Vetronics Market | Global Trends & Military Opportunitiesl

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Vetronics Market Global Trends Military
Opportunitiesl Technology has significantly
advanced, playing a crucial role in several
industries. The paradigm for RD in the defense
sector has evolved investments in vetronics. This
is a result of the growing trend across different
defense forces to equip military vehicles with
technologically sophisticated electronic
systems. According to our experts, the global
vetronics market was valued at 3668.33 million
in 2021 and is expected to reach 5372.01 million
by 2028, with a CAGR of 5.62 during the forecast
period 2022-2028. Vetronics, also known as
vehicle electronics, enables military units to
implement and integrate systems such as
communication, command and control, vehicle
warfare, navigation, vehicle protection, and
surveillance. Over the years, its relevance has
increased as defense departments seek to make
their armed forces lighter, faster, and more
deployable.
Integration of Digitalization in Battlefield
Operations
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The digitization of domains such as communication
and surveillance is critical in the integrated
operations of the modern battlefield. Electronic
warfare has already been adopted as a sub-domain
by the majority of advanced nations. They
actively engage in advanced capability research
to equip their forces and gain a tactical
advantage over their competitors. For example,
the US Army is testing the Electronic Warfare
Tactical Vehicle (EWTV), containing an
unspecified specification of radio jamming
equipment. It can detect and disrupt a wide
range of signals, from cellphones to enemy UAV
control links. Factors such as ease of deployment
and a broad range of sensing and disruption are
key features incorporated in modern armored
vehicle-mounted jamming systems that increase
their utility. The rapid adoption of such
technology is expected to drive the studied
market during the forecast period. Additionally,
the ongoing military modernization programs in
respective armies worldwide have increased the
number of land-based vehicles. Our study suggests
tanks are the fastest growing land-based fleet
type segment, with a CAGR of 5.82 during the
forecast period. The development is due to the
interconnection systems of the new tanks. The
technological update enables tanks to integrate
with wheeled armored vehicles outfitted with
standard vetronics to collect and transform
battlefield sensor data into high-value security
and combat services. Impact of Competitors
Strategic Initiatives The global vetronics market
is highly fragmented, with key players
controlling significant market shares. Major
companies like Thales Group, Lockheed Martin
Corporation, and L3Harris Technologies continue
to invest in the RD of military robotics and
related subsystems. Such measures have enabled
them to expand the spectrum of applications for
their distinctive and exclusive product line of
vetronics. The market participants operations
focus on designing, engineering, and
manufacturing high-performance vetronics for the
worlds armed forces terrestrial assets.
Furthermore, because a contract for armored
vehicles necessitates high technological
expertise, the companies are merging to enhance
their current portfolio.
Some of the examples are listed below-
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1. Collins Aerospace Military Global Positioning
System (GPS) division was successfully acquired
by BAE Systems, bringing decades of experience,
cutting- edge technology, and a sizable installed
base of products. 2. With the purchase of Gemalto
by Thales for 4.8 billion, the acquisition will
cover every step of the important decision-making
process in the digital age, from sensor-
generated data to real-time decision support. 3.
Curtiss-Wright Corporation announced on July 5,
2022, that it had successfully acquired the
Safran Aerosystems Arresting Company (SAA) for
240 million in cash. The acquisition of Safrans
arresting systems division solidifies
Curtiss-position Wright as the worlds leading
recovery and arresting systems provider for
fixed-wing aircraft. Curtiss-Naval Wrights
Power division will include the company. Key
Challenges Regional Opportunities Although cuts
in the defense budget and the rising cost of raw
materials can challenge the vetronics market, it
is continuously expanding due to breakthrough
technology in military vehicles. The current
fiscal condition worldwide is the key barrier to
the markets expansion. Many emergent
breakthroughs offer considerable long-term
benefits but need significant investments in
deploying new technologies and platforms. Based
on the global scenario, the North America
vetronics market held the largest share in 2021
and is expected to maintain its stronghold
throughout the forecasting period. The region is
witnessing considerable growth, owing to its
military and government efforts to modernize its
army and fleet. Additionally, the United States
is the key contributor to the regional market,
accounting for 96.93 of the share in 2021. The
countrys large market share is due to the rapid
development of venture capital markets. For
instance, American Rheinmetall Systems has
received a multi-million-dollar investment to
offer cutting- edge combat vehicle mission
systems technologies to support the modernization
of US Army combat vehicles.
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FAQ Ques 1 Which segments are studied in the
Vetronics Market? Land-based fleet type,
component and vertical are the segments studied
in vetronics market. Ques 2 What are the key
component of vetronics market? Electronic Warfare
C4 Systems, Navigation Systems, Power Systems,
and Vehicle Protection Systems are the key
component of vetronics market.