The global military vetronics market size is projected to reach USD 8.22 billion by 2027, exhibiting a CAGR of 3.68% during the forecast period. Development of autonomous combat systems for military vehicles will ensure multi-dimensional growth of this market, observes Fortune Business Insights™ in its report, titled “Military Vetronics Market Size, Share and Global Trend by Product Type (Communication & Navigation Systems, Power System, Display System, C4 Systems, and Others) By Platform (Unmanned Ground Vehicles, Armored Amphibious Vehicles, Light Protected Vehicles, Special Purpose Vehicles, and Others) By Application (OEM and Aftermarket), and Regional Forecast, 2020-2027”.
Battlefield
environments are rapidly changing and modern warfare strategies require a heavy
infusion of smart technologies to enhance alertness and augment the
capabilities of the armed forces. In view of these evolving dynamics, defense
agencies are conducting intense research to develop new technologies and equip
combat vehicles with smart tools. For example, the Army Research Laboratory
Artificial Intelligence for Maneuver and Mobility (AIMM) program under the U.S.
Army Combat Capabilities Development Command aims to create AI-enabled vehicles
that can serve robotic partners to ground troops, boosting their strength and
combat capacities. The incorporation of next-generation technologies such as AI
in defense systems will open new doors of innovation in the military vetronics
domain.
List of Key Companies Profiled in the Military Vetronics Market
Report:
- Curtis Wright Corporation (The U.S.)
- Thales Group (France)
- Rheinmetall AG (Germany)
- Lockheed Martin Corporation (The U.S.)
- L3Harris Technologies, Inc. (The U.S.)
- BAE Systems (The U.K)
- Oshkosh Corporation (The U.S.)
- Saab AB (Sweden)
- Raytheon Technologies Corporation (The U.S.)
- Leonardo S.p.A (Italy)
- General Dynamics Corporation (The U.S.)
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The report states that the market value stood at USD 6.48 billion
in 2019 and offers the following:
- Careful segmentation of the market and detailed analysis of each segment;
- Unparalleled insights into the market drivers, trends, and challenges;
- Comprehensive evaluation of the regional dynamics of the market; and
- In-depth research into the key players’ profiles and their preferred strategies.
RESTRAINING FACTORS-
Economic Fallout of COVID-19 to Lead to Defense Cuts in Several
Countries
The global
economic crisis precipitated by the COVID-19 pandemic has forced countries to
reprioritize their spending. According to the World Bank, the world economy
could shrink by 8% in 2020, if financial crises in major economies continue to
intensify. The International Monetary Fund (IMF) projects that output from the
Eurozone could decline by 10.2% in 2020, with recovery expected to begin
towards the end of 2022. These projections have spelled serious for defense
sectors in most of the major economies.
In India,
for example, the Indian Finance Ministry instructed ministries to cut their
expenditures and experts believe that defense cuts could go as low as 40% in
2020. Moreover, the nationwide lockdown between March and May 2020 led to an
estimated loss of USD 3 billion for Indian defense companies. In the UK, the
government has suspended budget announcement for 2021 and has undertaken an
Integrated Security and Defense Review to rethink spending priorities, which
are likely to lead to defense budget cuts. The military vetronics market growth
is likely to suffer in this scenario.
Read a Detailed Summary of This Report:
https://www.fortunebusinessinsights.com/military-vetronics-market-104062
REGIONAL INSIGHTS-
North America Market to Gain Momentum Powered by High Defense
Spending by the US
In 2019,
North America led the military vetronics market share with a market size of USD 2.22 billion and is expected to
continue its impressive performance during the forecast period. This is
primarily attributable to the massive military expenditure of the US. The
country is also making heavy investments in developing and procuring advanced
military technologies, which will further drive the regional market.
In Asia
Pacific, China and India are shaping the market dynamics as both countries have
steadily expanded their military budgets over the past few decades.
Furthermore, the constant threat of terrorist activities and increasing
cross-border animosity among countries is also supporting the adoption of
advanced defense technologies in the region.
COMPETITIVE LANDSCAPE-
Key Players to Focus on Engaging with Government Defense Agencies
Competition
in this market is characterized by the deepening engagement between government
defense agencies and private defense companies. The main reason behind these
public-private collaborations is that private companies provide the necessary
technologies, while government agencies provide the required financial support,
creating an exciting dynamic in the defense sector.
INDUSTRY DEVELOPMENTS:
- August 2020: Melbourne-based defense
integrator, Tectonica, bagged a USD 25 million contract from the Australian
Defense Ministry to build situational awareness systems for the country’s new
fleet of Boxer Combat Reconnaissance Vehicles. The vehicles are being built by
Rheinmetall Defence in Queensland.
- June 2020: India’s Ministry of Defence cleared the procurement of 156 BMP 2 Infantry Vehicles for the Indian Army to modernize the existing infantry combat vehicle fleet of the Army. The total cost of the project is estimated to be INR 1,100crore.
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