Military Vetronics Market Forecast, 2020-2025


Posted March 17, 2021 by sandycool

Military Vetronics Market was estimated at USD 4 billion in 2020 and is anticipated to reach USD 4.66 billion by the end of the assessment period, with a CAGR of 4.0% throughout the estimated period (2020-2025).
 
Military Vetronics Market was estimated at USD 4 billion in 2020 and is anticipated to reach USD 4.66 billion by the end of the assessment period, with a CAGR of 4.0% throughout the estimated period (2020-2025).

Vetronics includes electronic components associated with vehicles that are primarily operated by defense organizations. Improve combat capabilities and situational awareness of military vehicles. Also, these systems are essential to improve the efficiency of land vehicles and their role in network-centric integrated warfare operations.

Recent Developments:

In December 2019, the Danish Ministry of Defense, Acquisition and Logistics Organization (DALO) concluded a $ 29.5 million contract with Kongsberg to integrate its Remote Protection Station (RWS) with the Piranha V 8x8 vehicle.

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In January 2018, Kongsberg Defense & Aerospace (KONGSBERG) and Patria have made a deal to develop opportunities in existing missile systems. The agreement includes the creation of a Missile Competence Center in Finland, Basic Open Tactical Framework (OTF) technologies and system architecture software for missile programs in Finland and international opportunities related to these skills.

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Military Vetronics Market Segmentation:
The global military vetronics market is segmented by

System

Communication
Navigation systems
Platform

Tanks
Other armored vehicles
Fit

Adjustment
Modernization
Impact of COVID-19 on Global Military Vetronics Market:
The impact of the global coronavirus epidemic is changing minute by minute. It is practically impossible to look anywhere and not see signs of the pandemic, which has affected our lives, our workplace, our communities and our homes. Given several unknown elements of this outbreak and the situation that continues to develop, it is difficult to assess what the future holds for us. The global aerospace and defence industry has seen clear and immediate consequences. It is well known in the industry that the commercial aerospace sector has experienced the fastest growth in decades, and defence spending worldwide has increased in the years after the Great Recession. The A&D industry was inevitably heading for a reboot, and COVID-19 could very well have accelerated this change.

Regional Analysis:

The global market for Military Vetronics has been categorized into

North America
Asia Pacific
Europe
Latin America
Middle East and Africa
North America is estimated to account for the majority during the considered period. The North American region includes the United States and Canada. The focus of the United States Department of Defense (DOD) on the development of military vehicles in recent years has resulted in a sharp increase in market demand in this region. In addition, ongoing military operations and exercises in Middle Eastern countries will also focus the United States on developing vehicle systems in terms of C3 capabilities, further expanding the reach of the military veterinary market in the region.

Leading Company

Curtiss Wright Corporation had the largest share of the Military Vetronics Market in terms of sales and revenue in 2019.

Key Players

The Military Vetronics Market is concentrated with well-established players. Key players in the Military Vetronics Market comprise SAAB Group, Raytheon Company, Thales Group, Curtiss Wright Corporation, General Dynamics Corporation, and Lockheed Martin Corporation.
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Last Updated March 17, 2021