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Author(s): Vetronics Market Overview :
Vetronics Market is expected to garner $4,362 million by 2022, registering a CAGR of 5.4% during the forecast period 2016-2022. Vetronics refer to vehicle electronics, which enable military units to integrate various systems such as communication, command, and control; vehicle electronic warfare system; navigation system; vehicle protection systems; and surveillance system to streamline activities such as communication, navigation, surveillance, and vehicle health management.
The key factors boosting the growth of the world vetronics market include easy availability of cost-effective components, increased demand for enhanced vetronics, emergence of wireless communication technology, low spending in the defense sector, and domestic capability.
FIG. 1 TOP IMPACTING FACTORS
Easy availability of cost-effective components
Easy availability of vetronics components saves time and reduces cost of manufacturers. Furthermore, rising competition among vetronics components suppliers is projected to retain the impact of this factor throughout the forecast period.
Increased demand for enhanced vetronics
At present, there is high demand for vetronics equipped with advanced communication and protection technologies. Furthermore, this trend is projected to continue throughout the forecast period due to rising concerns of homeland security and growing competition among countries. As per AMR analysis, the overall impact of the factor is projected to increase by 2022.
Emergence of wireless communication technology
Military units across the globe are inclined towards investing heavily in procuring advanced technology-equipped vetronics systems. Furthermore, the demand for real-time communication vetronics is projected to remain high throughout the forecast period; thereby, increasing the impact of the factor on the market growth.
Border insecurity and competition
Increasing breaching incidences at borders has increased the need for deployment of advanced vetronics systems across the globe. Furthermore, the defense sectors across globe have heavily invested in procuring advanced vetronics systems to stay ahead in the competition with neighbor countries. These trends are projected to continue throughout the forecast period, which could increase the impact of this factor to boosts the market growth.
Low spending in defense activities
Countries, such as U.S., Colombia, Russia, and Iraq, have significantly decreased their defense budgets in the past few years. However, defense budget of these countries is projected to increase in the near future due to replacement of obsolete vetronics systems with the latest counterparts. Thus, the impact of the factor is projected to decrease in the future.
Domestic capability
Economic growth in the emerging countries is anticipated to increase the defense spending. This is projected to increase the spending on vetronics systems by the defense sectors. Furthermore, emerging countries are expected to increase their military budget to strengthen their military units. Thus, the impact of this factor is projected to be moderate by 2022.
The following graph signifies the growth potential of the vetronics market based on the system type. The system type segment comprises military communication, command, and control system; sensors (EO/IR) system; vehicle electronic warfare system; and other (navigation system and vehicle protection system). It is observed in the graph that market is predominantly driven by military communication, command, and control systems, which account for the maximum market share. This is attributed to the large-scale adoption of real-time integration platforms and solutions across the globe.
FIG. 2 KEY INVESTMENT POCKETS
Market players have adopted various strategies to improve their market shares and increase the penetration of their products, worldwide. In the recent past, market players have adopted various strategies, such as R&D and innovation, product launch, partnership, collaboration, and joint venture, expansion, and constituent as their major growth strategies to sustain the stiff competition in the market.
FIG. 3 TOP WINNING STRATEGIES
Product launch is the most prominent strategy adopted by key companies, accounting for 23.3% share of the total strategies adopted in the industry. It is closely followed by expansion and constituent strategies with 22.6% and 22.3% shares, respectively.
The prominent players manufacturing and offering vetronics systems are anticipated to continuously invest in research and development activities to develop innovative products and improve the efficiency of the systems. Moreover, these players intend to emphasize on long-term agreement, joint ventures, and partnership with government organizations to increase their profit margins and sustain the stiff competition in the market.
Key Benefits
- The study provides an in-depth analysis of the world vetronics market along with current trends and future estimations to elucidate the imminent investment pockets in the market.
- The report identifies the key drivers, opportunities, and restraints that shape the market along with the impact analysis.
- The report provides a quantitative analysis of the current market and estimations for the period of 20142022 to highlight the financial appetency of the market.
- Porters Five Forces model of the industry illustrates the potency of the buyers and suppliers participating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
Vetronics Market Key Segments:
Vetronics Market By System Type
- Military Communication, Command, and Control System
- Sensors (EO/IR) System
- Vehicle Electronic Warfare System
- Other (Navigation System and Vehicle Protection System)
Vetronics Market By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Lockheed Martin Corporation
- Leonardo-Finmeccanica S.p.a.
- Saab Group
- Thales S.A.
- General Dynamics Corporation
- Harris Corporation
- Curtiss-Wright Corporation
- BAE Systems PLC
- Raytheon Company
- Rheinmetall AG
Companies mentioned in the report are:
Lingcheng Electronic Technology Co. LTD, Electronics Direct, Astute Electronics, Cobham Defence Communications (CDC), Copenhagen Sensor Technology A/S, Injaz National, Exechon AB, Polska Grupa Zbrojeniowa S.A. (PGZ), Danish Defence Acquisition and Logistics Organisation (DALO), Metallizing, Inc. (Bolt's), and Ferrostaal GmbH.
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