The vetronics market is estimated to be $ 2.85 billion in 2016 and is projected to reach $ 3.51 billion by 2021, at a CAGR of 4.30% between 2016 and 2021. Increase in network centric warfare, embedded technology systems commonality, shift towards COTS enabled improved SWaP specification, and hybrid engine systems of defense vehicles are some of the factors fueling the demand for vetronics across the globe.
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Based on vehicle type, the mine resistant ambush protected segment of the vetronics market is projected to grow to the highest CAGR during the forecast period, owing to rise in the spending of developing economies. The demand for next generation vetronic systems is thus a major factor fueling the growth of this segment. Rocket propelled grenades, and small arms fire.
Based on subsystem, the C3 system segment is estimated to account for the largest market share during the forecast period. The need for technologically advanced vehicles is a major factor in fueling the growth of this segment. Overcoming future C3 challenges has been the focus of recent initiatives, including automation of C3 functions, digitization of the battlefield, and horizontal integration of combat activities.
Though North America and Europe are the largest markets for veterans in military land vehicles, the economic scenarios in their regions to trim their defense budget. Emerging economies, such as India, Brazil, and Saudi Arabia are considered to be profitable markets for vetronics due to rise in modernization programs and procurement of military land vehicles in these countries. China remains at untapped market for vetronics owing to indus- trial programs and copyright issues for military hardware and technology.
Key players in the vetronics market include Thales Group, Raytheon Company, Lockheed Martin Corporation, SAAB Group, General Dynamics Corporation, Curtiss Wright Corporation, Elbit Systems, Israel ), Leonardo-Finmeccanica SPA (Italy), Harris Corporation (US), Rheinmetall AG (Germany), BAE Systems (UK), among others. Substantial research and development of hybrid engine systems and innovative energy solutions are some of the potential growth opportunities for these players in the vetronics market.
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