Vetronics market will be driven by digital battlefield, need for speedNews
October 07, 2020
AMSTERDAM. The global market revenue for military land vehicle electronics (vetronics), which accounted for $3.64 billion during 2020, is anticipated to reach approximately $6.01 billion by the year 2028, a combined annual growth rate (CAGR) of 5.73% during the forecast period, according to a market study by Market Forecast, "Global Military Land Vehicle Electronics (Vetronics) - Market and Technologies Forecast to 2028."
According to the study findings, variables such as focusing on improving front-line situational awareness and increasing use of asymmetric and network-centered warfare increase the vetronics market; in addition, the market is also being driven by increases in defense spending, especially in emerging economies.
The study authors also detail the factors that may hold back growth in the market, including strict regulations and consequent delays in procurement processes.
For the purposes of the study, the term vetronics includes such military-used systems as navigation systems, display systems, C3 systems, weapons control systems, vehicle protection systems, and power systems that are used to improve combat capabilities and spatial awareness of military vehicles.
For additional study information visit the Market Forecast website.