HOME Top Market Reports Vetronics Market by Application (Defense and Homeland Security), Vehicle Type (Main Battle Tank, Light Protected Vehicle, Amphibious Armored Vehicle), Subsystem (Communication, Navigation, C3 Systems, Power Systems) - Global Forecasts to 2021

Vetronics Market by Application (Defense and Homeland Security), Vehicle Type (Main Battle Tank, Light Protected Vehicle, Amphibious Armored Vehicle), Subsystem (Communication, Navigation, C3 Systems, Power Systems) - Global Forecasts to 2021

By: marketsandmarkets.com
Publishing Date: September 2016
Report Code: AS 2537

 

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The vetronics market is projected 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. The vetronics market is driven by various factors, such as network centric warfare, situational awareness, embedded technology system commonality, shift towards COTS enabled improved SWaP specifications, among others. This report forecasts the vetronics market and its dynamics during the next five years, while also recognizing market applications, evolving technologies, recent developments in the market, and high potential geographic regions and countries. The base year considered for the study is 2015, and the forecast period is between 2016 and 2021.

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, among 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.

The report provides in-depth market intelligence regarding market dynamics and major factors influencing the growth of the vetronics market (drivers, restraints, opportunities, and industry-specific challenges), along with analyzing micromarkets with respect to individual growth trends, future prospects, and their contribution to the overall vetronics market.

The report also covers competitive developments, such as long-term contracts, joint ventures, mergers & acquisitions, new product launches and developments, and research & development activities in the global vetronics market in addition to strategies adopted by key market players.

Research Methodology:

The research methodology used to estimate and forecast the vetronics market begins with obtaining data about key vendor revenues through secondary research, such as company websites, annual reports, press releases, investor presentations, SEC filings, secondary journals, industry news websites, and expert interviews. Vendor offerings are also taken into consideration to determine market segmentation. Bottom-up procedure was employed to arrive at the overall market size of the vetronics market from revenues of key market players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with expects, such as CEOs, VPs, directors, and executives, among others. Data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. Breakdown of profiles of primaries is depicted in the figure below:

Vetronics Market

To know about the assumptions considered for the study, download the pdf brochure

The ecosystem of the vetronics market comprises software/hardware/service, and solution providers, manufacturers, distributors, and end users. Some of the key players in the vetronics market 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. These players are adopting various strategies, such as agreements and partnerships, new product developments, contracts, and expansion to strengthen their positions in the vetronics market. They are also focusing on the development of new products with higher accuracy and reduced weight, by investing considerable amount of their revenue on R&D.

Target Audience

  • Software/Hardware/Service and Solution Providers
  • Technology Support Providers
  • Military Land Vehicles Manufacturers
  • Subcomponent Manufacturers

Scope of the Report

By Application

  • Defense
  • Homeland Security

By Vehicle Type

  • Main Battle Tank
  • Light Protected Vehicles 
  • Amphibious Armored Vehicles
  • Mine resistant ambush protected
  • Infantry Fighting Vehicle
  • Armored Personnel Carriers
  • Others

By Subsystem

  • Communication & Navigation
  • Observation and Display Systems
  • C3 Systems
  • Weapon Control Systems
  • Sensor & Control Systems
  • Vehicle protection Systems
  • Power Systems

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Middle East
  • Rest of the World

Available customization

  • Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency & Pricing
    1.5 Limitations
    1.6 Market Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
    2.2 Factor Analysis
           2.2.1 Demand Side Indicators
                    2.2.1.1 Rising Need for Accuracy in Navigation and Connectivity
                    2.2.1.2 Growing Regional Conflicts and Modernization of Militaries
           2.2.2 Supply Side Indicators
                    2.2.2.1 High Availability of Small and Robust Electronic Components
    2.3 Market Size Estimation
           2.3.1 Bottom-Up Approach
           2.3.2 Top-Down Approach
    2.4 Market Breakdown & Data Triangulation
    2.5 Assumptions

3 Executive Summary (Page No. - 28)
    3.1 Market Drivers: Regional Mapping
    3.2 Vetronics Market Share, By Region, 2016 & 2021

