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Military Vetronics Market Trends

Report ID: GMI4623
Published Date: Sep 2023
Report Format: PDF

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Military Vetronics Market Trends

The military vetronics market, characterized by advanced electronic systems in military vehicles, is witnessing robust growth. Increased defense budgets and heightened security concerns globally are driving market expansion. The key market trends include the integration of Artificial Intelligence (AI) for enhanced vehicle autonomy, advanced communication systems, improved battlefield connectivity, and the development of ruggedized & miniaturized components to meet military specifications. Additionally, sustainability and energy-efficient vetronics solutions are also gaining prominence. The market's future is closely tied to technological advancements as innovations continue to shape the capabilities of military vehicles and their vetronics systems.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of military vetronics crossed USD 4.7 billion in 2022 and will register over 5% CAGR from 2023-2032 due to the increasing modernization efforts in the defense sector worldwide.

Military vetronics market from the main battle tank platform segment is set to register over 7% CAGR through 2032, on account of their indispensable role in modern warfare, and their effectiveness in advanced vetronics systems.

North America recorded over 30% share of the military vetronics market in 2022 and is expected to register appreciable growth from 2023-2032, owing to the presence of leading defense contractors and technology companies in the region.

BAE Systems PLC., Curtiss-Wright Corporation, Elbit Systems, General Dynamics Corporation, Kongsberg, L3Harris Technologies, Inc., and Leonardo-Finmeccanica S.P.A are some of the major military vetronics companies worldwide.