to the massive military expenditure of the US. The country is also making heavy investments in developing and procuring advanced military technologies, which will further drive the regional market.
In Asia Pacific, China and India are shaping the market dynamics as both countries have steadily expanded their military budgets over the past few decades. Furthermore, the constant threat of terrorist activities and increasing cross-border animosity among countries is also supporting the adoption of advanced defense technologies in the region.
The report on the global Military Vetronics market utilizes diverse methods to examine the market data and present it in an organized manner to the readers. It provides the market research on the various segmentation based on the aspects like region, end-user, application, types, and other important categories. It further gives a detailed report on the leading sub-segment among each of them.
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Competitive Landscape And Market Share Analysis:
Key Players to Focus on Engaging with Government Defense Agencies
Competition in this market is characterized by the deepening engagement between government defense agencies and private defense companies. The main reason behind these public-private collaborations is that private companies provide the necessary technologies, while government agencies provide the required financial support, creating an exciting dynamic in the defense sector.
Scope of the Global Military Vetronics Market Report:
• The report forecasts the manufacture capacity, detail analysis, properties of demand and supply, and the systematic representation of the global Military Vetronics market.
• The Military Vetronics Market report conducts a deep analysis of existing policies, regulations, rules, and international industrial chain.
• Apart from this, other factors such as primary producers, their chain of goods, production, price structures for global market, supply & demand for goods, and the income are also mentioned in this report.
• This report studies every angel of the global Military Vetronics market, starting from the fundamental market data and moving further to different significant points, based on which the Military Vetronics market is categorized Control and Data Distribution System, Display Systems, Power Systems, Market Trend by Application Military, Commercial.
• Major applications of Military Vetronics market are also evaluated based on their performance.
• Different Military Vetronics market properties such as limitations, future aspects, and growth drivers of every segment have been studied.
Key Industry Developments:
- August 2020: Melbourne-based defense integrator, Tectonica, bagged a USD 25 million contract from the Australian Defense Ministry to build situational awareness systems for the country’s new fleet of Boxer Combat Reconnaissance Vehicles. The vehicles are being built by Rheinmetall Defence in Queensland.
- June 2020: India’s Ministry of Defence cleared the procurement of 156 BMP 2 Infantry Vehicles for the Indian Army to modernize the existing infantry combat vehicle fleet of the Army. The total cost of the project is estimated to be INR 1,100crore.
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