4 Premium Insights (Page No. - 32)
    4.1 Attractive Market Opportunities in the Vetronics Market
    4.2 Vetronics Market, By Application, 2014 -2021
    4.3 Asia-Pacific Vetronics Market, 2015
    4.4 North America Estimated to Capture the Largest Share in the Vetronics Market in 2016
    4.5 Vetronics Market, By Subsystems
    4.6 Life Cycle Analysis, By Geography

5 Market Overview (Page No. - 35)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 Vetronics Market, By Application
           5.2.2 Vetronics Market, By Vehicle Type
           5.2.3 Vetronics Market, By Subsystems
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Upgradation of Countries to Network-Centric Warfare
                    5.3.1.2 Situational Awareness
                    5.3.1.3 Embedded Technology System Commonality
                    5.3.1.4 Shift Towards Cots Enables Improved Swap Specification
           5.3.2 Restraints
                    5.3.2.1 Defense Budget Cuts
           5.3.3 Opportunities
                    5.3.3.1 Development of Vetronics Systems Which are Compatible With Hybrid Engines
                    5.3.3.2 Availability of New Energy Solutions
           5.3.4 Challenges
                    5.3.4.1 Power Consumption

6 Industry Trends (Page No. - 42)
    6.1 Introduction
    6.2 Key Influencers
    6.3 Key Trends in Vetronics Market
           6.3.1 CS 13
           6.3.2 Cots (Commercial Off-The-Shelf)
           6.3.3 Victory
    6.4 Vetronics Procurement for Armored Vehicles , By Regions
           6.4.1 North America
           6.4.2 Europe
           6.4.3 Asia-Pacfic
           6.4.4 The Middle East
           6.4.5 Active Protection Systems
           6.4.6 Interoperable Communication Systems

7 Vetronics Market, By Application (Page No. - 50)
    7.1 Introduction
    7.2 Defense
    7.3 Homeland Security

8 Vetronics Market, By Vehicle Type (Page No. - 54)
    8.1 Introduction
    8.2 Main Battle Tanks
    8.3 Light Protected Vehicles
    8.4 Amphibious Armoured Vehicles
    8.5 Mine Resistant Ambush Protected (MRAP) Vehicles
    8.6 Infantry Fighting Vehicles
    8.7 Armored Personnel Carriers
    8.8 Others

9 Vetronics Market, By Subsystem (Page No. - 58)
    9.1 Introduction
    9.2 Navigation Systems
    9.3 Observation & Display Systems
    9.4 C3 Systems
    9.5 Weapon Control Systems
    9.6 Sensor & Control Systems
    9.7 Vehicle Protection Systems
    9.8 Power Systems

10 Geographic Analysis (Page No. - 61)
     10.1 Introduction
     10.2 North America
             10.2.1 By Application
             10.2.2 By Vehicle Type
             10.2.3 By Subsystems
             10.2.4 By Country
                        10.2.4.1 U.S.
                        10.2.4.2 Canada
     10.3 Europe
             10.3.1 By Application
             10.3.2 By Vehicle Type
             10.3.3 By Subsystems
             10.3.4 By Country
                        10.3.4.1 U.K.
                        10.3.4.2 Germany
                        10.3.4.3 Russia
                        10.3.4.4 France
     10.4 Asia-Pacific
             10.4.1 By Application
             10.4.2 By Vehicle Type
             10.4.3 By Subsystems
             10.4.4 By Country
                        10.4.4.1 China
                        10.4.4.2 India
                        10.4.4.3 Australia
     10.5 The Middle East
             10.5.1 By Application
             10.5.2 By Vehicle Type
             10.5.3 By Subsystems
             10.5.4 By Country
                        10.5.4.1 UAE
                        10.5.4.2 Saudi Arabia
                        10.5.4.3 Israel
     10.6 Rest of the World
             10.6.1 By Application
             10.6.2 By Vehicle Type
             10.6.3 By Subsystems
             10.6.4 By Region
                        10.6.4.1 Latin America
                        10.6.4.2 Africa

