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, observes Fortune Business Insights™ in its report, titled “Military Vetronics Market Size, Share and Global Trend 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”.
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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 the 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.
List of Key Companies Profiled in the Military Vetronics Market Report:
- 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.)
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Regional Insights
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 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.
Competitive Landscape
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.
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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