Military Vetronics Market Size Worth $8.14 Billion by 2032 | CAGR: 5% by The Brainy Insights
The global military vetronics market size is anticipated to grow from USD 5 billion to USD 8.14 billion in 10 years. The market will experience rapid growth due to technological advancements in military vetronics during the forecast period. Increase in governments defence budget expenditure will modernize the military, and the global electronics systems market will benefit from it during the forecast period.
Newark, Jan. 10, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 5 billion in 2022 global military vetronics market will reach USD 8.14 billion in 2032. “vehicle electronics”, or “vetronics,” refers to a broad range of components, including circuit boards, semiconductors, power electronics, and displays. They are now the pinnacle of consistent performance, low weight, and economical power consumption with years of engineering refinement. Vetronics are the electronic components of a vehicle that control navigation, communications, and weapons. In technology, the word “vehicle electronics,” or “vetronics,” is frequently used in the military. Electronics play a major role in military vehicles. Military electronics, subsystems, and components provide the basis of missile defence systems, electronic warfare systems of the army and air force, command and control systems, and navigation and communication systems used by the armed services. Due to their skills, military electronics companies are essential to the modern defence industry. Vetronics creates a highly efficient, nimble collaborative fighting system by integrating the right electronics systems in combat vehicles and communication technologies that enable smooth, dependable exchanges between units.
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Key Insight of the Global Military vetronics Market
North America will dominate the market during the forecast period.
When it comes to military and technological advancement, the United States of America is at the forefront. Since rising military funding has led to significant advancements and development, they have access to the most advanced technologies. Significant market players’ presence in the area also contributes to the growth. Since the US guarantees the security of its allies, it has a sizable market for military exports, including vetronics. The market is expanding due to increased spending on military innovation brought on by the growing danger posed by North Korea, China, and Russia.
In 2022, the weapon and control systems segment dominated the market with the largest market share of 36% and market revenue of 1.8 billion.
The system segment is divided into weapon and control systems, navigations and display, power system, command and communication, sensor and optronics, and others. In 2022, the weapon and control systems segment dominated the market with the largest market share of 36% and market revenue of 1.8 billion.
In 2022, the main battle tank segment dominated the market with the largest market share of 42% and revenue of 2.1 billion.
The platform type segment is divided into unmanned ground vehicles, light-protected vehicles, special purpose vehicles, main battle tanks, light-protected vehicles, amphibious vehicles and others. In 2022, the main battle tank segment dominated the market with the largest market share of 42% and revenue of 2.1 billion.
In 2022, the retrofit segment dominated the market with the largest market share of 75% and market revenue of 3.75 billion.
The fit segment is divided into line fit and retrofit. In 2022, the retrofit segment dominated the market with the largest market share of 75% and market revenue of 3.75 billion.
Advancement in market
During the Association of the United States Army (AUSA) annual conference, several business partners displayed new hardware and software that simplifies mission systems used by soldiers in the field through a modular open standards approach (MOSA). The emphasis was on how open standards like SOSA, CMOSS, MORA, and VICTORY could streamline system architecture, especially for ground combat applications used by the US Army. The presentation focused on overcoming various obstacles when combining two separate systems: CMFF and vetronics.
Driver: The rising cost of defence.
After the end of the Cold War, geopolitical tensions reached an all-time high for the first time. The battle between Armenia and Azerbaijan, the Russian invasion of Ukraine, and the attack on Israel by Hamas, which led to Israel declaring war on the organization, have all brought attention to the significance of having a strong military and national security system. The world can learn from each of these wars. Governments are raising defence spending to be ready for any future events of this nature that can jeopardize national security. Throughout the projected time, the worldwide vetronics systems market will profit from this increase in budgetary spending, which will upgrade the military.
Restraints: The high development costs.
Vetronics is an advanced, specialized field of technology that uses top-tier hardware and software. It takes a lot of capital to create such technologies and integrate vetronics with current automobiles. Consequently, the market’s expansion will be hampered by the high development expenses.
Opportunities: developments in technology that strengthen military vetronics.
With technological advancements, veterinary devices have improved situational awareness, efficacy, and interoperability. With these developments, battle tanks are now equipped to withstand the rigours of modern warfare. The use of AI in military vetronics is also aided by the global trend of increased defence spending. AI allows vetronics to identify targets more accurately and expand the scope of surveillance through improved imaging and navigation. Military vehicles can better coordinate offensive and defensive manoeuvres and intercept hostile attacks because of faster diagnostic and data processing. Over the anticipated ten years, these developments will support the global military vetronics market’s growth.
Challenges: the growing risk of cyberattacks.
The vetronics are vulnerable to cyberattacks. The military equipment can be rendered useless if a virus attacks the systems or the system is hacked by enemies of the state through the internet. These concerns will challenge the market’s growth as more systems are automated to modernize the military.
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Some of the major players operating in the global military vetronics market are:
• BAE Systems plc
• Curtiss-Wright Corporation
• General Dynamics Corporation
• L3Harris Technologies, Inc.
• Leonardo S.p.A
• Lockheed Martin Corporation
• Raytheon Technologies Corporation
• Rheinmetall AG
• Saab Ab
• Thales Group
Key Segments covered in the market:
• Weapon and Control Systems
• Navigations and Display
• Power System
• Command and Communication
• Sensor and Optronics
By Platform Type
• Unmanned Ground Vehicles
• Light Protected Vehicles
• Special Purpose Vehicles
• Main Battle Tanks
• Light Protected Vehicles
• Amphibious Vehicles
• Line Fit
• Retro Fit
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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