Military Vetronics Global Market Report 2024

Military vetronics involves the integration of advanced electronics and computer systems into military vehicles, aiming to enhance situational awareness, survivability, and combat effectiveness. These systems are deployed across various functionalities within military vehicles, encompassing navigation, observation, communications, power management, propulsion, and weapon systems.

Primary categories of military electronics include navigation systems, communication systems, power systems, control and data distribution systems, C4 (Command, Control, Communications, and Computers) systems, display systems, and other related systems. Navigation systems, for instance, provide critical information regarding a vehicle's precise position, speed, and direction. These systems are available in both line-fit (original installation) and retrofit versions, catering to diverse applications such as unmanned ground vehicles, light-protected vehicles, specialized military vehicles, armored amphibious vehicles, among others. They find utilization predominantly within defense and homeland security sectors.

The military vetronics market research report Is one of a series of new reports from The Business Research Company that provides military vetronics market statistics, including military vetronics industry global market size, regional shares, competitors with a military vetronics market share, detailed military vetronics market segments, market trends and opportunities, and any further data you may need to thrive in the military vetronics industry. This military vetronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The military vetronics market size has grown strongly in recent years. It will grow from $5.21 billion in 2023 to $5.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The observed growth in the historical period can be largely attributed to several factors. This includes the ongoing modernization efforts within the realm of military vehicles, a heightened focus on Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) systems, rising security challenges and threats necessitating advanced technological responses, the adoption of network-centric warfare strategies, and an increasing demand for improved and robust communication systems within military vetronics. These combined elements have significantly influenced and contributed to the growth trajectory of military vetronics in the historical period.

The military vetronics market size is expected to see steady growth in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. Anticipated growth in the forecast period is expected to stem from several key factors. This includes the integration of Artificial Intelligence (AI) and autonomous technologies into military vetronics, an increased emphasis on robust cybersecurity measures, a rise in urban warfare scenarios and hybrid threats demanding sophisticated technological responses, the advancement of electronic warfare capabilities, and the ongoing influence of global geopolitical developments. Major trends expected during the forecast period encompass the implementation of modularity and scalability in vetronics systems, the integration and utilization of Unmanned Ground Vehicles (UGV), the development of energy-efficient power management solutions, advancements in data fusion and analytics for enhanced situational awareness, and the integration across various domains for comprehensive and cohesive operations. These trends collectively indicate the potential growth and evolution of military vetronics in the forecast period.

An anticipated upswing in defense expenditure is poised to catalyze the expansion of the military vetronics market. Defense expenditure encompasses the entirety of both current and capital investments allocated to the armed forces, including peacekeeping troops and paramilitary forces. A surge in defense budgets enables military organizations to channel increased resources into the research, development, and acquisition of advanced vetronic systems. This heightened investment empowers the military to integrate cutting-edge technologies such as advanced sensors, communication systems, unmanned systems, and integrated command and control systems. As exemplified in a December 2022 report from the UK Ministry of Defense, the fiscal year 2021-2022 witnessed a total increase in military expenditures reaching £45.9 billion ($58.35 billion), marking a £3.6 billion ($4.57 billion) upturn from the previous year. Moreover, equipment spending in the same period amounted to £20.9 billion ($26.57 billion), reflecting a nominal increase of £2.1 billion ($2.66 billion) from the preceding year. Consequently, the trajectory of increased defense expenditure is anticipated to drive growth in the military vetronics market.

The burgeoning demand for unmanned vehicles is expected to be a key driver propelling the expansion of the military robotics market. Unmanned vehicles, designed to operate autonomously or under remote human control, play a pivotal role in diverse military applications. The rising demand for unmanned vehicles is underpinned by the integral role of military vetronics, supplying essential electronic systems and advanced communication technologies. As reported by the International Civil Aviation Organization (ICAO) in January 2022, the production of Unmanned Aerial Systems (UAS) is projected to escalate from 2 million units in 2021 to a forecasted 6.5 million units by the year 2030. This surge in demand for unmanned vehicles is poised to drive growth in the military robotics market.

