Selbyville, Delaware, April 16, 2020 (GLOBE NEWSWIRE) --
According to latest report “Military Vetronics Market by System (Command, Control & Communications, Navigation, Weapon Control, Power, Vehicle Protection), Platform (Light Armored Vehicle, Main Battle Tank, MRAP Vehicle, Infantry Fighting Vehicle, Unmanned Armored Ground Vehicles, Amphibious Vehicles), Fit (Line, Retro), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of military vetronics will reach $5 billion by 2026. Changing defense trends with increasing importance of electronic warfare will support the vetronics market growth.
The line fit segment will account for USD 3 billion military vetronics market revenue in 2019 and is expected to experience a growth of more than 4% till 2026. This high market penetration of the line fit segment can be witnessed by a rise in vehicle acquisition by different countries, which are embraced with the latest vetronics.
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The Command, Control & Communication (C3) system will witness dominance from developed countries, including the U.S. and Russia. The integration of various communication technologies, such as AI & IoT, and advancements in sensor systems, is a major market driver.
The power system segment in the market is estimated to witness around 5% gains from 2020 to 2026. The market growth can be attributed to development of new battery systems for ground vehicles, allowing them to operate effectively on a single power source for long hours.
North America military vetronics market is anticipated to expand at over 4% CAGR during the forecast timeframe. Presence of major industry players such as L3Harris, Lockheed Martin, General Dynamic, and Rheinmetall will support market growth. Investments done in the field of power systems, C4ISR, and other connected technologies by industry players are increasing the technological competitiveness in the region.
Major players in market are Thales Group, Saab Group, Lockheed Martin Corporation, General Dynamics Corporation, Raytheon Company, Curtiss-Wright Corporation, Leonardo-Finmeccanica S.P.A, Rheinmetall AG, BAE Systems PLC., and L3Harris.
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Some major findings of the military vetronics market report include:
- The rise in requirements to acquire, integrate, and analyze data during field operations is supporting market growth.
- A shift in the defense budget allocation toward acquisition and modernization of peripheral systems instead of acquiring new vehicles.
- Significant investments done by major industry participants in the field of battery systems, navigation systems, and weapon control systems to improve technology integration will support market growth.
- Impact of AI, IoT, Cloud, and other communication technologies on the military vetronics market.
- Increasing efforts to establish indigenous manufacturing capabilities by India, Japan, and China.
- North America is engaged in upgrading aging vetronics systems, thus generating market demand.
- The rise in requirement for a network-centric embedded communication system and proliferation of Commercial Off-The-Shelf (COTS) systems are supporting market growth.
- Long-Term Agreements (LTAs) for modernization and maintenance of land vehicles assigned by government bodies are supporting market competitiveness.
- Rising scope of applications of military vetronics in armored unmanned ground vehicles.
Table of Contents (ToC) of the report:
Chapter 3. Military Vetronics Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2015 - 2026
3.4. Impact of the Coronavirus (COVID-19) pandemic
3.5. Evolution of military vetronics
3.6. Industry ecosystem analysis
3.7. Technology & innovation landscape
3.8. Regulatory landscape
3.8.1. North America
3.8.2. Europe
3.8.3. APAC
3.8.4. LATAM
3.8.5. MEA
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry pitfalls & challenges
3.10. Growth potential analysis
3.11. Porter's analysis
3.12. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/military-vetronics-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.