The global military vetronics market size is projected to reach USD 8.22 billion by 2027, exhibiting a CAGR of 3.68% during the forecast period. Development of autonomous combat systems for military vehicles will ensure multi-dimensional growth of this market, observes Fortune Business Insights™ in its report, titled “Military Vetronics Market Size, Share and Global Trend by Product Type (Communication & Navigation Systems, Power System, Display System, C4 Systems, and Others) By Platform (Unmanned Ground Vehicles, Armored Amphibious Vehicles, Light Protected Vehicles, Special Purpose Vehicles, and Others) By Application (OEM and Aftermarket), and Regional Forecast, 2020-2027”. Battlefield environments are rapidly changing and modern warfare strategies require a heavy infusion of smart technologies to enhance alertness and augment the capabilities of the armed forces. In view of these evolving dynamics, defense agencies are conducting intense research to develop new technologies and equip combat vehicles with smart tools. For example, the Army Research Laboratory Artificial Intelligence for Maneuver and Mobility (AIMM) program under the U.S. Army Combat Capabilities Development Command aims to create AI-enabled vehicles that can serve robotic partners to ground troops, boosting their strength and combat capacities. The incorporation of next-generation technologies such as AI in defense systems will open new doors of innovation in the military vetronics domain.
Key Players to Focus on Engaging with Government Defense Agencies
Competition in this market is characterized by the deepening engagement between government defense agencies and private defense companies. The main reason behind these public-private collaborations is that private companies provide the necessary technologies, while government agencies provide the required financial support, creating an exciting dynamic in the defense sector.
List of Key Companies Profiled in the Military Vetronics Market Report:
Curtis Wright Corporation (The U.S.)
Thales Group (France)
Rheinmetall AG (Germany)
Lockheed Martin Corporation (The U.S.)
L3Harris Technologies, Inc. (The U.S.)
BAE Systems (The U.K)
Oshkosh Corporation (The U.S.)
Saab AB (Sweden)
Raytheon Technologies Corporation (The U.S.)
Leonardo S.p.A (Italy)
General Dynamics Corporation (The U.S.)
Information Source - https://www.fortunebusinessinsights.com/military-vetronics-market-104062