New York, USA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global military embedded systems market is envisioned to generate a revenue of $3,259.3 million and rise at a healthy CAGR of 7.9% during the analysis timeframe from 2022 to 2031.
As per our analysts, with the increasing government expenditure in modernizing military and defense equipment, the military embedded systems market is expected to experience exponential growth during the forecast period. Besides, the rising adoption of multi-core processors, revolutionary warfare systems, and wireless technologies is predicted to foster the growth of the market throughout the analysis period. Moreover, the development of electronic warfare systems with increased capabilities is expected to create expansive growth opportunities during the forecast timeframe. However, legal concerns and security issues may impede the growth of the market over the estimated timeframe.
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Segments of the Military Embedded Systems Market
The report has divided the market into segments based on product type, component type, platform, application, and region.
Product Type: Motherboard & Computer-On-Module Sub-Segment to be Most Profitable
The motherboard & computer-on-module sub-segment is expected to hold the greatest revenue of the market during the pandemic period. The increasing usage of motherboard and computer-on-module to increase CPU performance while maintaining the carrier board's input or output ports to reduce additional development time and expense is expected to fuel the growth of the market during the estimated period.
Component Type: Hardware Sub-Segment to be Most Productive
The hardware sub-segment is expected to hold the largest share of the market over the estimated timeframe. The increasing use of military computer hardware to secure computing, networking, and data storage solutions for various IoT applications such as autonomous vehicles, drones, and UAVs is predicted to upsurge the growth of the military embedded systems market sub-segment throughout the analysis timeframe.
Platform: Land Sub-Segment to be Most Lucrative
The land sub-segment is predicted to have the fastest growth during the forecast period. This is mainly because of the increasing demand for land-based surveillance operations globally. Moreover, land-based platforms are equipped with a variety of instruments, including LIDAR systems, cameras that are deployed on the platforms, radar systems, and many others for enhanced surveillance is expected to augment the growth of the military embedded systems market sub-segment over the analysis period.
Application: Weapon Fire Control System Sub-Segment to be Most Beneficial
The weapon fire control system sub-segment is predicted to hold the dominant share of the market throughout the estimated period. This is mainly because of the numerous technological developments made by the leading industry players to meet the changing demands of the armed forces. Furthermore, the increasing focus and efforts of large firms in developing weapons and the rising trend of consolidated fire control systems are expected to uplift the growth of the market during the analysis timeframe.
North America Region to Hold the Biggest Share of the Market
The North America region of the military embedded systems market is expected to hold the highest share of the market throughout the forecast timeframe. This is mainly due to the increasing applications of cutting-edge technology in this region. Moreover, the growing advancement in the military and aerospace and the rapid progress in next-generation communication technologies is predicted to drive the regional growth of the market over the estimated period.
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Covid-19 Impact on the Military Embedded Systems Market
The outbreak of the Covid-19 pandemic has had a negative impact on the military embedded systems market. This is mainly due to the disruption of the supply chain, slowdown of economies, and closure of manufacturing plants which resulted in a reduction in the demand for military embedded systems. Moreover, the restrictions imposed by the governments on workers and migrants affected the production and supply of embedded systems. All these factors have declined the growth of the market during the pandemic period.
Key Players of the Market
The major players of the military embedded systems market include
- SMART Embedded Computing
- BAE Systems
- SDK Embedded Systems Ltd.
- Advantech Co. Ltd.
- General Dynamics Corporation
- Curtiss-Wright Corporation
- Kontron (S&T)
- Mercury Systems Inc.
- Xilinx Inc.
- Intel Corporation
These players are widely working on the development of new business strategies and tactics such as partnerships and collaborations, mergers and acquisitions, and product development to procure a leading position in the global industry.
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For instance, in November 2022, Danlaw Inc., a global provider of global automotive and aerospace electronics solutions announced its acquisition of Maspatechnologies SL, a spin-off company from the Barcelona Supercomputing Center. With this acquisition, Danlaw Group now operates as Rapita Systems SL aimed to expand the specialized multicore verification expertise to provide an end-to-end solution analyzing and certifying the next generation of multicore embedded avionics and automotive systems.
Further, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Military Embedded Systems Market:
- What are the Key Applications of Military Embedded Systems?
- Why Are Military Embedded Systems Important for Every Country?
- Global Military Embedded Systems Market to Witness Extensive Growth with Growing Military Expenditure in Developing Nations
