Military Vetronics Market: A Snapshot
The two ways players in military
vetronics can approach business is through integrating their systems into new
vehicles and retrofitting them to older ones. Most of the defense agencies
across the world possess a large number of older vehicles that hold major
opportunities for use of modern and more rugged vetronics systems.
Additionally, key players are also focusing on the high demand for embedded
technology through the implementation of advanced SWaP specs on modern
vehicles. Another driver that vetronics players can look out for is the rapidly
growing demand for real time data tools in the defense industry.
However, the growing rate of
demilitarization in Europe and North America is discouraging several players in
the region from continuing to expand in conventional vetronics. Players will
soon need to look for opportunities in implementing vetronics systems in
unmanned vehicles.
As a result of the above factors,
the revenue earned in the global military
vetronics market is expected to progress at a CAGR of 5.3% between 2015 and
2023. This market is expected to reach US$10.71 bn by the end of 2023.
North America Defense Industry Pulling Large Number of Vetronics
Players
The average pace of the revenue
generation for vetronics players is expected to ramp up rapidly in the
immediate future and eventually slow down to maturity later on. The military
expenditure in Asia Pacific, Africa and the Middle East have recently witnessed
significant growth rates, while Europe has shown a very low growth. North
America on the other hand had shown a decline in military expenditure between
2013 and 2014, with the trend remaining consistent till 2016. Despite the fall
in expenditure, North America, particularly due to the U.S., holds the top
share of expenditure in the world.
North America held the leading
revenue share in military vetronics in 2015 and is expected to retain its
leadership till 2023. The growth of vetronics revenue in this region is
primarily dependent on the increasing investments in research and development
efforts for advanced vetronics systems. This applies especially to the fields of
navigation systems, communication systems, and real time data transmission
systems in modern combat vehicles.
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High Demand for Autonomous Operations Propels Demand for Power Systems
Vetronics
The revenue share of power
systems in vetronics is expected to reach 32.2% by the end of 2023. Control and
data distribution systems, the second-largest systems segment, is also expected
to show a decent growth in market share. Meanwhile, display systems and vehicle
management systems will show a very slow increase in market share between 2015
and 2023.
Most of the modern warfare
tactics and military vehicular utilities are largely dependent on remote
controlled operations and even fully autonomous military operations. These
systems are increasingly being integrated with communication systems, creating a
greater need for the implementation of high-end military vetronics. The
development of power systems is mainly based on these factors on a global
level.
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