Military Vetronics Market Will Grow At A CAGR of 5.7% During The Forecast Period; Quince Market Insights
Global Military Vetronics Market to Grow at a CAGR of 5.7% with Burgeoning Demand for Technologically Integrated Platforms in Defense Sector. Market Key Players are are Lockheed Martin Corporation, Leonardo-Finmeccanica S.p.a., Saab Group, Thales S.A., General Dynamics Corporation, Harris Corporation, Curtiss-Wright Corporation, BAE Systems PLC, Raytheon Company, and Rheinmetall AG.
Pune, India, July 22, 2020 (GLOBE NEWSWIRE) -- Global Military Vetronics Market was valued USD 4.58 billion in 2019, will grow at a CAGR of 5.7% during the forecast period. The growing demand for Vetronics has elevated in recent years due to its integration with the battlefield management system for in-service and futuristic platforms. By incorporating Vetronics, combat support vehicles platforms can be improved significantly, which allows on-board systems to interconnect networks and enable information sharing within the platform and with the neighboring platforms. The Vetronics aids in easier platform integration and optimizes electronic sub-systems and on-board computing.
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The advancement in information technology has led to the development of mobility, firepower, and survivability, for a decisive role in combat scenarios and across a broad spectrum ranging from operation in mountainous and amphibious terrain, urban conflicts to overseas deployments.
In recent years, the armored fighting vehicles, infantry combat vehicles, and wheeled vehicle platforms of the mechanized forces are progressively equipped with electronic information and command control systems to improve the firepower and survivability. The armed forces globally have been working closely with the industry to bring out vehicle electronics (Vetronics) Standards to enable vetronics technology development and bring about system upgrades at a much faster pace.
The effort is also in the direction of standardizing this architecture for future tracked and wheeled vehicles. The transformation of the platforms is focused around key components i.e. networking, automation, and situational awareness (SA). The vetronics will play the role of enabler in networking to integrate all the elements on-board in real-time, enabling the commander to take timely decisions, and situational awareness has always been the goal of the military.
It relies closely on the networking of on-board sensors, shooters, computing, and communication devices to locate, distill out the crucial information, and share automatically to the relevant entities, both on-board and among other platforms. The aforementioned vetronics concept can certainly benefit the new and futuristic platforms, but the existing platforms can also be modified (to the extent possible) with vetronics architecture to reap its benefits, considering the size, weight, power, and cost.
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Tech Savvy and Remote Controlled Military Operations to boost the Defense Segment of the Military Vetronics Market
The application segment of the vetronics market is classified into defense and home-country security. The defense sector is projected to guide the overall military vetronics market during the forecast period due to increased defense spending around the world. To support modern warfare technologies reliable power systems are critical for operating remotely-controlled military operations. Such high-value applications of power systems in the defense sector will lead to the growth of the defense segment.
Cyber Threat in Military Warfare to Play a Major Role in Bolstering the Growth of the C3 Systems Segment
The military vetronics market was bifurcated into navigation, communication, observation & screen technologies, C3 systems; weapons command technologies, car security technologies, camera & control technologies, and energy technologies based on the system. Due to increased demand for both technologically advanced and lightweight vetronics systems and the rising requirement for cyber security in military vehicles, C3 systems will potentially witness a huge demand. Industries are providing solutions that operate on secured networks, eliminating chances of cyber-attacks.
Increased Spending in Defense in APAC Region, Fostering the Growth of the Global Military Vetronics Market
APAC military vetronics market will grow at the highest pace, due to increased demand for technologically advanced combat land vehicles in emerging economies such as India and China. One of the critical factors driving this region's vetronics market is the rise in the defense budget of developing countries.
Companies Engage in Joint Ventures to Develop Future Integrated Air and Missile Defense (IAMD) system
Military Vetronics Market vendors are making substantial efforts in adopting advanced technologies essentially by allying and partnering that will help in a growing demand for Vetronics.
In 2016, Lockheed Martin completed the acquisition of Sikorsky Aircraft, replacing United Technologies as the American helicopter maker’s parent company.
In 2019, MBDA Deutschland and Lockheed Martin joint venture, to develop, test, and deliver TLVS, Germany’s future Integrated Air and Missile Defense (IAMD) system.
In 2019, the U.S. Air Force and Lockheed Martin successfully flight tested the AGM-183A Air-Launched Rapid Response Weapon (ARRW) on the service's B-52 Strata fortress out of Edwards Air Force Base, Calif.
Some of the leading players in the global Military Vetronics Market are Lockheed Martin Corporation, Leonardo-Finmeccanica S.p.a., Saab Group, Thales S.A., General Dynamics Corporation, Harris Corporation, Curtiss-Wright Corporation, BAE Systems PLC, Raytheon Company, and Rheinmetall AG.
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The title of the analysis is, “Global Military Vetronics Market, By Platform (Troop Carriers, Tanks, UGVs, Amphibious Vehicles, Others), By System (Weapon, Communication & Navigation, Power, Other Systems), By Fit (Line-Fit, Retrofit), By Region (North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & forecasting (2016-2028).”
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