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The global military vetronics market displays an extremely consolidated market landscape with the presence of numbered market players, reports Transparency Market Research (TMR). Prominent players in the military vetronics market comprise TE Connectivity Ltd., BAE Systems, Curtiss-Wright Corp., Rheinmetall A.G., and General Electric Co. These companies are focusing on the development of new vetronics with enhanced networking capabilities to increase their revenue share in the market. Along with this, they are engaging in strategic collaborations so that they can introduce new products in the market, thus combining forces with a reliable entity.
As per TMR analysts, the global military vetronics market is prophesized to rise at 5.3% CAGR during the forecast period which is 2015 to 2023. This growth rate will aid the market in attaining the value of $10.71 by the end of 2023.
On the basis of system, the global military vetronics market is segmented into vehicle management systems, display systems, control and data distribution systems, and power systems. The power systems segment generates the maximum revenue in the market and is anticipated to hold 32.2% of the market's share by the end of the forecast period.
Geographically, the military vetronics market spreads across Europe, North America, Asia Pacific, and Rest of the World. Of them, North America holds a dominant position in the market owing to a rise in research and development activities and development of enhanced vetronics systems.
Advancements in Communications Technology to Expedite Growth
With the recent developments in wireless communications technology, there is a rise in demand for advanced vetronics systems. This has led to the incorporation of technologies such as the X-BY-Wire technology and the use of new sensor fusion architecture in the development of vetronics. Consequently, there is a rise in the adoption of vetronics, thus propelling the growth of the military vetronics market.
Additionally, all the military operations highly rely on the remote controlled technology leading to its integration in high-end military vetronics systems. Moreover, raw materials for developing vetronics are easily available, thus reducing the production costs of vetronic systems. These factors have positively impacted the global military vetronics market, thereby fortifying its growth.
In addition to the drivers mentioned above, rising tension at the borders has cropped the need for advanced vetronics to prevent the breaches. As a result, the defense sector is significantly investing in the development of vetronics, thus augmenting the military vetronics market's growth. Moreover, the dominance of network-centric operations in warfare has facilitated an expansion in the military vetronics market.
However, along with numerous drivers, there are a few restraints that may cause a shortfall in the military vetronics market. Factors such as stringent product approval process and cumbersome procurement process may hinder the market's growth. Nonetheless, the rising number of terrorist attacks and increasing need for situational alertness may offset the effects of the restraints, thus creating new opportunities for the market. Additionally, modernization of military vetronic systems will present lucrative opportunities for the military vetronics market.
Development of Vetronics for Ground Mobility to Expand Frontiers
Development of military vetronic systems for ground mobility will facilitate swift movement of soldiers across the battlefields. General Dynamics, the military vehicle expert is all set to provide the U.S. army with ground mobility vehicles that offer excellent off-road mobility. Moreover, they have advanced vetronics that facilitate quick commute of airborne infantry brigade combat teams from drop zones to where their missions are carried out. These vehicles offer superior maneuverability, thus preventing major threats. Such developments have encouraged future research in the field of military vetronics, thus creating new avenues for the global military vetronics market.