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(MoneyNewsWire.Net, May 19, 2018 ) The vetronics market is projected to grow from USD 2.85 Billion in 2016 to USD 3.51 Billion by 2021, at a CAGR of 4.30% during the forecast period. Various factors, such as network centric warfare, situational awareness, embedded technology system commonality, and shift towards COTS enabled improved SWaP specifications are expected to drive the vetronics market during the forecast period. This market has witnessed substantial growth in recent years.
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The market is divided on the basis of application, vehicle type, subsystem, and region. Based on application, the vetronics market has been segmented into defense and homeland security. The defense segment is estimated to account for the largest share of the vetronics market in 2016. The growth of this segment can be attributed to rise in defense spending, especially of emerging economies, such as India and China. Based on vehicle type, the vetronics market has been segmented into main battle tank, light protected vehicles, amphibious armored vehicles, mine resistant ambush protected vehicles, armored personnel carriers, and others, which includes military robots, tactical tanks, among others. The light protected vehicles segment is expected grow at the highest rate due to increase in demand for technologically advanced vehicles. Based on subsystem, the vetronics market is segmented into communication & navigation, observation & display systems, C3 systems, weapons control systems, sensor & control systems, vehicle protection systems, and power systems. The observation & display systems segment is expected to grow at the highest rate during the forecast period. Factors fueling the growth of this segment include increased demand for technologically advanced cameras as well as rise in demand for computerized systems for effective surveillance.
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Based on region, the vetronics market is divided into North America, Europe, Asia-Pacific, the Middle East, Africa, and the Rest of the World. North America and Europe are estimated to account for the largest share of the vetronics market in 2016, and are expected to lead the global vetronics market during the forecast period. Asia-Pacific is anticipated to be the fastest-growing region due to increase in defense spending of emerging economies, such as India and China.
Some of the factors, such as defense budget cuts are expected to restrict the growth of this market. Major players in the vetronics market are Thales Group (U.S.), Raytheon Company (U.S.), Lockheed Martin Corporation (U.S.), SAAB Group (Sweden), General Dynamics Corporation (U.S.), Curtiss Wright Corporation (U.S.), Elbit Systems (Israel), Leonardo-Finmeccanica SPA (Italy), Harris Corporation (U.S.), Rheinmetall AG (Germany), BAE Systems (U.K.), among others.
The strategy of contracts accounted for the major share of the total growth strategies adopted by the leading players in the vetronics market. For instance, Thales Group received a contract worth USD 10.3 million from the U.S. Defense Logistics Agency to supply AN/PRC-148 hand-held military radio and adapters to be installed in land vehicles. Radio offers 30-512 MHz frequency range, complies with Software Communications Architecture (SCA), and hosts a military's most important core waveforms. This strategy has helped companies to maintain their position in the vetronics market.
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