The military vetronics market is experiencing a significant trend towards product innovations, with major companies actively developing new products to fortify their market position. An illustrative example is Kontron AG, a German-based company specializing in embedded computer modules and systems for defense and homeland security. In May 2022, Kontron introduced the DARC VX208, a high-performance, ruggedized, and secure SWaP-constrained mission computer system. Specifically designed for deployment in challenging military and aerospace scenarios, including mission computing, command and control, electronic warfare, and vetronics, the DARC VX208 integrates two Optical 10 GbE ports with server-class computing and MIL-DTL38999 I/O capabilities. It particularly suits applications requiring high bandwidth, such as radars and high-definition video processing, to handle substantial data volumes efficiently.

Major companies in the military vetronics market are placing a strategic focus on developing technologically advanced products, including non-ITAR vehicular navigation systems. Non-ITAR vehicular navigation systems are navigation technologies incorporated into vehicles that operate outside the purview of the International Traffic in Arms Regulations (ITAR). Rockwell Collins Aerospace Company, a prominent US-based aerospace and defense corporation, exemplifies this approach. In June 2022, the company launched NavHub-200M, a revolutionary vehicular navigation system designed for the global market, free from ITAR constraints and compatible with Military Code (M-Code) receiver technology. NavHub-200M distinguishes itself with enhanced message formats and signal modulation techniques, ensuring swift and precise performance for ground vehicles operating in connected battle environments. Beyond its Assured Positioning, Navigation, and Timing (APNT) features, NavHub-200M enhances resilience against evolving threats targeting Global Positioning Systems (GPS), including jamming and spoofing.

In July 2021, BAE Systems, a prominent UK-based multinational company specializing in arms, security, and aerospace, completed the acquisition of Collins Aerospace's Military Global Positioning System (GPS) business from Raytheon Technologies Corporation. The financial terms of the transaction were not disclosed. This acquisition strategically complements BAE Systems' existing Electronic Systems portfolio by incorporating cutting-edge GPS anti-jamming and anti-spoofing technology. These advanced technologies significantly enhance the reliability of navigation and guidance systems for diverse defense missions. Raytheon Technologies Corporation, a leading US-based aerospace and defense company, is renowned for delivering innovative technologies and comprehensive services to commercial, military, and government clients, encompassing various sectors, including vetronics.

Major companies operating in the military vetronics market report are General Electric Co, Raytheon Company, The Boeing Company, Lockheed Martin Corporation, Rheinmetall AG, Elbit Systems Ltd., Saab AB, General Dynamics Corporation, Northrop Grumman, Kongsberg Gruppen ASA, Cummins Inc., BAE Systems Inc., Collins Aerospace, Curtiss-Wright Corp, Cobham Limited, Safran SA, Thales SA, L3Harris Technologies Inc., TE Connectivity Ltd., Assabloy AB, Leonardo-Finmeccanica SPA, Oshkosh Defense LLC, Point Blank Enterprises Inc., KVH Industries Inc., C4 Advanced Tactical Systems LLC.

North America was the largest region in the military vetronics market in 2023. The regions covered in the military vetronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the military vetronics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The military vetronics market consists includes revenues earned by entities by joint fire support systems and vehicle optronics, and vehicle radar sensors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Military Vetronics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on military vetronics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for military vetronics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The military vetronics market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Navigation System; Communication System; Power System; Control And Data Distribution System; C4 System; Display System; Other Types
• 2) By Fit: Line-Fit; Retrofit
• 3) By Application: Unmanned Ground Vehicles; Light Protected Vehicles; Special Purpose Vehicles; Armored Amphibious Vehicles; Other Applications
• 4) By End-User: Defense; Homeland Security
• Companies Mentioned: General Electric Co; Raytheon Company; The Boeing Company; Lockheed Martin Corporation; Rheinmetall AG
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.