Portland, OR -- (SBWIRE) -- 06/20/2017 -- Lack of security measures at the border areas make it immensely easy for illegal border crossers, smugglers, and terrorists to breach the border. This hampers the security of a nation, and harms its natural resources. To keep a security check at the border areas, various countries are expected to heavily invest on procuring efficient vetronics systems such as military communication systems, navigation systems, and electronic warfare systems. This is anticipated to drive the overall vetronics market during the forecast period.
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Vetronics Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $4,362 million by 2022, registering a CAGR of 5.4% during the period 2016-2022. Among system types, the military communication, command, and control segment is expected to dominate the global market throughout the analysis period.
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Vetronics refers to vehicle electronics that enable military units to integrate various systems such as communication, command, and control, vehicle electronic warfare system, navigation system, vehicle protection systems, and surveillance system to streamline activities such as communication, navigation, surveillance, and vehicle health management.
Military units across the globe have focused on investing in solutions and systems to ensure significant improvement in military operations, and have an edge in the battlefield. Furthermore, increasing need for efficient combat management systems in the defense sector has encouraged prominent players offering military communication, command, and control systems to develop and offer advanced battlefield management systems for military applications. In addition, advancement in wireless communication technology has opened new opportunities for the market players. These factors are expected to drive the military communication, command, and control segment, registering the fastest CAGR during the forecast period. In addition, the vehicle electronic warfare system segment is projected to grow at the second highest CAGR during the forecast period, owing to the growing need for monitoring cross-border activities, identifying enemys weaknesses, and facilitating enhanced connectivity between central and remote vetronics systems.
Based on the geography, the vetronics market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2014, accounting for around 29% share of the overall vetronics market. The LAMEA vetronics market is projected to grow at the second highest CAGR of 5.3% during the forecast period.
The report features a competitive scenario of the overall vetronics market, and provides comprehensive analysis of key growth strategies adopted by major players. Prominent companies operating in the world vetronics market have adopted various strategies, such as product launch, partnership, collaboration, joint ventures, and others, to strengthen their market position and expand their market presence. Some of the key players operating in the vetronics market include Lockheed Martin Corporation, Leonardo-Finmeccanica S.p.a., Saab Group, Thales S.A., General Dynamics Corporation, Harris Corporation, Curtiss-Wright Corporation, BAE Systems PLC., Raytheon Company, and Rheinmetall AG.
Key findings of the Vetronics Market:
-Military communication, command, and control segment dominated the vetronics market in 2014, and is expected to grow at the highest CAGR during the forecast period.
-Among system types, the military communication, command, and control segment is projected to create significant growth opportunities for prominent players operating in the global market.
-Among regions, the Asia-Pacific dominated the global market in 2014, and is expected to maintain this trend during 2016 - 2022.
-Among countries, the US was the leading region in terms of spending on vetronics systems in 2014, followed by China. In addition, Germany, UK, Spain, and India are projected to provide significant opportunities for major players.
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