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Vetronics Market worth 3.51 Billion USD by 2021
The report "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", The vetronics market is projected to reach USD 3.51 Billion by 2021, at a CAGR of 4.30% during the forecast period. Network centric warfare, situational awareness, embedded technology systems commonality, and shift towards COTS enabled improved SwaP specifications are the key factors driving the vetronics market.
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Defense segment is expected to grow at the highest rate during the forecast period
The vetronics market has been segmented on the basis of applications into defense and homeland security. The defense segment is estimated to lead the overall vetronics market in terms of market size, and is expected to exhibit a similar trend during the forecast period, owing to increase in defense spending worldwide. In emerging countries, such as India and China, there has been an increase in procurement of technologically advanced military land vehicles, which is fueling the growth of vetronics in the APAC region.
The C3 systems segment is anticipated to witness highest growth during the forecast period
Based on subsystem, the vetronics market has been segmented into communication, navigation, observation & display systems, C3 systems, weapon control systems, sensor & control systems, vehicle protection systems, and power systems. The C3 systems segment is estimated to grow at the highest CAGR owing to increase in demand for technologically advanced as well as lightweight vetronics systems. The demand for C3 systems is highest in North America and Europe, owing to rise in demand for military land vehicles systems with next generation vetronics systems.
Vetronics market in APAC estimated to grow at the highest rate during the forecast period
The vetronics market in APAC is estimated to grow at the highest CAGR between 2016 and 2021, owing to increase in demand for technologically advanced military land vehicles in emerging economies, such as India and China. Rise in defense spending of emerging countries is one of the major factors driving the vetronics market in this region.
Thales Group (U.S.) is one of the key players in the vetronics market. Other major players in this market include 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.
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