10 November 2020
Visiongain has published a new report on Military Vetronics Market Report 2021-2031: Forecasts by Platform (Main Battle Tank, Infantry Fighting Vehicle, Armoured Personnel Carrier, Light Multirole Vehicle, Armoured Engineering Vehicle, Armoured Support Vehicle, Self-Propelled Howitzers), by Subsystem (Weapon Control Systems, Vehicle Control Systems, Navigation Systems, Propulsion Systems), by Application (Defence, Homeland Security) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global military vetronics market is estimated to be valued at US$ xx billion in 2021 and is projected to grow at a CAGR of xx% to reach a market value of US$ xx billion by 2031. Military vetronics market has been witnessing strong growth over the past few years on account of increasing procurement of armored vehicles across the globe. Armored vehicles such as Main battle tanks, Infantry fighting vehicles, and armored personnel carriers are equipped with advanced vehicles control systems, weapon handling systems and navigations systems to enhance the vehicle mobility across all the different terrains with ease. Increasing demand for armored vehicles and ongoing modernization programs are some of the key factors expected to drive the market for military vetronics over the forecast period. In addition, countries are also focusing on the procurement of long range & indirect firing capabilities by procuring self propelled artillery systems and multiple rocket launching systems which has also propelled the demand for military vetronics market over the past few years and the trend is expected to continue over the forecast period.
Emerging economies in Asia-Pacific and Middle Eastern region such as India, China, UAE, and Saudi Arabia are increasing their defense budgets over the past five years which is also expected to have positive impact on the procurement of armored vehicles, which in turn is expected to influence the demand for military vetronics during the forecast period. Moreover, border disputes of India with China and Pakistan is also resulted in these countries to modernize their existing fleet of armored vehicles with new control systems and weapons systems. All the aforementioned factors are some of the key factors likely to drive the market for military vetronics from 2021 to 2031.
COVID-19 Impact on Armored Vehicles Market
COVID-19 has affected the global economies negatively during the past few months, due to which defense budgets in 2021 are anticipated to fall considerably, compare to last few years. Majority of the countries spend around 2% of their GDP on defense budget and this percentage is expected to fall in coming years along with GDP. As a result of fall in GDP and defense budget allocation, all the defense markets are expected to witness smaller investments on the procurement over the next few years. On the other hand, companies operating in the defense sector are focusing on improving their manufacturing processes, raw material and subsystem procurement, and taking enough measures to establish safe work places in order to contain the spread of Covid-19 virus at the work places. However, it will take some years for countries to recover from this pandemic and economic instability.
Some of the company’s profiled in this report include Lockheed Martin Corporation, Thales Group, General Dynamics Corporation, Saab Group, Leonardo, Curtiss-Wright Corporation, Harris Corporation, Raytheon Company, BAE Systems, and Rheinmetall AG.
• In 2020, BAE Systems has received contract from US Army to build 160 Armored Multi-Purpose Vehicles (AMPVs) with vetronics and battlefield networking capabilities. The contract is worth US$ 400.9 million which includes the production of AMPVs in five different variants for multiple roles including mortar carrier, command vehicle, armored ambulance, engineer vehicle, and as a support vehicle for M2A3 Bradley Fighting Vehicles.
• In March 2020, Leonardo has announced that company’s family of rugged vehicle-mount computers as the standard equipment for ongoing production of Joint Light Tactical Vehicle (JLTV) for US Army and Marine Corps. Under this program, Leonardo will produce “Mounted Family of Computer Systems (MFoCS) II” for baseline configuration of JLTVs.
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