Pune, India, Jan. 18, 2021 (GLOBE NEWSWIRE) -- 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 & COVID-19 Impact Analysis, 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 Top Companies Covered in the Global Military Vetronics Market are:
- 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 market drivers, trends, and challenges;
- A comprehensive evaluation of the regional dynamics of the market; and
- In-depth research into the key players’ profiles and their preferred strategies.
Restraining Factor
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.
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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.
Key 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.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/military-vetronics-market-104062
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Military Vetronics Market
- Global Military Vetronics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Communication System and Navigation System
- Power System
- Display System
- C4 System
- Others
- Market Analysis, Insights and Forecast – By Platform
- Unmanned Ground Vehicles
- Main Battle Tanks and other Armored Vehicles
- Light Protected Vehicles
- Special Purpose Vehicles
- Amphibious Vehicles
- Others
- Market Analysis, Insights and Forecast – By Application
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
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- Impact of COVID-19 on Global Military Vetronics Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response To COVID-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued…!
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