Acording to a new report published by Allied Market Research, titled, “Vetronics MarkeThe global vetronics market was valued at $4.2 billion in 2020, and is projected to reach $6.5 billion by 2030, growing at a CAGR of 4.67% from 2021 to 2030.
Asia-Pacific dominated the vetronics market, in terms of growth, followed by North America, Europe, and LAMEA. U.S. dominated the market share in 2020, whereas China is expected to grow at a significant rate in during the forecast period.
The vetronics industry holds great potential in the future, owing to rise in the global military expenditure. Large scale modernization contracts and integration of unmanned vehicles in battle fleet will serve as a major market accelerator. Countries such as the U.S., Russia and China has already announced integration of unmanned vehicles in their operational fleet between 2025 and 2030. Such integrations will demand comprehensive navigation, command and communication system, generation business potential to the vetronics market.
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In addition, the rise in reliance of defense organizations towards acquisition, and analysis of data collected by sensors and optronics during active mission has allowed industry players to improve their product offering within respective domains. Companies like Thales Group. L3Harris Technologies and Curtiss-Wright Corporation are increasing their investment towards research & development to introduce novel products through their patented technologies and establish vetronics market dominance. For instance, a number of patents such as Nightvision with integrated micro-display module, Closed-loop transmission rate control, Power and rate control algorithm for multi-antenna communication links in a mesh network, and Method and tool to quantify the enterprise consequences of cyber risk among others within the field of optronics, navigation and communication were granted to L3Harris between 2019 and 2020. These patents will allow the company to expand their product offering with the market along with continuing business monopoly.
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KEY FINDINGS OF THE STUDY –
- By platform, the military segment is expected to lead the market during the forecast period.
- By vehicle type, the main battle tank segment is expected to lead the market during the forecast period.
- By system, the weapon & control system segment is expected to grow at a lucrative growth rate during the forecast period.
- Asia-Pacific is anticipated to exhibit highest CAGR during the forecast period.
Key players operating in the vetronics market are Thales Group, Curtiss-Wright Corporation, Saab Ab, General Dynamics Corporation, BAE Systems, Leonardo S.p.A., Rheinmetall AG, Raytheon Technologies Corporation, L3harris Technologies, Inc, and Lockheed Martin Corporation.
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