Northrook, IL -- (SBWIRE) -- 03/27/2020 -- The soldier system market was valued at USD 9.78 billion in 2018 and is projected to reach USD 14.14 billion by 2023, at a CAGR of 7.65% during the forecast period from 2018 to 2023.

This report forecasts the market and provides information on its dynamics for the next 5 years. It also recognizes the application gaps for soldier systems, recent developments in the market, and high potential markets for soldier systems. Rising incidences of asymmetric warfare, increasing number of soldier modernization programs being carried out by different countries across the globe are the key factor driving the demand for soldier system market

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Modernization of the armed forces to adapt to the digital battlefield is expected to drive the demand for military segment

Soldier System Market based on end user, the two segments considered for this analysis are military, which includes infantry and special forces; and homeland security, which includes police and paramilitary forces. growth can be attributed to the increasing military expenditures by major economies as well as military modernization programs. This high growth can be attributed to the increasing military expenditures by major economies of the region, along with the rising number of conflicts, wars, and cross-border disputes in the Asia Pacific region.

Effective situational awareness through sophisticated communication headset is expected to drive the demand for Communication segment

Soldier System Market on the basis of type, the soldier system market has been segmented into personal protection, Respiratory Protective Equipment (RPE), communication, power and transmission, surveillance and target acquisition, navigation and health monitoring, vision, exoskeleton, and training & simulation. Communication has been further segmented into tactical multiband radio, tactical headset, and dismounted IFF. Companies have been undertaking extensive research to develop an integrated soldier systems with 5 enhanced capabilities provided to soldiers, which are, survivability, sustainability, lethality, mobility, and command, control, communication, computer, and intelligence.

Rising investments in soldier modernization programs in Asia Pacific region

The Asia Pacific soldier system market is projected to grow at the highest CAGR of 8.21% during the forecast period. The growth of the Asia Pacific market can be attributed to the increasing deployment of the military for law enforcement and rising investments in soldier modernization programs such as Land Warrior, F-INSAS, RATNIK, Future Soldier, FIST 3/DCC Inc 3. The growth of the Europe and Asia Pacific market is driven by the rising incidences of terror attacks and cross-border disputes. The growth of the Middle East and Asia Pacific market is driven by the increasing defense expenditure of the countries of these regions and rising investments for the modernization of various law enforcement agencies.

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Rheinmetall AG (Germany), General Dynamics (US), Elbit Systems (Israel), Leonardo (Italy), Saab AB (Sweden), Rockwell Collins (US), FLIR Systems (US), Harris Corporation (US), and Thales Group (France) expected to lead the soldier systems market during the forecast period.

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