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Vetronics refers to electronic systems that are integrated into
military vehicles for modernizing several activities such as
navigation, communications, vehicle health management, and
surveillance. The rising preference for integration of
technologically advanced electronic systems in military vehicles in
order to enhance their operational efficiency is the major factor
fuelling the growth of the global military vetronics market. In
addition, network-centric military operations for superior
navigation, communication, turret control, and surveillance are
driving the global military vetronics market. The tremendously
growing demand for real-time data for modern combat scenarios is
further boosting the sales of military vetronics across the globe.
In 2014, the global military vetronics market was worth US$6.8 bn and
is estimated to reach a value of US$10.7 bn by the end of 2023,
exhibiting a 5.30% CAGR between 2015 and 2023.
Power Systems Segment Led Global Military Vetronics Market in 2014
By system, the global market for military vetronics can be segmented
into power systems, control and data distribution systems, display
systems, vehicle management systems, and other vetronics systems. In
2014, the power systems segment led the overall market, accounting
for a 30% share in the global military vetronics market.
Nevertheless, the control and distribution systems segment is
projected to grow at a significant pace in the next few years.
By vehicle type, the global market for military vetronics can be
classified into light protected vehicles, armored amphibious
vehicles, infantry fighting vehicles, unmanned ground vehicles, and
armored personnel carriers. Among these types, the armored amphibious
vehicles, infantry fighting vehicles, and armored personnel carriers
segments are expected to register significant growth globally in the
coming years. Furthermore, the light protected vehicles segment is
also estimated to grow substantially between 2015 and 2023.
Presently, the unmanned ground vehicles segment is exhibiting a slow
growth rate; however, in the coming years, this segment is expected
to grow at a faster pace.
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Asia Pacific Market for Military Vetronics to Exhibit 6% CAGR from
2015 to 2023
By geography, the global market for military vetronics can be divided
into Europe, Asia Pacific, North America, and Rest of the World. In
2014, the North America military vetronics market dominated the
global market, holding a 40% share in the global military vetronics
market, and is expected to remain in its position in the next few
years. The rapid growth of this regional segment can be attributed to
the growing investment in upgrading military vehicles and increasing
implementation of technologically developed systems in aging
vehicles. Presently, the Europe market for military vetronics is
growing steadily due to the several initiatives undertaken to
modernize military vehicles in countries such as the U.K., Germany,
Russia, and France.
On the other hand, the Asia Pacific market for military vetronics is
projected to grow rapidly, exhibiting a healthy 6% CAGR between 2015
and 2023. India, China, and Japan are considered as the leading
markets within the Asia Pacific military vetronics market. In Rest of
the World, several Middle Eastern and African countries are investing
in the procurement and advancement of electronic systems in military
vehicles in order to fight anti-national organizations and sustain
domestic security. In addition, Brazil is expected to be the biggest
military vetronics market in South America.
Some of the prominent players operating in the global military
vetronics market are Ultra Electronics Ltd., Elbit Systems Ltd., The
Raytheon Company, General Electric Company, Oshkosh Corporation,
Rheinmetall Defence, General Dynamics Corporation, Thales Group, SAAB
A.B., TE Connectivity, Lockheed Martin Corporation, Curtiss-Wright
Corporation, BAE Systems plc, and Kongsberg Gruppen ASA.
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