Advancement in Battlefield Technology to Drive Vetronics Market Growth

Triton Market Research presents the Global Vetronics Market report sectioned by Land-based Fleet Type (Tanks, Armored Vehicles, Artillery, Rocket Projectors), Component (Electronic Warfare & C4 Systems, Navigation Systems, Power Systems, Vehicle Protection Systems), Vertical (Defense, Homeland Security), and Regional Outlook (Europe, Middle East and Africa, Latin America, North America, Asia-Pacific). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

The report by Triton suggests that the global vetronics market is estimated to witness a growth at a CAGR of 5.62% during the forecast period 2022-2028.

Due to battlefield demands and operational circumstances, advanced sensor technologies, more powerful processing, increased connectivity, and system interoperability (VICTORY) have become imperative. Integrating these advanced sensors places a high demand on the bandwidth and power of vehicle infrastructure.

The dispersed and asymmetrical nature of the terrain creates a greater need for versatile, effective, and resilient combat skills. Coordinated warfare, which includes manned and unmanned vehicles, ground forces, and others, communicates combat intelligence in real time via integrated land-air-sea intelligence. This is what distinguishes today’s organized battlefield from those fought decades ago. Integrated, coordinated warfare improves force efficiency significantly by rapidly utilizing all-source data. They further provide precise data to field commanders, sharing situational images, coordinating day/night operations in all weather conditions, and preventing fire-friendly fatalities. Thus, advancements in battlefield technology are expected to drive the growth of the vetronics market.

However, the cut-offs in the defense budget, the rising cost of raw materials, and usability regulations are expected to hamper the growth of the vetronics market.

North America is expected to be the fastest-growing region in the vetronics market. The region’s growth is due to market players such as General Dynamics, Raytheon Technologies, L3Harris Technologies, Lockheed Martin, etc. These companies are working with the US Army on several other land-based platform projects to modernize their fleet, which is expected to boost the vetronics market’s growth in the region.

The prominent companies in the vetronics market include Leonardo S.p.A, Thales Group, Curtiss-Wright, Lockheed Martin Corporation, Raytheon Technologies, Rheinmetall AG, General Dynamics Corporation, Saab AB, L3Harris Technologies, and BAE Systems.

Although the market for vehicle electronics is starting to expand, there is fierce competition among the players. However, the major market participants have decades of combined expertise and have been active in the market for several decades. When it comes to contract orders, the industry is constrained by competition, most of which are comparable in size. Despite the small number of contracts, each one has a significant value. Some primary variables contributing to this rivalry include the functionality of the components, timely servicing, and affordability.