Military Vetronics Market — Share, Growth by Top Company, Geographical Region, Application, Driver, Trends & Forecast to 2023

According to TMR, the global military vetronics market will rise at a CAGR of 5.30% during the period from 2015 to 2023 and its opportunity will reach a value of US$10.71 by the end of the forecast period. Currently, power systems are witnessing a higher demand among all types of military vetronics systems. Analysts anticipate this trend to continue throughout the period of the forecast.
Among vehicles, armored personal carriers report the most prominent demand for military vetronics and is projected to remain doing so in the near future, thanks to their increased usage in military operations.

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The global market for military vetronics is highly dynamic. “Various factors, such as commonality of embedded systems, network centric warfare, increasing preference for COTS-enabled SWaP specifications, and situational awareness, are driving this market substantially,” says a TMR analyst. Over the coming years, the advent of power systems are expected to propel this market, as a number of modern warfare strategies and military vehicular utilities are primarily depended on autonomous and remote controlled military operations.

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With power systems increasingly being incorporated in communication systems, the need for the deployment of high-end military vetronics is escalating, which will reflect greatly on this market in the years to come, states the research report.

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