The Military Vetronics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Military Vetronics Global Market Report 2024, The military vetronics market size has grown strongly in recent years. It will grow from $5.21 billion in 2023 to $5.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to modernization of military vehicles, focus on c4isr systems, increasing threats and security challenges, network-centric warfare strategies, demand for enhanced communication systems.
The military vetronics market size is expected to see steady growth in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to integration of ai and autonomous technologies, emphasis on cybersecurity measures, rise in urban warfare and hybrid threats, enhanced electronic warfare capabilities, global geopolitical developments. Major trends in the forecast period include modularity and scalability, unmanned ground vehicle (ugv) integration, energy-efficient power management, data fusion and analytics, cross-domain integration.
An increase in defense expenditure is expected to propel the growth of the military vetronics market going forward. Defense expenditure encompasses all current and capital spending on the armed forces, including peacekeeping troops of defense ministries and other government organizations involved in defense initiatives and paramilitary forces. With higher defense budgets, military organizations can allocate more resources to research, develop, and acquire state-of-the-art vetronic systems. This increased investment enables the military to adopt cutting-edge technologies such as advanced sensors, communication systems, unmanned systems, and integrated command and control systems. For instance, in December 2022, according to a report published by the US Ministry Of Defense, a UK-based agency responsible for implementing the defense policy, the total increase in military expenditures in the fiscal year 2021-2022 totalled £45.9 billion ($58.35 billion), a £3.6 billion ($4,57 billion) increase over the previous year. Further, total equipment spending in 2021-2022 is £20.9 billion ($26.57 billion), a nominal increase of £2.1 billion ($2.66 billion) over the previous year. Therefore, an increase in defense expenditure will drive the military vetronics market.
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The military vetronics market covered in this report is segmented –
1) By Type: Navigation System, Communication System, Power System, Control And Data Distribution System, C4 System, Display System, Other Types
2) By Fit: Line-Fit, Retrofit
3) By Application: Unmanned Ground Vehicles, Light Protected Vehicles, Special Purpose Vehicles, Armored Amphibious Vehicles, Other Applications
4) By End-User: Defense, Homeland Security
Product innovations are a key trend gaining popularity in the military vetronics market. Major companies operating in the military vetronics market are developing new products to sustain their position in the market. For instance, in May 2022, Kontron AG, a German-based company that designs and produces embedded computer modules and systems for defense and homeland security, introduced the DARC VX208, a high-performance, ruggedized, and secure SWaP-constrained mission computer system. It is well-suited for use in various demanding military and aerospace situations, including mission computing, command and control, electronic warfare, and vetronics. The DARC VX208 combines two Optical 10 GbE ports with server-class computing and MIL-DTL38999 I/O capabilities. It is perfect for radars and other high-definition video processing applications needing high bandwidth to send massive data volumes.
The military vetronics market report table of contents includes:
1. Executive Summary
2. Military Vetronics Market Characteristics
3. Military Vetronics Market Trends And Strategies
4. Military Vetronics Market – Macro Economic Scenario
5. Global Military Vetronics Market Size and Growth
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26. South America Military Vetronics Market
27. Brazil Military Vetronics Market
28. Middle East Military Vetronics Market
29. Africa Military Vetronics Market
30. Military Vetronics Market Competitive Landscape And Company Profiles
Top Major Players:
- General Electric Co
- Raytheon Company
- The Boeing Company
- Lockheed Martin Corporation
- Rheinmetall AG
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