Rugged Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2024
Albany, NY -- (SBWIRE) -- 11/14/2016 -- The global rugged electronics market is expected to grow at a healthy pace owing to the high demand from defense sector and war fighters in network-centric battlefields. Rugged electronics also find use in unmanned vehicles and ground vehicles. As a result of these and other drivers, the global rugged electronics market is expected to expand at a CAGR of 9.6% between 2015 and 2024, states a latest report that is now available on Market Research Reports Search Engine (MRRSE). The market is expected to rise from US$11.4 bn in 2015 to US$26 bn by 2024.
The report is titled, 'Rugged Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2024,' and has been published by Transparency Market Research (TMR). The market is highly consolidated with the top four players –Xplore Technology Corp., Panasonic Corporation, DRS Technologies Inc., and Mountain Secure Systems, accounting for 80% of the market. Key players in the industry are focusing on product innovation as their main strategy to expand their business and this is furthering the competition in the market. Players are also partnering with other companies and distributors so as to expand their geographical reach and gain a better position in the market.
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Rugged electronics have become essential as fighters need to be in touch constantly, in order to exchange critical and real time information. Moreover, communication is also required so as to command, control, inspect, and gather information in a battle field. This makes portable rugged electronics invaluable for the defense sector. The demand for rugged electronics such as computing devices, cameras, and rugged drones has grown extensively in the recent past. On the other hand, the high cost of these equipment is expected to be a major drawback for the global rugged electronics industry. Another problem with rugged electronic devices is that they cannot be generalized and used under all or any circumstances. Each device is designed to serve a particular task and can be used under a specific condition.
The global rugged electronics market is segmented on the basis of product, end user, and geography. On the basis of end user, the market is segmented into power, mining and metal, chemicals, healthcare, transportation, aerospace, defense, and adventure sports. Of these, the defense segment is expected to expand at the fastest CAGR between 2015 and 2024. The defense segment led in the past and is expected to continue to do so over the coming years. By product, the market is segmented into tracking devices, industrial computing and hand held devices, and rugged hard ware devices. Of these, the industrial computing and hand held devices segment will be worth US$12 bn by 2024. The segment accounted for 44% of the market in 2015.
On the basis of geography, North America is leading as of now in the rugged electronics market. Asia Pacific is anticipated to emerge as the most promising regional segment over the coming years. The RoW segment is also expected to experience remarkable growth in the rugged electronics market owing to a high demand from the power and oil and gas industries.
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