11 Competitive Landscape (Page No. - 103)
     11.1 Introduction
     11.2 Market Share Analysis
             11.2.1 Brand Analysis
             11.2.2 Competitive Situation and Trends
             11.2.3 Contracts
             11.2.4 New Product Launches

12 Company Profiles (Page No. - 113)
     12.1 Introduction
(Overview, Financials, Products & Services, Strategy, and Developments)*
     12.2 Thales Group
     12.3 Saab Group
     12.4 Lockheed Martin Corporation
     12.5 General Dynamics Corporation
     12.6 Raytheon Company
     12.7 Curtiss-Wright Corporation
     12.8 Leonardo-Finmeccanica S.P.A
     12.9 Rheinmetall AG
     12.10 BAE Systems PLC.
     12.11 Harris Corporation

*Details on Overview, Financials, Product & Services, Strategy, and Developments Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 143)
     13.1 Discussion Guide
     13.2 Knowledge Store: Marketsandmarkets Subscription Portal
     13.3 Introducing RT: Real Time Market Intelligence
     13.4 Available Customization
     13.5 Related Reports


List of Tables (75 Tables)

Table 1 Major Conflicts Worldwide, 2002-2015
Table 2 Application Analysis: Vetronics Market
Table 3 Vehicle Type Analysis: Vetronics Market
Table 4 Subsystems Analysis: Vetronics Market
Table 5 Key Trend Analysis for CS 13
Table 6 Key Trend Analysis for Cots
Table 7 Key Trend Analysis for Victory
Table 8 North America: Current and Future Outlook for Vetronics Procurement in Armored Vehicles
Table 9 Europe: Current and Future Outlook for Vetronics Procurement in Armored Vehicles
Table 10 Asia-Pacfic: Current and Future Outlook for Vetronics Procurement in Armored Vehicles
Table 11 The Middle East: Current and Future Outlook for Vetronics Procurement in Armored Vehicles
Table 12 Vetronics Market Size, By Application, 2014-2021 (USD Million)
Table 13 Vetronics Market Size in Defense Application, By Region, 2014-2021 (USD Million)
Table 14 Vetronics Market Size in Homeland Security Application, By Region, 2014-2021 (USD Million)
Table 15 Vetronics Market Size, By Vehicle Type , 2015-2021 (USD Million)
Table 16 Vetronics Market Size, By Subsystem, 2014-2021 (USD Million)
Table 17 North America: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 18 North America: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 19 North America: Vetronics Market Size , By Subsystems, 2015-2021 (USD Million)
Table 20 U.S.: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 21 U.S.: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 22 U.S.: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 23 Canada: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 24 Canada: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 25 Canada: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 26 Europe: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 27 Europe: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 28 Europe: Vetronics Market Size, By Subsystem, 2015-2021 (USD Million)
Table 29 U.K.: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 30 U.K.: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 31 U.K.: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 32 Germany: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 33 Germany: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 34 Germany: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 35 Russia: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 36 Russia: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 37 Russia: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 38 France: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 39 France: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 40 France: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 41 Asia-Pacific: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 42 Asia-Pacific: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 43 Asia-Pacific: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 44 China: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 45 China: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 46 China: Vetronics Market Size, By Subsystems , 2015-2021 (USD Million)
Table 47 India: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 48 India: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 49 India: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 50 Australia: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 51 Australia: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 52 Australia: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 53 Middle East: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 54 Middle East: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 55 Middle East: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 56 UAE: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 57 UAE: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 58 UAE: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 59 Saudi Arabia: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 60 Saudi Arabia: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 61 Saudi Arabia: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 62 Israel: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 63 Israel: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 64 Israel: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 65 RoW: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 66 RoW: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 67 RoW: Vetronics Market Size, By Subsystems, 2015-2021 (USD Million)
Table 68 Latin America: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 69 Latin America: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 70 Latin America: Vetronics Market Size, By Subsystem, 2015-2021 (USD Million)
Table 71 Africa: Vetronics Market Size, By Application, 2015-2021 (USD Million)
Table 72 Africa: Vetronics Market Size, By Vehicle Type, 2015-2021 (USD Million)
Table 73 Africa: Vetronics Market Size, By Subsystem, 2015-2021 (USD Million)
Table 74 Contracts, April 2014 - July 2016
Table 75 New Product Launches, November 2013-June 2016


