Market Size of Military Vetronics Market Forecast Report 2018 to 2028
Fact.MR has announced the addition of the “Military Vetronics Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028
[EUPRwire, Wed Oct 02 2019] Military Vetronics Market Introduction
Vetronics is a portmanteau of vehicles and electronics used extensively in the military. It enables military units to integrate various systems including command, control, and communication. Military vetronics includes various systems such as display system, navigation system, weapon control system, power system, and vehicle protection systems.
Manufacturers in the military vetronics market are focusing on developing new systems while reducing the operating and design cost and enhancing the performance. Integrating systems that offer real-time information and data is one of the focus areas of the manufacturers. Experts in the military vetronics market expect significant growth in the coming years with the development and adoption of advanced combat vehicle products that can be integrated into systems with minimum investment and time.
Military Vetronics Market: Notable Highlights
Raytheon Company has won $88 million contract for the upgrade and modification of sensor system software and hardware for EA-18G and F/A-18 aircraft to incorporate improvements and updates. The services to be provided include design, evaluation, development, documentation, hardware and software support and test of systems and equipment.
LMT Missiles and Fire Control unit of Lockheed Martin Corp has secured $945.9 million hybrid contract to provide technical support services related to the THAAD missile system in the Kingdom of Saudi Arabia.
Oshkosh Defense has won $232.7 million contract from the US Army Tank Automotive and Armaments Command to recapitalize vehicles in its family of heavy tactical vehicles fleet. As per the contract, the company will recapitalize around 407 palletized load system trucks and heavy expanded mobility tactical trucks and also manufacture nearly 601 new palletized load system trailers.
BAE Systems has won two contracts of up to $575 million by the US Army for the low rate initial production of armored multi-purpose vehicles and vetronics.
Some of the key players in the military vetronics market are Oshkosh Corporation, AssaAbloy AB, General Electric Company, Lockheed Martin Corporation, Raytheon Company, Ultra Electronics Holdings plc, SAAB AB, General Dynamics Corporation, BAE Systems PLC, Thales S.A., Curtiss-Wright Corporation, and Kongsberg Gruppen.
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Military Vetronics Market Dynamics
Growing Demand for Unmanned Vehicles and Drones to Drive Military Vetronics Market
The demand for unmanned ground vehicles is constantly growing in the military due to wide applications of these vehicles in defense including ISR, combat support, EOD, and transportation. Meanwhile, the demand for unmanned aerial vehicles or drones is also increasing owing to its use in security, mapping, and surveillance. Manufacturers in the military vetronics market are also focusing on new solutions for faster and smaller drones.
With the growing demand for unmanned vehicles and drones, Artificial Intelligence (AI) is becoming an important part of modern warfare. AI is being equipped in military systems to efficiently handle large volumes of data. It is also being added to improve self-regulation and self-control of combat systems. The demand for unmanned aerial vehicles is also growing with semi and fully autonomous unmanned aerial vehicles including motion detecting sensors essential for flight control system along with a wide variety autonomous platforms being developed.
Increasing Upgradation of Military Vehicles
With evolving military operations and growing demand for advanced vetronics systems, manufacturers are focusing on the modernization and upgradation of military vehicles. High bandwidth network hardware, HD video streaming, threat detection systems are some of the requirement of armed forces to integrate into their vehicles. This is also resulting in the growing need for advanced vetronics systems to handle various software and hardware upgrades in the military vehicles.
Advanced battery technologies are also influencing the growth in the military vetronics market as it enables the development of central vetronics system that can be connected to various equipment and electronic sensors in the military vehicle. Meanwhile, defense and aerospace technology companies are also collaborating with various military organizations to offer robust, cost-effective, electro-optics and electronics innovations for ground combat vehicles.
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High Cost of Vetronics Products to Hamper the Military Vetronics Market Growth
The increasing technological advancements and use of innovative technologies is leading to the rise in the price of the final product in the military vetronics market. Moreover, with weight, size, and power specifications, manufacturers in the military vetronics market are focusing on delivering new systems and components resulting in the high cost of these products.
Moreover, limited defense budget inadequate to meet the modernization in military and defense systems in various countries is also resulting in low spending on the advanced products in military vetronics. Hence, manufacturers are focusing on miniaturization of devices and producing lightweight vetronics, thereby reducing the cost of the final product.
Military Vetronics Market Segmentation
Based on the product type, the military vetronics market is segmented into
Control and Data Distribution System
Based on the application, the military vetronics market is segmented into
Unmanned Ground Vehicles
Light Protected Vehicles
Special Purpose Vehicles
Armored Amphibious Vehicles
On basis of fit, the military vetronics market is segmented into
The research report presents a comprehensive assessment of the military vetronics market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to military vetronics market segments such as geographies, application and industry.
Military vetronics market report covers exhaustive analysis on:
Military Vetronics Market Segments
Military Vetronics Market Dynamics
Military Vetronics Market Size
Supply & Demand in the Military Vetronics Market
Current Trends/Issues/Challenges in the Military Vetronics Market
Competition & Companies involved in the Military Vetronics Market
Technology in the Military Vetronics Market
Value Chain in the Military Vetronics Market
Military vetronics market regional analysis includes:
North America (U.S., Canada)
Latin America (Mexico, Brazil, Argentina, Chile, Peru)
Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
CIS and Russia
Asia-Pacific (China, India, ASEAN, South Korea)
Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The military vetronics market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with military vetronics market attractiveness as per segments. The report also maps the qualitative impact of various market factors on military vetronics market segments and geographies.
Military Vetronics Market Report Highlights:
Detailed overview of parent market
Changing military vetronics market dynamics in the industry
In-depth military vetronics market segmentation
Historical, current and projected military vetronics market size in terms of volume and value
Recent industry trends and developments in the military vetronics market
Competitive landscape in the military vetronics market
Strategies of key players and Products offered in the military vetronics market
Potential and niche segments, geographical regions exhibiting promising growth in the military vetronics market
A neutral perspective on military vetronics market performance
Must-have information for market players to sustain and enhance their market footprint in the military vetronics market globally
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