Military Vetronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 02/18/2016 -- According to a new market report published by Transparency Market Research "Military Vetronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," global military vetronics market was valued at US$6.82 bn in 2014, and at a CAGR of 5.3% from 2015 to 2023, to account for US$10.71 bn by 2023.
The growing inclination of various defense forces towards the integration of technologically advanced electronic systems in the military vehicles in order to increase the vehicle's operational efficiency is driving the market for military vetronics globally. Moreover, network centric military operations for superior communication, navigation, surveillance, turret control and others is influencing the growth of the military vetronics market. In addition, escalating demand for real time data in the modern combat scenarios is driving the sales of military vetronics globally. The shift of the defense industry towards the embedded technology and development of reduced size, weight, and power consumption (SWaP) rugged systems for extreme military applications is expected to further drive the growth of military vetronics market over the forecast period.
In terms of segmentation by systems, the power systems segment held the highest revenue share accounting for more than thirty percent of the overall market in 2014. Following the power system segment, the control and distribution systems segment is analyzed to be growing at a substantial pace throughout the forecast period. In terms of vehicle type, the armored personnel carriers, armored amphibious vehicles and infantry fighting vehicles segments are estimated to be growing at significant rates worldwide. The light protected vehicles segment is forecasted to grow steadily over the forecast period from 2015 to 2023. The unmanned ground vehicles segment is currently growing at a slower pace; however, the segment is estimated to gain some pace over the forecast period.
Geographically, North America is estimated to continue dominating the global military vetronics market throughout the forecast period and accounted for a market share of more than forty percent in 2014. Increasing investments in modernizing military vehicles and growing adoption of technologically enhanced systems in ageing vehicles are the major factors driving the growth of the military vetronics market in North America.
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The U.S. is estimated to be dominating the market for global military vetronics throughout the forecast period. Europe military vetronics market is currently growing at a stable pace owing to the various initiatives undertaken to upgrade military vehicles in countries such as Russia, Germany, the U.K. and France among others. Asia Pacific is estimated to be the fastest growing market for military vetronics with a CAGR of 6.0% from 2015 to 2023. Countries such as China, India and Japan are the leading markets for military vetronics in the Asia Pacific region. Countries in Middle East and Africa are investing in the upgradation and procurement of improved electronic systems in military vehicles to sustain domestic security and fight anti-national organizations in the region. Brazil is estimated to be the largest market for military vetronics in the South America. The report includes the market revenues of 15 major countries in the global military vetronics market.
The report on the global military vetronics market provides company market share analysis of the leading vetronics suppliers. The company profile segment includes the company overview, financial overview, business strategies, historical roadmap and recent developments in the field of military vetronics. Major vetronics manufacturers profiled in this report include Curtiss-Wright Corporation, Oshkosh Corporation, Ultra Electronics Ltd., TE Connectivity, SAAB A.B., Kongsberg Gruppen ASA, General Electric Company, BAE Systems plc, Rheinmetall Defence, Moog, Inc., Lockheed Martin Corporation, Elbit Systems Ltd., Thales Group, The Raytheon Company and General Dynamics Corporation among others.
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