List of Figures (70 Figures)

Figure 1 Global Vetronics Market: Markets Covered
Figure 2 Study Years
Figure 3 Research Flow
Figure 4 Research Design
Figure 5 Breakdown of Primary Interviews: By Company, Designation & Region
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology: Top-Down Approach
Figure 8 Market Breakdown & Data Triangulation
Figure 9 Assumptions of the Research Study
Figure 10 Asia-Pacific Projected to Grow at the Highest Rate During the Forecast Period
Figure 11 Defense Application Projected to Lead the Vetronics Market in 2016
Figure 12 C3 Systems Segment Projected to Grow at the Fastest Rate During the Forecast Period
Figure 13 Contracts Was the Key Strategy Adopted By Companies in the Vetronics Market During 2014 to 2016
Figure 14 Increased Network Centric Warfare Playing the Major Role in Growth of Vetronics Market
Figure 15 Defense Segment Projected to Lead the Vetronics Market Throughout the Forecast Period
Figure 16 China Accounted for the Largest Share in the Asia-Pacific Region
Figure 17 Asia-Pacific Projected to Grow at the Highest CAGR During the Forecast Period in Vetronics Market
Figure 18 Weapon Control Systems Segment Projected to Lead the Vetronics Market During the Forecast Period
Figure 19 Asia-Pacific Projected to Be the Fastest-Growing Market During the Forecast Period
Figure 20 Vetronics Market, By Application
Figure 21 Vetronics Market, By Vehicle Type
Figure 22 Vetronics Market, By Subsystems
Figure 23 Network-Centric Warfare is A Major Driver for the Vetronics Market
Figure 24 Network Centric Warfare, Market Size, 2014 -2021 (USD Million)
Figure 25 Transition to Advanced Vetronics
Figure 26 Vetronics Market Size, By Application, 2014-2021 (USD Million)
Figure 27 Vetronics Market in Defense Application, By Region, 2016 & 2021 (USD Million)
Figure 28 Vetronics Market in Homeland Security Application, By Region, 2016 & 2021 (USD Million)
Figure 29 Regional Snapshot: Growth Rate Analysis, 2016-2021
Figure 30 North America Snapshot: the U.S. Projected to Dominate the Global Vetronics Market During the Forecast Period
Figure 31 North America: Vetronics Market, By Application, 2016 & 2021 (USD Million)
Figure 32 North America: Vetronics Market, By Vehicle Type, 2016 & 2021 (USD Million)
Figure 33 North America: Vetronics Market, By Subsystems, 2016 & 2021 (USD Million)
Figure 34 Europe Snapshot: Russia Projected to Dominate the Vetronics Market During the Forecast Period
Figure 35 Europe: Vetronics Market, By Application, 2016 & 2021 (USD Million)
Figure 36 Europe: Vetronics Market, By Vehicle Type, 2016 & 2021 (USD Million)
Figure 37 Europe: Vetronics Market, By Subsystems, 2016 & 2021 (USD Million)
Figure 38 Asia-Pacific Snapshot: China to Projected Dominate Vetronics Market During the Forecast Period
Figure 39 Asia-Pacific: Vetronics Market, By Application, 2016 & 2021 (USD Million)
Figure 40 Asia-Pacific: Vetronics Market, By Vehicle Type, 2016 & 2021 (USD Million)
Figure 41 Asia-Pacific: Vetronics Market, By Subsystems, 2016 & 2021 (USD Million)
Figure 42 Middle East Snapshot: Saudi Arabia Projected to Dominate Vetronics Market During the Forecast Period
Figure 43 Middle East: Vetronics Market, By Application, 2016 & 2021 (USD Million)
Figure 44 Middle East: Vetronics Market, By Vehicle Type, 2016 & 2021 (USD Million)
Figure 45 Middle East: Vetronics Market, By Subsystems, 2016 & 2021 (USD Million)
Figure 46 RoW Snapshot: Latin America Projected to Dominate Vetronics Market During the Forecast Period
Figure 47 RoW: Vetronics Market, By Application, 2016 & 2021 (USD Million)
Figure 48 RoW: Vetronics Market, By Vehicle Type, 2016 & 2021 (USD Million)
Figure 49 RoW: Vetronics Market, By Subsystems, 2016 & 2021 (USD Million)
Figure 50 Companies Adopted Contracts as the Key Growth Strategy Between April 2014 and July 2016
Figure 51 Thales Group Dominated the Vetronics Market in 2015
Figure 52 Brand Analysis: Vetronics Market
Figure 53 Vetronics Market Witnessed Significant Growth Between April 2014 and July 2016
Figure 54 Contracts Was the Major Strategy Adopted By Players to Grow in the Vetronics Market Between 2014 and 2016
Figure 55 Geographic Revenue Mix of Top 5 Market Players , 2015
Figure 56 Thales Group: Company Snapshot
Figure 57 Thales Group: SWOT Analysis
Figure 58 Saab Group: Company Snapshot
Figure 59 Saab AB: SWOT Analysis
Figure 60 Lockheed Martin Corporation: Company Snapshot
Figure 61 Lockheed Martin Corporation: SWOT Analysis
Figure 62 General Dynamics Corporation: Company Snapshot
Figure 63 General Dynamics Corporation: SWOT Analysis
Figure 64 The Raytheon Company: Company Snapshot
Figure 65 Raytheon Company: SWOT Analysis
Figure 66 Curtiss-Wright Corporation: Company Snapshot
Figure 67 Leonardo-Finmeccanica SPA: Company Snapshot
Figure 68 Rheinmetall AG: Company Snapshot
Figure 69 BAE Systems PLC.: Company Snapshot
Figure 70 Harris Corporation: Company Snapshot

