Global Military Vetronics Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Military Vetronics Market” report focuses on historical, as well as current scenarios in order to arrive at accurate estimations and projections about the global industry. The target market is expected to be valued at US$ X Mn in 2028 and register substantial CAGR in the next 10 years. The global military vetronics market report has been segmented on the basis of system, vehicle type, and region.

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Military Vetronics: Product Overview

Vetronics are electronic systems mounted on the vehicles that are engaged in controlling functions that include communications, navigation, and weapons. The word “vetronics” is a mixture of two words- vehicle and electronics, and its components range from boards and chips to power electronics and displays. For many years, vetronics have been used in the military sector for their useful applications in hostile and challenging environments.

Global Military Vetronics Market: Dynamics

Easy availability of vetronics component, combined with increasing competition among the manufacturers on account of producing the best quality are among the major factors driving growth of the global military vetronics market over the forecast period. Increasing importance of applications of vetronics in military sector, such as improving surveillance, better intra- and inter-vehicle communication, easy navigation is fueling demand for military vetronics. Increasing demand for well-equipped advanced vetronics from the defense sector, owing to rising concerns of geopolitical unrest and border insecurity is driving growth of the global market. In addition, heavy investments in the defense and military sectors by government and major private players on a global scale is expected to trigger demand for vetronics, which in turn, is anticipated to drive growth of the global market. Heavy investments in defense sector is attributable to the increasing economic growth in the emerging economies. Furthermore, emergence of wireless technology and adoption of such technology worldwide is triggering demand for vetronics.

However, defense budgets of various economies are showing a downward trend and could hamper growth of the global market to a certain extent over the forecast period.

Modernization of vetronics in military sector is an ongoing trend and is expected to open up considerable growth opportunities for major existing and well new players in the global market in the near future.

Segment Analysis

By system:

Among the system segments, the power system segment is currently dominating in the global market in terms of revenue share and is expected to continue the same over the 10-years period. Increasing demand for uninterrupted power supply, combined with advances battery backup vetronics are some of the major factors expected to augment revenue growth of this segment. In addition, increasing demand for advanced light-weight and high-energy Lithium-Ion batteries is another factor expected to drive growth of the power system segment in the target market.

By Application:

Among the application segments, the light protected vehicle segment is projected to grow at higher CAGR as compared to other segments, as they are developed to defend blasting and ballistic weaponry. Increasing popularity of light protected vehicles is also attributable to the fact that such vehicles can be upgraded to suit a specific mission. The unmanned ground vehicles segment is estimated to account for considerable share in terms of value and consumption owing to increasing homeland security concerns, coupled with rising need for unmanned vehicles to safeguard military forces from losing their lives.

Global Military Vetronics Market: Regional Analysis

The North America military vetronics market is currently dominating in the global market in terms of value, owing to the increasing investments for technological advancements in the military and defense sector in countries in the region. Increasing expenditure by the US government in defense sector is also expected to drive growth of the global market. The Asia Pacific market is projected to grow at a substantial CAGR over the next 10 years. Country markets such as India, China, and South Korea are expected to contribute major shares in terms of revenue in the Asia Pacific market.

Global Military Vetronics Market Segmentation:

Segmentation by System:

Control and Data Distribution System
Display Systems
Power Systems
Vehicle Management System
Other Vetronics Systems

Segmentation by Vehicle Type:

Light Protected Vehicles
Infantry fighting Vehicles
Armored Personnel Carriers
Unmanned Ground Vehicles
Armored Amphibious Vehicles