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Vetronics Market to Reach $6.50 Billion, Globally, by 2030 at 4.6% CAGR: Allied Market Research
News provided byAllied Market Research
Apr 14, 2022, 12:30 AM ET
Increase in defense budget expenditure for modernization of existing vetronics systems, integration of new age information technologies, and need for open architecture drive the global vetronics market.
PORTLAND, Ore., April 14, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Vetronics Market by Platform (Homeland Security, Military), by Vehicle Type (Main Battle Tank, Light Combat Vehicles, Armored Personnel Carriers, Infantry Fighting Vehicle, Others), by System (Weapon and Control System, Command and Communication, Navigation and Display, Sensor and Optronics, Power System, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030" As per the report, the global vetronics industry was accounted for $4.20 billion in 2020, and is expected to reach $6.50 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
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Major determinants of the market growth
Rise in defense budget expenditure for modernization of existing vetronics systems, incorporation of new age information technologies, and demand for open architecture have boosted the growth of the global vetronics market. However, surge in cyber threats and high manufacturing cost hinder the market growth. On the contrary, proactive government initiatives and surge in share of electronic components in military vehicles would open new opportunities in the future.
- The Covid-19 pandemic negatively affected the military industry and ventronics market due to limited business operations and logistics support and shift in budget allocations toward managing medical crisis.
- However, North America and Asia-Pacific countries are more inclined toward modernizing their military fleet, even during the pandemic. This increased the demand for vetronics.
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The main battle tank segment dominated the market
By vehicle type, the main battle tank segment held the largest share in 2020, accounting for nearly one-third of the global vetronics market, owing to rise in investments from defense organization for acquisition of these vehicles. However, the infantry fighting vehicle segment is estimated to register the highest CAGR of 5.3% during the forecast period, due to rise in demand to integrate these vehicles with advanced vetronics systems.
The transportation segment to portray the highest CAGR through 2030
By platform, the homeland security segment is projected to manifest the highest CAGR of 4.9% from 2021 to 2030. Moreover, the military segment held the largest share in 2020, accounting for nearly three-fourths of the global vetronics market, due to integration of vetronics system in homeland security vehicles to improve operational efficiency and reduce the response time to support business opportunities. The research also analyzes the military segment.
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North America held the lion's share
By region, the market across North America dominated in 2020, accounting for more than two-fifths of the market, owing to presence of several market players and high defense budget expenditure of countries including the U.S. However, the global vetronics market across Asia-Pacific is expected to showcase the highest CAGR of 5.9% during the forecast period, due to integration of novel technologies and surge in efforts taken by countries such as India and China to increase indigenous manufacturing capabilities.
Major market players
- Thales Group
- Saab Ab
- Curtiss-Wright Corporation
- BAE Systems
- General Dynamics Corporation
- Rheinmetall AG
- Leonardo S.p.A.
- L3harris Technologies, Inc.
- Raytheon Technologies Corporation
- Lockheed Martin Corporation.
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