Global Military Vetronics Market: Snapshot
Military vetronics will now be used for critical armored combat vehicles for a fitting use, leaping from mostly open-ended applications in the defense. Right from development of prototype for an armed reconnaissance vehicle (ARV) to the final one, under a recent contract between the U.S. naval research and Science Applications International Corp., military vetronics will now indirectly used to gather and disseminate crucial intelligence information. Such applications are likely to provide a massive boost to the growth of military vetronics market.
Apart from this, scientific research in military vetronics has been promising too. Academic institutions, such as the Vetronics Research Centre- the sole institution in the U.K., for research and training in vetronics is involved in futuristic applications of military vetronics. This strengthens for the spark of military vetronics market not to wane for a long time.
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On the flip side, declining defense budgets in some developed economies of North America and Europe is dissuading established vendors to continue to expand in these economies. This is holding back the growth of military vetronics market to some extent. In such a scenario, players will need to look for newer applications of vetronics, say in unmanned vehicles that may surface as newer growth avenue for military vetronics market.
In a recent research report, Transparency Market Research (TMR) predicts the global military vetronics market to expand at a healthy 5.30% CAGR from 2015 to 2024, for the market to be valued at US$10.71 bn by 2024.
Power System Segment to continue to lead the pack
The military vetronics market is studied in terms of system, vehicle type, and region. Key segments of the military vetronics market based on system are control and data distribution systems, power systems, display systems, and vehicle management systems. Of all, currently, power systems display the leading demand in the military vetronics market. This is because reliable power systems are critical to support modern warfare technologies and remotely-controlled military operations. Such high-value applications of power systems will lead these systems to hold 32.2% of the overall market by 2024.
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Based on vehicle type, the military vetronics market is divided into light protected vehicles, armored personnel carriers, infantry fighting vehicles, unmanned ground vehicles, and armored amphibious vehicles.
While North America to experience waning share, Asia Pacific to display Exemplar Growth
North America, among key regions in military vetronics market held leading revenue in 2015. The region is likely to continue to dominate until 2024. Substantial R&D for advanced vetronics systems for expanded use such as in navigation systems and communication systems accounts for lucrative growth of North America military vetronics market. However, nearing maturity of military vetronics market and growing rate of demilitarization are likely to account for waning share of this region in the coming years.
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On the other hand, Asia Pacific is anticipated to experience significant growth in the military vetronics market in the forthcoming years. Surge in number of terrorist activities in countries such as India has led to ramp up of defense capabilities. This benefits the overall military vetronics market.
Key companies operating in the military vetronics market are Curtiss-Wight Corp., TE Connectivity Ltd., BAE Systems plc, General Electric Co., and Rheinmetall A.G. These companies hold dominant share of the military vetronics market depicting a highly consolidated vendor landscape.
Adoption of New Power Systems to Spur Growth in Military Vetronics Market
Manufacturers catering to the demand for vetronics for militaries are keen to unveil cost-effective as well as cutting-edge technologies in military vision systems. The need for real-time information transmission technologies is becoming more crucial than ever given the complexity of warfare terrain. This has been made possible by the incorporation of video from cameras and sensors. The military vetronics market has seen the growing adoption of analog camera-based systems. Over the years, electronics companies are trying to develop technologies that reduce the cable clutter. Advances being made in computing technologies that are integrated with military vetronics are expanding the avenue for manufacturers in the military vetronics market. For instance, new technologies being unveiled allow transmission of multicast image data to multiple computing platforms. The flexibility ‘on the fly’ for military troops is gathering traction in the military vetronics market. On the other hand, in recent months, a few countries have seen decline in defense budgets, which has moved their attention away from such systems. Nevertheless, growing use of military ground vehicles has spurred their interest in new computing platforms, thereby boosting the military vetronics market.
The Covid-19 pandemic in the last few months has spurred industry interest in new vendor frameworks and the adoption of new business models to enable them to stay agile. The impact is not alien to military vetronics market. However, with the recent rollout of vaccines in a few countries has led to an air of optimism to several industries, including those operating in the military vetronics market. Further, growing interest of some developing and developed nations in cutting-edge, novel battlefield management system has kickstarted investment in research and development. The growing adoption of these technologies in armored fighting vehicles has further opened new vistas to electronics manufacturers seeking stakes in the military vetronics market.
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