Global Military Vetronics Market size is projected to be valued $9 Billion by 2024; with a CAGR of 6.4% from 2017 to 2025. Vetronics refer to vehicle electronics, which enable military units to integrate various systems such as communication, command, and control. Vetronics have become a significant component of the fighting vehicles for its efficiency on the battlefield. Vetronics technology has emerged over the years and enables various capabilities such as mission recorder, advanced communication devices, radars, network sensor suites, satellite communications and others.
Increasing modernization of military along with expanding trade opportunities fuels the growth of the global military vetronics market. Moreover, adoption of IoT & big data, need for drones & unmanned aerial vehicles for surveillance coupled with rising demand for counter IED and armored vehicles also support the growth of the market. However, decreasing defense budget and demilitarization initiatives by developed countries may restrain the growth of the market. Furthermore, increasing spending on military information technology and increasing defense budgets by emerging economies would provide growth opportunities in the coming years.
The global military vetronics market is categorized on the basis of system, type and geography. By system, the market is segmented into control & data distribution systems (communications, data recorder, data storage, turret control and others), displays systems (navigation, observation and others), power systems, vehicle management systems (smoke & fire protection, surveillance, vehicle health management and others) and others. Furthermore, by type, it can be segmented into light protected vehicles, infantry fighting vehicles, armored personal carriers, unmanned ground vehicles and armored amphibious vehicles.
By geography, the military vetronics market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France and Rest of Europe. Asia-Pacific covers China, India, Japan and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
Key players in the military vetronics market include GE Intelligent Platforms, Kongsberg Gruppen, Bharat Electronics, Rheinmetall Defense, BAE Systems, Lockheed Martin Corporation, General Dynamics, Harris Corporation, Thales Group and SAAB A.B., among others.
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Scope of the Global Military Vetronics Market