The Military Vetronics market is estimated to grow at a Compound Annual Growth Rate (CAGR) of 5.34 % from 2019 to 2029.
Digitalisation is having a profound, driving effect on the Vetronics market, as are major advancements in Command, Control, Communications and Computing (C4) technologies.
The key player anticipates that global investment and consolidation will be healthy over the next decade with defence departments continuing to modernise their existing fleets and, in some cases, beginning preparations for large-scale ground combat operations.
Leading companies such as BAE Systems, General Dynamics, Kongsberg Gruppen, Leonardo S.p.A. and Oshkosh Corporation, among others, are active in this USD 3.56 billion market.
The lead Defence Analyst said: "Since the turn of the millennium, the birth of the digital battlefield has somewhat transformed how militaries around the world overcome challenges from state and non-state actors. Analysis has shown that ground vehicles have not escaped the effects of digitalisation and, as a result, have become interconnected nodes in combat.
We have witnessed a significant increase in the amount of advanced electronic systems in military vehicles, predominantly computing, communication and display technologies. It has arguably made armed forces more agile, powerful and responsive to what is happening in the field.
It is likely that digitalisation will continue to drive the Vetronics market forward and administrations specifically in North America, Europe and the Asia-Pacific region will further commit to modernising their militaries."
Source: ASDReports - Market Research
Date: Jul 4, 2019