Military Vetronics Market - Segment and Forecast upto 2023
Albany, NY -- (SBWIRE) -- 06/17/2016 -- The global military vetronics market is principally driven by the changing military operational techniques and advancing asymmetric warfare. Following the mounting demand for real time data in military combat in order to improve operational efficiency of the vehicles, the market for vetronics is expected to grow significantly over the forecast period globally. In addition, the initiatives undertaken for reduction of size, weight and power consumption (SWaP) of electronics within the military vehicles in order to increase internal space for solider accommodation and ammunition reserves is also driving the growth of the market for vetronics. The military vehicle modernization initiatives adopted by governments across the world are also estimated to currently boost the demand for both forward-fit and retrofit vetronics market. Moreover, the increasing investment in the defense sector, especially by the countries in Asia Pacific region is currently fuelling the growth of the military vetronics market. This trend in Asia Pacific market also offers future opportunities for vetronics manufacturers over the forecast period.
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Coupled with the adoption of advancing technologies and transforming military operations, the military vetronics market is currently experiencing a surge globally. Based on segmentation by systems, the global military vetronics market has been categorized into control and data distribution system, display systems, power systems, vehicle management systems and others. Stimulated by the increasing need for operability of military vehicles under harsh environmental conditions, the demand for rugged vetronics in the modern and retrofit vehicles is estimated to be growing at a rapid pace globally.
The escalating threats from insurgencies and growing geopolitical conflicts among nations currently boost the need for enhanced vetronics systems in the armored personnel carriers and infantry fighting vehicles. Moreover, the recent focus on development of unmanned ground vehicles by the major military organizations is expected to generate further growth of the military vetronics market globally. Concerns to improve the robustness of the military vehicles in order to support various tactical operations, several initiatives were undertaken both by the governments and defense contractors worldwide.
Based on the geographical segmentation, North America is estimated to maintain its dominance in the global military vetronics market throughout the forecast period. The current trend in the market focusing on modernizing the military vehicles and re-utilization of the ageing vehicles are the boosting the growth of the military vetronics market in North America. Following, North America, the military vetronics market in Europe is currently estimated to be growing at a stable pace. Owing to the various projects undertaken by countries such as Germany, Russia, the U.K. and others in order to upgrade electronics systems in military vehicles, the market for vetronics in Europe is expected to grow from 2015 to 2023.
The fastest growing market for military vetronics from 2015 to 2023 is estimated to be Asia Pacific. Countries such as China, Japan and India are analyzed to be the leading markets for military vetronics in the Asia Pacific region. On the other hand, driven by increasing investing in the upgradation and procurement of improved electronic systems in military vehicles by countries in Middle East and Africa, the market for military vetronics is expected to offer lucrative opportunities for growth over the forecast period. South America is currently estimated to be growing at a slower pace, however, over the forecast period; the market is expected to improve demand for military vetronics in the region. Brazil is estimated to be the largest market for military vetronics in the South America.
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Key players in the global military vetronics market are 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.