The vetronics market is projected 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. Various factors, such as network centric warfare, situational awareness, embedded technology system commonality, and shift towards COTS enabled improved SWaP specifications are expected to drive the vetronics market during the forecast period. This market has witnessed substantial growth in recent years.

The market is divided on the basis of application, vehicle type, subsystem, and region. Based on application, the vetronics market has been segmented into defense and homeland security. The defense segment is estimated to account for the largest share of the vetronics market in 2016. The growth of this segment can be attributed to rise in defense spending, especially of emerging economies, such as India and China. Based on vehicle type, the vetronics market has been segmented into main battle tank, light protected vehicles, amphibious armored vehicles, mine resistant ambush protected vehicles, armored personnel carriers, and others, which includes military robots, tactical tanks, among others. The light protected vehicles segment is expected grow at the highest rate due to increase in demand for technologically advanced vehicles. Based on subsystem, the vetronics market is segmented into communication & navigation, observation & display systems, C3 systems, weapons control systems, sensor & control systems, vehicle protection systems, and power systems. The observation & display systems segment is expected to grow at the highest rate during the forecast period. Factors fueling the growth of this segment include increased demand for technologically advanced cameras as well as rise in demand for computerized systems for effective surveillance.

Based on region, the vetronics market is divided into North America, Europe, Asia-Pacific, the Middle East, Africa, and the Rest of the World. North America and Europe are estimated to account for the largest share of the vetronics market in 2016, and are expected to lead the global vetronics market during the forecast period. Asia-Pacific is anticipated to be the fastest-growing region due to increase in defense spending of emerging economies, such as India and China.

Vetronics Market

Some of the factors, such as defense budget cuts are expected to restrict the growth of this market. Major players in the vetronics market 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.

The strategy of contracts accounted for the major share of the total growth strategies adopted by the leading players in the vetronics market. For instance, Thales Group received a contract worth USD 10.3 million from the U.S. Defense Logistics Agency to supply AN/PRC-148 hand-held military radio and adapters to be installed in land vehicles. Radio offers 30-512 MHz frequency range, complies with Software Communications Architecture (SCA), and hosts a military's most important core waveforms. This strategy has helped companies to maintain their position in the vetronics market.

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