Top companies covered are Curtis Wright Corporation (The U.S.), Thales Group (France), Rheinmetall AG (Germany), Lockheed Martin Corporation (The U.S.), L3Harris Technologies, Inc. (The U.S.), BAE Systems (The U.K), Oshkosh Corporation (The U.S.), Saab AB (Sweden), Raytheon Technologies Corporation (The U.S.), Leonardo S.p.A (Italy), General Dynamics Corporation (The U.S.), and other players covered in Military Vetronics Market research report
Pune, India, Jan. 18, 2021 (GLOBE NEWSWIRE) — The global military vetronics market size is projected to reach USD 8.22 billion by 2027, exhibiting a CAGR of 3.68% during the forecast period. Development of autonomous combat systems for military vehicles will ensure multi-dimensional growth of this market, observes Fortune Business Insights™ in its report, titled “Military Vetronics Market Size, Share & COVID-19 Impact Analysis, By Product Type (Communication & Navigation Systems, Power System, Display System, C4 Systems, and Others), By Platform (Unmanned Ground Vehicles, Armored Amphibious Vehicles, Light Protected Vehicles, Special Purpose Vehicles, and Others), By Application (OEM and Aftermarket), and Regional Forecast, 2020-2027”. Battlefield environments are rapidly changing and modern warfare strategies require a heavy infusion of smart technologies to enhance alertness and augment the capabilities of the armed forces. In view of these evolving dynamics, defense agencies are conducting intense research to develop new technologies and equip combat vehicles with smart tools.
For example, the Army Research Laboratory Artificial Intelligence for Maneuver and Mobility (AIMM) program under the U.S. Army Combat Capabilities Development Command aims to create AI-enabled vehicles that can serve robotic partners to ground troops, boosting their strength and combat capacities. The incorporation of next-generation technologies such as AI in defense systems will open new doors of innovation in the military vetronics domain.
List of Top Companies Covered in the Global Military Vetronics Market are:
Get Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/military-vetronics-market-104062
The report states that the market value stood at USD 6.48 billion in 2019 and offers the following:
Restraining Factor
Economic Fallout of COVID-19 to Lead to Defense Cuts in Several Countries
The global economic crisis precipitated by the COVID-19 pandemic has forced countries to reprioritize their spending. According to the World Bank, the world economy could shrink by 8% in 2020, if financial crises in major economies continue to intensify. The International Monetary Fund (IMF) projects that output from the Eurozone could decline by 10.2% in 2020, with recovery expected to begin towards the end of 2022. These projections have spelled serious for defense sectors in most of the major economies. In India, for example, the Indian Finance Ministry instructed ministries to cut their expenditures and experts believe that defense cuts could go as low as 40% in 2020. Moreover, the nationwide lockdown between March and May 2020 led to an estimated loss of USD 3 billion for Indian defense companies. In the UK, the government has suspended budget announcement for 2021 and has undertaken an Integrated Security and Defense Review to rethink spending priorities, which are likely to lead to defense budget cuts. The military vetronics market growth is likely to suffer in this scenario.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/military-vetronics-market-104062
Regional Insights
North America Market to Gain Momentum Powered by High Defense Spending by the US
In 2019, North America led the military vetronics market share with a market size of USD 2.22 billion and is expected to continue its impressive performance during the forecast period. This is primarily attributable to the massive military expenditure of the US. The country is also making heavy investments in developing and procuring advanced military technologies, which will further drive the regional market.
In Asia Pacific, China and India are shaping the market dynamics as both countries have steadily expanded their military budgets over the past few decades. Furthermore, the constant threat of terrorist activities and increasing cross-border animosity among countries is also supporting the adoption of advanced defense technologies in the region.
Competitive Landscape
Key Players to Focus on Engaging with Government Defense Agencies
Competition in this market is characterized by the deepening engagement between government defense agencies and private defense companies. The main reason behind these public-private collaborations is that private companies provide the necessary technologies, while government agencies provide the required financial support, creating an exciting dynamic in the defense sector.
Key Industry Developments:
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/military-vetronics-market-104062
Detailed Table of Content:
TOC Continued…!
Get your Customized Research Report:
https://www.fortunebusinessinsights.com/enquiry/customization/military-vetronics-market-104062
Have a Look at Related Research Insights:
Avionics Market Size, Share & COVID-19 Impact Analysis, By System (Hardware and Software), Platform (Commercial, Military, Business Jets, General Aviation), End-Use (OEM and Aftermarket), and Regional Forecast, 2020-2027
Voice Communication Control System Market Size, Share and COVID-19 Impact Analysis, By Solution (Hardware, Software, and Services), By Platform (Air, Ground, and Maritime), By Application (Air Traffic Control, Vessel Traffic Control, Strategic Emergency Services, and Others), By End User (Commercial, and Defense), and Regional Forecast, 2020 – 2027
Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others) and Regional Forecast, 2019-2026
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-military-vetronics-market-10423
Seasoned medical technology leader to drive global expansion and innovation in AI-driven cancer screeningSEOUL, South…
WESTFORD, Mass., July 9, 2024 /PRNewswire/ -- According to SkyQuest, the global Narrowband-IoT (NB-IoT) Market size was…
ADDISON, Texas, July 9, 2024 /PRNewswire/ -- Curantis Solutions is proud to be Certified™ by…
COLUMBUS, Ga., July 9, 2024 /PRNewswire/ -- Aspirion, a technology-leading healthcare revenue cycle management ("RCM")…
ATLANTA, July 9, 2024 /PRNewswire/ -- Accushield, a leading provider of visitor management solutions for…
Infrared/Red-Light Sauna Therapy Franchise Announces 2-Studio Agreement for Oklahoma City OKLAHOMA CITY, July 9, 2024…