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The global military vetronics market size is projected to reach USD 8.22 billion by 2027 on account of the rising adoption of unmanned ground vehicles by armed forces around the world, shares Fortune Business Insights™ in its report, titled “Military Vetronics Market Size, Share & COVID-19 Impact Analysis, 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”. As per the report findings, the global market value was estimated to be at USD 6.48 billion in 2019 and the market is anticipated to register a CAGR of 3.68% from 2020 to 2027.
Defense production, procurement, and investment activities have taken a severe hit due to the COVID-19 pandemic, thus affecting the military vetronics market growth. The primary factor stymieing the global defense industry is the budget cuts that several countries have been forced to undertake to cope with the severe economic downturn. Compounding this are the lockdowns and social distancing measures implemented by governments to contain the spread of the virus, which have led to disruptions in defense supply chains, further limiting the growth of this market.
General Dynamics Secures $2.5 Billion Contract for Advanced Stryker Vehicles
Virginia-based aerospace & defense major, General Dynamics Corporation, won a USD 2.5 billion contract from the US Army in June 2020 to develop and deliver an upgraded variant of the company’s much-acclaimed Stryker armored infantry carrier vehicle. Spanning a period of seven years, the contract requires General Dynamics to equip the Army with its Stryker Double V-Hull A1 engineering change proposal vehicles. The advanced, reengineered Stryker vehicles are designed to be more resistant to mines and detonations and also feature upgraded electronics. With the procurement of these vehicles, the Army will move forward with its aim of upgrading its current Stryker fleet.
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Increasing Military Expenditures to Favor Market Growth
National security has assumed tremendous significance in most countries, prompting them to augment their spending on defense and equip their armed forces with the most advanced military technologies. According to the Stockholm International Peace Research Institute’s latest report, total military expenditure rose by 3.6% in 2019 from 2018 levels, amounting to USD 1,917 billion and representing the largest annual growth in spending since 2010. Accounting for 62% of this rise, the US, China, India, Russia, and Saudi Arabia emerged as the largest spenders in 2019, the report further illustrates. This astronomical increase in defense spending by countries is geared towards modernizing their existing military capabilities with cutting-edge technologies such as artificial intelligence and robotics. Military vetronics is a niche domain that offers a wide scope for investment for public and private defense enterprises and rising military expenditures are expected to create lucrative opportunities in this space.
Partnerships between Key Players to Energize Market Competition
The growing number of partnerships and alliances between the aerospace & defense industry giants that dominate this market has emerged as a marquee trend in recent times. These collaborations are aimed at elevating research and development capacities and diversifying product portfolios to secure large contracts from national as well as foreign governments. Moreover, such partnerships are also allowing key players in this market to overcome the challenges posed to the aerospace and defense industry by the coronavirus.
List of Key Players Covered in the Market for Military Vetronics:
Further Report Findings:
Table of Segmentation
Value (USD billion)
By Product Type