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.
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.
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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.
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.
