Upgradation of Military Vehicles to Drive Global Military Vetronics Marketby Harry W. Analyst
Vetronics are the electronics systems integrated in military vehicles for streamlining activities such as communications, navigation, surveillance and vehicle health management. The global military vetronics market is principally driven by the changing military operational techniques and advancing asymmetric warfare. Following the mounting demand for real time data in military combat in order to improve operational efficiency of the vehicles, the market for vetronics is expected to grow significantly over the forecast period globally. In addition, the initiatives undertaken for reduction of size, weight and power consumption (SWaP) of electronics within the military vehicles in order to increase internal space for solider accommodation and ammunition reserves is also driving the growth of the market for vetronics. The military vehicle modernization initiatives adopted by governments across the world are also estimated to currently boost the demand for both forward-fit and retrofit vetronics market.
Military Vetronics and Its Market Details: http://www.transparencymarketresearch.com/military-vetronics-market.html
Coupled with the adoption of advancing technologies and transforming military operations, the military vetronics market is currently experiencing a surge globally. Based on segmentation by systems, the global military vetronics market has been categorized into control and data distribution system, display systems, power systems, vehicle management systems and others. Stimulated by the increasing need for operability of military vehicles under harsh environmental conditions, the demand for rugged vetronics in the modern and retrofit vehicles is estimated to be growing at a rapid pace globally.
Power Systems Segment Led Global Military Vetronics Market in 2014
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. 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.
North America is estimated to continue dominating the global military vetronics market throughout the forecast period and accounted for a market share of more than forty percent in 2014. Increasing investments in modernizing military vehicles and growing adoption of technologically enhanced systems in ageing vehicles are the major factors driving the growth of the military vetronics market in North America. The U.S. is estimated to be dominating the market for global military vetronics throughout the forecast period. Europe military vetronics market is currently growing at a stable pace owing to the various initiatives undertaken to upgrade military vehicles in countries such as Russia, Germany, the U.K. and France among others. Asia Pacific is estimated to be the fastest growing market for military vetronics with a CAGR of 6.0% from 2015 to 2023. Countries such as China, India and Japan are the leading markets for military vetronics in the Asia Pacific region. Countries in Middle East and Africa are investing in the upgradation and procurement of improved electronic systems in military vehicles to sustain domestic security and fight anti-national organizations in the region. Brazil is estimated to be the largest market for military vetronics in the South America. The report includes the market revenues of 15 major countries in the global military vetronics market.
Brochure including Technical Details of Military Vetronics:
The report on the global military vetronics market provides company market share analysis of the leading vetronics suppliers. The company profile segment includes the company overview, financial overview, business strategies, historical roadmap and recent developments in the field of military vetronics. Major vetronics manufacturers profiled in this report include Curtiss-Wright Corporation, Oshkosh Corporation, Ultra Electronics Ltd., TE Connectivity, SAAB A.B., Kongsberg Gruppen ASA, General Electric Company, BAE Systems plc, Rheinmetall Defence, Moog, Inc., Lockheed Martin Corporation, Elbit Systems Ltd., Thales Group, The Raytheon Company and General Dynamics Corporation among others.
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