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The Military Vetronics Market is expected to grow from USD 4.58 billion in 2019, at a CAGR of 5.7% during the forecast period. 

Vetronics involve the electronic components of vehicles primarily driven by defense organizations. These include various systems such as navigation systems, display systems, C3 systems, weapons control systems, vehicle protection systems, power systems, among others, used to enhance military vehicles ' fighting capacity and situational awareness. In addition, these systems are essential for enhancing land vehicle efficiency and their position in integrated channel-centered warfare activities.

The study provides a decisive view of the Military Vetronics market by segmenting the market based on product, application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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.

1. 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.
3. 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.
5. 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.

Global Vetronics Market: Segmentation

The global vetronics market can be segmented on the basis of application, subsystem, vehicle type, and region. The application segment of the market is divided into homeland security and defense. The defense segment of the market is anticipated to dominate the market due to the rising defense expenditure around the world. The subsystem segment of the market is diversified into .vehicle protection systems, communication & navigation, c3 systems, observation and display systems, weapon control systems, power systems, and sensor & control systems. The C3 systems segment of the market is assumed to grow in the market at a higher rate due to rise in the need for lightweight and technologically advanced vetronics systems. The vehicle type segment of the market for vetronics is categorized into light protected vehicles, amphibious armored vehicles, mine resistant ambush protected, armored personnel carriers, infantry fighting vehicle, main battle tank, and others. Regionally, the global vetronics market is grouped into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Key companies operating in the military vetronics market are Curtiss-Wight Corp., TE Connectivity Ltd., BAE Systems plc, General Electric Co., and Rheinmetall A.G.

These companies hold dominant share of the military vetronics market depicting a highly consolidated vendor landscape.

It is projected that APAC's military vetronics market will grow at the highest pace between 2016 and 2028, due to increased demand in emerging economies such as India and China for technologically advanced combat land vehicles. Rise in developing countries ' defense budget is one of the critical factors driving this region's vetronics market.

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What Does This Report Provide?

This report provides a detailed understanding of the global military vetronics market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

While North America to experience waning share, Asia Pacific to display Exemplar Growth 

North America, among key regions in military vetronics market held leading revenue in 2015. The region is likely to continue to dominate until 2023. Substantial R&D for advanced vetronics systems for expanded use such as in navigation systems and communication systems accounts for lucrative growth of North America military vetronics market. However, nearing maturity of military vetronics market and growing rate of demilitarization are likely to account for waning share of this region in the coming years.

On the other hand, Asia Pacific is anticipated to experience significant growth in the military vetronics market in the forthcoming years. Surge in number of terrorist activities in countries such as India has led to ramp up of defense capabilities. This benefits the overall military vetronics market. 

Market Segmentation:

By Platform:

• Tanks
• Troop Carriers
• UGVs
• Amphibious Vehicles
• Others

By System:

• Communication & Navigation
• Weapon
• Power
• Other Systems

By Fit:

• Line-Fit
• Retrofit

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