Global Military Vetronics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9 billion by 2024 from $5 billion in 2016, growing at a CAGR of 6.5% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 7.6% and 6.3%, respectively, during the forecast period.
The factors influencing the growth of the global military vetronics market include, growing need for automation, modernization of defense forces, and increased use of IoT and big data. Rising use of counter IED & armored vehicles and growing demand for drones & unmanned aerial vehicles also supplements the growth of the market. Additionally, increasing defense budget in emerging economies like India, South Korea, and others would show attractive business opportunities for the market in the coming years.
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Type, system type, and geography are the major segments considered in global military vetronics market. The system segment is sub-segmented into control & data distribution systems, displays systems, power systems, vehicle management system, 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.
In systems segment, power systems and control & data distribution systems accounted for the majority of market share in 2016. Moreover, Armored personnel carriers of type segment, are anticipated to grow at a fastest CAGR during the forecast period 2016-2024, owing to its high speed and protection level.
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The global military vetronics market by geography is segmented into North America, Europe, Asia-Pacific and RoW. North America held the major market share in 2016, owing to increased adoption of advanced technologies and modernization of military. Whereas, Asia-Pacific is likely is attain fastest CAGR during the forecasted period driven by, rising border conflicts and growing defense investment.
The key players in the market include BAE Systems, Lockheed Martin Corporation, General Dynamics, Harris Corporation, GE Intelligent Platforms, Kongsberg Gruppen, Bharat Electronics, Rheinmetall Defense, Thales Group and SAAB A.B., among others.
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