According to the report by Expert Market Research (EMR), the global military vetronics market size reached a value of around USD 4.73 billion in 2023. Aided by the increasing need for situational awareness and technological advancements, the market is projected to grow at a CAGR of 4.5% between 2024 and 2032 to reach a value of nearly USD 7.04 billion by 2032.
Vetronics, or vehicle electronics, play a crucial role in modern warfare, enhancing the capabilities of military vehicles in terms of communication, navigation, surveillance, and weapon control. The integration of advanced vetronics systems in military vehicles is essential for improving situational awareness, operational efficiency, and the overall effectiveness of military operations.
The rising global security concerns and the growing need for modernised military vehicles equipped with state-of-the-art electronic systems are major factors driving the growth of the military vetronics market. Governments and defence organisations worldwide are investing heavily in the upgrade and procurement of new military vehicles, which is further fuelling the demand for vetronics.
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Moreover, the increasing emphasis on network-centric warfare and the integration of IoT (Internet of Things) in military operations is propelling the adoption of advanced vetronics systems. These systems enable real-time data sharing and communication between various military vehicles and command centres, thereby enhancing the coordination and execution of military missions. This is one of the key military vetronics market trends.
The development of lightweight and energy-efficient vetronics systems is also a significant trend in the market. With the growing focus on vehicle mobility and fuel efficiency, manufacturers are innovating to create compact and power-efficient vetronics solutions that can be easily integrated into a wide range of military vehicles. This is expected to contribute to the military vetronics market growth.
In addition, advancements in autonomous technology and the increasing deployment of unmanned ground vehicles (UGVs) in military operations are creating new opportunities for the market. The integration of sophisticated vetronics systems is essential for enabling autonomous navigation, obstacle detection, and decision-making capabilities in UGVs. This is expected to result in the military vetronics market expansion.
As the global security landscape evolves, the military vetronics market is expected to witness further expansion. The integration of artificial intelligence (AI) and machine learning (ML) technologies into vetronics systems is a key trend that is anticipated to shape the future of the market. These technologies enable the development of smarter, more autonomous military vehicles capable of performing complex tasks with minimal human intervention, thereby enhancing the effectiveness of military operations. This is expected to drive the military vetronics market expansion.
The demand for vetronics is also expected to rise with the increasing focus on electronic warfare and countermeasures. Modern military vehicles are being equipped with advanced electronic systems to detect, intercept, and counteract threats from enemy electronic devices and communication systems. This is crucial for maintaining a strategic advantage on the battlefield and ensuring the safety of military personnel. This is one of the key military vetronics market trends.
Furthermore, the trend towards the digitisation of the battlefield is driving the need for interconnected vetronics systems that can seamlessly communicate and share data with other military assets, such as drones, aircraft, and naval vessels. This interoperability is essential for achieving a unified and coordinated military response in complex operational scenarios.
The military vetronics market is also influenced by regulatory and budgetary constraints. Governments and defence organisations must navigate the challenges of securing adequate funding and complying with regulatory standards while investing in the latest vetronics technologies. Collaboration between industry players and defence agencies is crucial for addressing these challenges and driving the development of innovative vetronics solutions.
In conclusion, the global military vetronics market is set for continued growth, driven by the increasing demand for advanced electronic systems in military vehicles, technological advancements in AI and electronic warfare, and the ongoing digitisation of the battlefield. As military operations become more complex and technology-driven, the role of vetronics in enhancing the capabilities of military vehicles will become increasingly important, making it a key area of focus for defence organisations and industry players alike.
Global Military Vetronics Market Segmentation
The market can be divided based on product, platform, application, end-use, and region.
Market Breakup by Product
- Communication and Navigation System
- Power System
- Display System
- C4 System
- Others
Market Breakup by Platform
- Unmanned Ground Vehicles
- Main Battle Tanks and Other Armoured Vehicles
- Light Protected Vehicles
- Special Purpose Vehicles
- Amphibious Vehicles
- Others
Market Breakup by Application
- OEM
- Aftermarket
Market Breakup by End Use
- Defence
- Homeland Security
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Global Military Vetronics Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global military vetronics market. Some of the major players explored in the report by Expert Market Research are as follows:
- Saab AB
- Curtiss-Wright Corporation
- Thales Group
- Elbit Systems Ltd.
- General Dynamics Corporation
- Others
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