#defense vetronics market forecast
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The defense vetronics market report covers current market size and 10 year battlefield management systems market forecast It is segmented by type, region and application
#defense vetronics market#defense vetronics market report#defense vetronics market size#defense vetronics market analysis#defense vetronics market forecast#defense vetronics market trends#defense vetronics market share#defense vetronics market growth
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Vetronics Market | Global Trends & Military Opportunities
Technology has significantly advanced, playing a crucial role in several industries. The paradigm for R&D in the defense sector has evolved investments in vetronics. This is a result of the growing trend across different defense forces to equip military vehicles with technologically sophisticated electronic systems.
According to our experts, the global vetronics market was valued at $3668.33 million in 2021 and is expected to reach $5372.01 million by 2028, with a CAGR of 5.62% during the forecast period 2022-2028.
Vetronics, also known as vehicle electronics, enables military units to implement and integrate systems such as communication, command and control, vehicle warfare, navigation, vehicle protection, and surveillance. Over the years, its relevance has increased as defense departments seek to make their armed forces lighter, faster, and more deployable.
Integration of Digitalization in Battlefield Operations
The digitization of domains such as communication and surveillance is critical in the integrated operations of the modern battlefield. Electronic warfare has already been adopted as a sub-domain by the majority of advanced nations. They actively engage in advanced capability research to equip their forces and gain a tactical advantage over their competitors.
For example, the US Army is testing the Electronic Warfare Tactical Vehicle (EWTV), containing an unspecified specification of radio jamming equipment. It can detect and disrupt a wide range of signals, from cellphones to enemy UAV control links.
Factors such as ease of deployment and a broad range of sensing and disruption are key features incorporated in modern armored vehicle-mounted jamming systems that increase their utility. The rapid adoption of such technology is expected to drive the studied market during the forecast period.
Additionally, the ongoing military modernization programs in respective armies worldwide have increased the number of land-based vehicles. Our study suggests tanks are the fastest growing land-based fleet type segment, with a CAGR of 5.82% during the forecast period. The development is due to the interconnection systems of the new tanks. The technological update enables tanks to integrate with wheeled armored vehicles outfitted with standard vetronics to collect and transform battlefield sensor data into high-value security and combat services.
Impact of Competitors’ Strategic Initiatives
The global vetronics market is highly fragmented, with key players controlling significant market shares. Major companies like Thales Group, Lockheed Martin Corporation, and L3Harris Technologies continue to invest in the R&D of military robotics and related subsystems. Such measures have enabled them to expand the spectrum of applications for their distinctive and exclusive product line of vetronics.
The market participants’ operations focus on designing, engineering, and manufacturing high-performance vetronics for the world’s armed forces’ terrestrial assets. Furthermore, because a contract for armored vehicles necessitates high technological expertise, the companies are merging to enhance their current portfolio.
Some of the examples are listed below-
Collins Aerospace Military Global Positioning System (GPS) division was successfully acquired by BAE Systems, bringing decades of experience, cutting-edge technology, and a sizable installed base of products.
With the purchase of Gemalto by Thales for €4.8 billion, the acquisition will cover every step of the important decision-making process in the digital age, from sensor-generated data to real-time decision support.
Curtiss-Wright Corporation announced on July 5, 2022, that it had successfully acquired the Safran Aerosystems Arresting Company (SAA) for $240 million in cash. The acquisition of Safran’s arresting systems division solidifies Curtiss-position Wright as the world’s leading recovery and arresting systems provider for fixed-wing aircraft. Curtiss-Naval Wright’s & Power division will include the company.
Key Challenges & Regional Opportunities
Although cuts in the defense budget and the rising cost of raw materials can challenge the vetronics market, it is continuously expanding due to breakthrough technology in military vehicles.
The current fiscal condition worldwide is the key barrier to the market’s expansion. Many emergent breakthroughs offer considerable long-term benefits but need significant investments in deploying new technologies and platforms.
Based on the global scenario, the North America vetronics market held the largest share in 2021 and is expected to maintain its stronghold throughout the forecasting period. The region is witnessing considerable growth, owing to its military and government efforts to modernize its army and fleet.
Additionally, the United States is the key contributor to the regional market, accounting for 96.93% of the share in 2021. The country’s large market share is due to the rapid development of venture capital markets. For instance, American Rheinmetall Systems has received a multi-million-dollar investment to offer cutting-edge combat vehicle mission systems technologies to support the modernization of US Army combat vehicles.
FAQ
Ques 1: Which segments are studied in the Vetronics Market?
Land-based fleet type, component and vertical are the segments studied in vetronics market.
Ques 2: What are the key component of vetronics market?
Electronic Warfare & C4 Systems, Navigation Systems, Power Systems, and Vehicle Protection Systems are the key component of vetronics market.
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The defense vetronics market report covers current market size and 10 year battlefield management systems market forecast. It is segmented by type, region and application
#defense vetronics market#defense vetronics market report#defense vetronics market size#defense vetronics market forecast#defense vetronics market analysis#defense vetronics market trends#defense vetronics market growth
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Global Defense Vetronics Market
Modern ground vehicles can be purchased with increased defence spending. In order to facilitate smooth information sharing between platforms, nations are also investing in the development of the next generation of C4ISR capabilities for land vehicles. Modern equipment and technology will be used to replace outdated land vehicles as a result of increased defence expenditure. Procurement will be impacted by the current geopolitical climate in Europe and the Asia-Pacific region.
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