New York, NY, April 11, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Military Vetronics Market by Product (Communication System, Navigation System, C4 System, Power System, Display System, Control and Data Distribution System, and Other); for Application (Light Protected Vehicle, Unmanned Ground Vehicles, Armored Amphibious Vehicles, Special Purpose Vehicles, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026”.
According to the report, global military vetronics market was valued at around USD 3,870 million in the year 2017 and it is expected to reach approximately USD 5,650 million by 2026. The global military vetronics market is expected to exhibit a CAGR of more than 4% between 2018 and 2026.
Browse through 21 Tables & 19 Figures spread over 110 Pages and in-depth TOC on “Global Military Vetronics Market: Industry Size, Share, Trends, Analysis, and Forecast, 2017 – 2026”.
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Market Report Highlights:
- Increased modernization of military augments the growth of the military vetronics market.
- Factors that are driving the growth of the market include the growing requirement for the unmanned aerial vehicles and drones for surveillance, increased adoption of the advanced technologies such as Big Data and IoT, and the growing popularity of the armored vehicles.
- Economies such as India and China are expected to experience a significant market growth owing to increase military expenditure in the countries.
- Power systems dominated the product type segment of the military vetronics market in 2017 and it is expected to remain dominant over the forecast period. The development of advanced vetronics power system such as high-quality power supply with portable power is expected to boost the growth of the segment during the forecast period.
- The armored amphibious vehicles segment constituted for a major market share of around 26% in the year 2017 in the global military vetronics market.
- By application, the light protected vehicles anticipate growing with the highest CAGR of 4.6% during the forecast period. The increasing border issues among the different nations have increased the demand for light protected vehicles in the global market.
- North America holds the dominant position in the global military vetronics market with around 36% share in 2017.
- Europe accounted for the second largest share in the global military vetronics market.
- The U.S. is the leading country in the military vetronics market in North America. The high military spending in the U.S. is the key factor contributing towards the growth of the global market.
- The Asia Pacific is expected to register highest growth rate in the global military vetronics market. In 2016, the military expenditure of China was around USD 215 billion, which was second highest after the U.S.
- In 2016, China accounted for the highest revenue share of more than 50% in the Asia Pacific military vetronics market.
- The decreasing military expenditure in the developed nations such as the U.S. and Germany may affect the growth of the military vetronics market in the coming years.
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According to the analysts and insight shared by industry experts during primary research, unmanned ground vehicles are expected to open up many opportunities for the military vetronics market. The unmanned ground vehicles (UGVs) have great potential for military operations. The unmanned ground vehicles are widely used in various secrete and risky operations.
The communication system, navigation system, c4 system, power system, display system, and control and data distribution system are the key types of military vetronics system. Power system segment accounted for the high revenue share in the global military vetronics market in 2017. Power management is one of the key challenges in the networking vetronics system. The power system helps in computing and managing the increased power requirement. The power system segment is expected to retain its dominance in the coming years owing to its increased CAGR of 4.6% in the forecast period. Moreover, continuous advancements in vetronics power system such as portable power with the high-quality power supply are expected to propel the growth of the segment during the forecast period.
Browse the full "Military Vetronics Market by Product (Communication System, Navigation System, C4 System, Power System, Display System, Control and Data Distribution System, and Other); for Application (Light Protected Vehicle, Unmanned Ground Vehicles, Armored Amphibious Vehicles, Special Purpose Vehicles, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026" report at https://www.zionmarketresearch.com/report/military-vetronics-market
Following power systems, c4 vetronics also held a significant share in the global military vetronics market. The c4 vetronics system includes command, control, communication & computers. The c4 vetronics has the ability to cover multiple functions in a single system. As there is an increasing demand for the systems that can incorporate multiple functions it is expected to propel the growth of c4 vetronics in the global military vetronics market over the forecast period.
The armored amphibious vehicles contributed the highest market share of more than 26.5% in the year 2017. Increased use of armored amphibious vehicles in military applications since it can be used both on land and water has contributed to the major market contribution.
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North America has registered the dominant position in the military vetronics market. Advancements in the defense sector and increasing security concerns contribute to the growth of the military vetronics market in the region. The U.S. contributed the topmost shares in the North America military vetronics market. The military expenditure of the U.S. in 2016 was USD 611 billion which was highest among all the countries. The market is anticipated to grow at a rapid CAGR in the Asia Pacific especially in countries such as China, India, and South Korea.
The major market players in the military vetronics are Kongsberg Gruppen, Curtiss-Wright Corporation, BAE Systems Plc, Thales S.A., Ultra Electronics Holdings Plc, General Dynamics Corporation, Raytheon Company, SAAB AB, General Electric Company, Assa Abloy AB, Lockheed Martin Corporation, and Oshkosh Corporation, among others.
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The global military vetronics market is segmented on the basis of the product, application, and geographical regions.
Global Military Vetronics: Product Segment Analysis
- Communication System
- Navigation System
- C4 System
- Power System
- Display System
- Control and Data Distribution System
- Other
Global Military Vetronics: Application Segment Analysis
- Light Protected Vehicles
- Unmanned Ground Vehicles
- Armored Amphibious Vehicles
- Special Purpose Vehicles
- Other
Global Military Vetronics Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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