Global Military Vetronics MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $9 billion by 2024 from $5 billion in 2016, growing at a CAGR of 6.5% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 7.6% and 6.3%, respectively, during the forecast period.
"Military Vetronics Market (By System: Control & Data Distribution Systems, Displays Systems, Power Systems, Vehicle Management Systems; By Type: Light Protected Vehicles, Infantry Fighting Vehicles, Armored Personal Carriers, Unmanned Ground Vehicles, and Armored Amphibious Vehicles; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
The global military vetronics market is majorly driven by need for military modernization, rising trading opportunities across globe, high adoption of IoT & big data, rising need for drones, unmanned aerial vehicles, counter IED and armored vehicles. Furthermore, increase spending on military information technology and rising defense spending by emerging economies is expected to provide market opportunities during the forecast period. Though, defense budget cuts and demilitarization initiatives by developed counties may hamper the growth of the market.
The global military vetronics market has been bifurcated into system, type, and geography. System segment includes control & data distribution systems, displays systems, power systems, vehicle management systems and others. In 2016, power systems and control & data distribution systems accounted for the largest market share. Type segment is further bifurcated into light protected vehicles, infantry fighting vehicles, armored personal carriers, unmanned ground vehicles and armored amphibious vehicles. Armored personnel carriers are anticipated to grow at a fastest CAGR during the forecast period 2016-2024, owing to its high speed and protection level.
Geographically, the market is categorized into North America, Europe, Asia-Pacific and Rest of the world (RoW). In 2016, North America accounted for the largest market share, owing to high adoption of latest technologies and modernization of military information technology. However, Asia Pacific is anticipated to dominate the market with fastest CAGR during the forecast period, owing to the high investment on modernization of military and increasing border conflicts.
Market players have used various strategies to increase their market share and global presence. With the increasing demand, manufacturers should closely monitor and grow their operations in the new markets. The players in the market include BAE Systems, Lockheed Martin Corporation, General Dynamics, Harris Corporation, GE Intelligent Platforms, Kongsberg Gruppen, Bharat Electronics, Rheinmetall Defense, Thales Group and SAAB A.B., among others.