LONDON, Dec. 18, 2016 /PRNewswire/ -- "The vetronics market is projected to reach USD 3.51 billion by the end of 2021"
According to the projections in this report, the vetronics market is estimated 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. Factors that are expected to drive the vetronics market include network centric warfare, situational awareness, embedded technology system commonality, and shift towards COTS enabled improved SWaP specification.
"Based on vehicle type, the mine resistant ambush protected segment is expected to lead the vetronics market"
The need for technologically advanced vehicles by defense authorities worldwide is the key factor fueling the growth of the vetronics market. Mine resistant ambush protected vehicles provide protection against threats from chemical, biological, radiological, and nuclear weapons (CBRN), improvised explosive devices (IED), and rocket propelled grenades (RPG). Their strong demand from Middle Eastern countries, such as Iraq and Afghanistan is the key factor fueling the demand for mine resistant ambush protected vehicles.
"Based on subsystem, the C3 systems segment is expected to lead the vetronics market"
Based on subsystem, the C3 systems segment is estimated to account for the highest share of the vetronics market during the forecast period. This can be attributed to increase in demand for lightweight and technologically advanced display computers for vehicles used in warzone.
"North America is estimated to account for the largest share; Asia-Pacific is projected to grow at the highest rate during the forecast period"
The North-American region is estimated to account for the largest share of the vetronics market. Increased procurement of innovative vetronics and improvisation of existing fighting vehicles is the prime factor fueling the growth of the vetronics market in the region. The APAC region is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the rise in defense spending of leading countries, such as China, India, Japan, and Australia, among others. Need for technologically advanced vetronics systems is also a key factor fueling the growth of the vetronics market in the Asia-Pacific region.
Break-up of profile of primary participants for the report has been given below.
- By Company Type: Tier 1 - 45%, Tier 2 - 35%, Tier 3 - 20%
- By Designation: C Level - 50%, D level - 35%, Others - 15%
- By Region: North America - 44%, Europe - 35%, APAC - 15%, RoW - 6%
Vetronics have evolved over the course of time in terms of technology. CS13 program (command, control, communication, and information), COTS (Commercial of Shelf), and VICTORY (Vehicular Integration for Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance/Electronic Warfare) are some of the key trends driving the vetronics market.
Major companies profiled in the report 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.
Objectives of the Study:
The report analyzes the market on the basis of application (defense and homeland security), vehicle type (main battle tank, light protected vehicle, amphibious armored vehicles, mine resistant ambush protected vehicles, infantry fighting vehicles, armored personnel carriers, others), and subsystem (communication & navigation, observation & display systems, C3 systems, weapon & control systems, sensor & control systems, vehicle protection systems and power systems). It maps these segments and subsegments across major regions, namely North America, Europe, Asia-Pacific, the Middle East, and the Rest of the World.
- Software/Hardware/Service and Solution Providers
- Technology Support Providers
- Military Land Vehicles Manufacturers
- Subcomponent Manufacturers
Scope of the Report
- Homeland Security
By Vehicle Type
- Main Battle Tank
- Light Protected Vehicles
- Amphibious Armored Vehicles
- Mine resistant ambush protected
- Infantry Fighting Vehicle
- Armored Personnel Carriers
- Communication & Navigation
- Observation and Display Systems
- C3 Systems
- Weapon Control Systems
- Sensor & Control Systems
- Vehicle protection Systems
- Power Systems
- North America
- Middle East
- Rest of the World
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