Military Vetronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2023
Albany, NY -- (SBWIRE) -- 07/11/2017 -- The two ways players in military vetronics can approach business is through integrating their systems into new vehicles and retrofitting them to older ones. Most of the defense agencies across the world possess a large number of older vehicles that hold major opportunities for use of modern and more rugged vetronics systems. Additionally, key players are also focusing on the high demand for embedded technology through the implementation of advanced SWaP specs on modern vehicles. Another driver that vetronics players can look out for is the rapidly growing demand for real time data tools in the defense industry.
However, the growing rate of demilitarization in Europe and North America is discouraging several players in the region from continuing to expand in conventional vetronics. Players will soon need to look for opportunities in implementing vetronics systems in unmanned vehicles.
As a result of the above factors, the revenue earned in the global military vetronics market is expected to progress at a CAGR of 5.3% between 2015 and 2023. This market is expected to reach US$10.71 bn by the end of 2023.
North America Defense Industry Pulling Large Number of Vetronics Players
The average pace of the revenue generation for vetronics players is expected to ramp up rapidly in the immediate future and eventually slow down to maturity later on. The military expenditure in Asia Pacific, Africa and the Middle East have recently witnessed significant growth rates, while Europe has shown a very low growth. North America on the other hand had shown a decline in military expenditure between 2013 and 2014, with the trend remaining consistent till 2016. Despite the fall in expenditure, North America, particularly due to the U.S., holds the top share of expenditure in the world.
North America held the leading revenue share in military vetronics in 2015 and is expected to retain its leadership till 2023. The growth of vetronics revenue in this region is primarily dependent on the increasing investments in research and development efforts for advanced vetronics systems. This applies especially to the fields of navigation systems, communication systems, and real time data transmission systems in modern combat vehicles.
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High Demand for Autonomous Operations Propels Demand for Power Systems Vetronics
The revenue share of power systems in vetronics is expected to reach 32.2% by the end of 2023. Control and data distribution systems, the second-largest systems segment, is also expected to show a decent growth in market share. Meanwhile, display systems and vehicle management systems will show a very slow increase in market share between 2015 and 2023.
Most of the modern warfare tactics and military vehicular utilities are largely dependent on remote controlled operations and even fully autonomous military operations. These systems are increasingly being integrated with communication systems, creating a greater need for the implementation of high-end military vetronics. The development of power systems is mainly based on these factors on a global level.