Vetronics Market by Application and Geography - Forecast and Analysis 2022-2026
| Published: Apr 2022 | Pages: 129 | SKU: IRTNTR73319 |
According to Technavio's analyst, the vetronics market size is expected to be valued at USD 1.08 billion by 2026 with a progressing CAGR of 4.35%.
This vetronics market research report has covered details of key players and demographic segmentation that highlight potential growth areas and competition. Furthermore, the post COVID-19 impact analysis on the market captured in this report will help players evaluate their business approaches.
Vetronics market segmentation: Application (military and homeland security) and geography (North America, Europe, APAC, South America, and Middle East and Africa)
Vetronics market vendors: Adecco Group AG, AMETEK Inc., BAE Systems Plc, Curtiss Wright Corp., Elbit Systems Ltd., General Dynamics Corp., Kongsberg Gruppen ASA, Krauss Maffei Wegmann GmbH and Co. KG, L3Harris Technologies Inc., Leonardo Spa, Lockheed Martin Corp., Moog Inc., Oshkosh Corp., Raytheon Technologies Corp., Rheinmetall AG, Saab AB, TE Connectivity Ltd., Thales Group, and Ultra Electronics Holdings Plc among others
What will the Vetronics Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Vetronics Market Size for the Forecast Period and Other Important Statistics
Vetronics Market: Key Drivers, Trends, and Challenges
The modernization of existing military vehicles is notably driving the vetronics market growth, although factors such as cybersecurity concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the vetronics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Vetronics Market Driver
One of the key factors driving the global vetronics market growth is the modernization of existing military vehicles to provide military forces with better survivability, easy navigation, and higher firepower. Military modernization programs include upgrades in the weapons systems, networking capabilities, and command and control (C2) systems. The upgrades automatically include those for dedicated vetronics subsystems. In addition, defense agencies are upgrading the vetronics systems of their military vehicles to refurbish their fleets. This will help extend the service life of the vehicles and reduce service costs. For instance, in June 2021, Oshkosh Defense, a subsidiary of Oshkosh Corp., was selected by the US army to modernize the Stryker Double V Hull Infantry Carrier Vehicle (ICVVA1) for USD 942.9 million. Such factors will drive the market growth during the forecast period.
Key Vetronics Market Trend
Development of advanced vetronics for next-generation military vehicles, to provide an active protection system to identify and destroy threats, is one of the key vetronics market trends that is expected to impact the industry positively in the forecast period. Laser technology for weapons is emerging as a new alternative, and military vehicles are being designed to accommodate next-generation laser weapon systems. In the future, military vehicles will require all-around protection against aerial threats, surrounding threats from ground weapons, and undercarriage threats from mines or improvised explosive devices. Such factors will lead to the development of next-generation military vehicles that will use alternative energy sources, directed-energy weapons, advanced-composite armor, and active protection systems. This will generate the demand for advanced vetronics systems in the coming years.
Key Vetronics Market Challenge
One of the key challenges to the global vetronics market growth is cybersecurity concerns. The security threats that are carried through the vehicle's controller area network (CAN) bus, range from remotely shutting down an engine to causing the brakes of a vehicle to malfunction. Thus, to protect vetronics systems from electronic attacks, military forces are focusing on fortifying the network security of a vehicle, which encompasses both physical and logical security. Redundancy with respect to vetronics systems implies the incorporation of more than one similar electronic component in a vehicle's subsystems, which the master system controls. In addition, logical security relates to the protection of the ISR data that is collected and processed by the vetronics systems against theft, tampering, and deletion. Such concerns may limit the market growth during the forecast period.
This vetronics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global vetronics market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the vetronics market during the forecast period.
Who are the Major Vetronics Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Adecco Group AG
- AMETEK Inc.
- BAE Systems Plc
- Curtiss Wright Corp.
- Elbit Systems Ltd.
- General Dynamics Corp.
- Kongsberg Gruppen ASA
- Krauss Maffei Wegmann GmbH and Co. KG
- L3Harris Technologies Inc.
- Leonardo Spa
- Lockheed Martin Corp.
- Moog Inc.
- Oshkosh Corp.
- Raytheon Technologies Corp.
- Rheinmetall AG
- Saab AB
- TE Connectivity Ltd.
- Thales Group
- Ultra Electronics Holdings Plc
This statistical study of the vetronics market encompasses successful business strategies deployed by the key vendors. The vetronics market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- BAE Systems Plc - The company offers vetronics, which have active protection systems and electro-optical commander sights.
- BAE Systems Plc - Through the air segment, the company operates UK-based air activities for European and International markets, US Programs, and its businesses in Saudi Arabia and Australia.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The vetronics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Vetronics Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the vetronics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Vetronics Market?
For more insights on the market share of various regions Request for a FREE sample now!
44% of the market's growth will originate from North America during the forecast period. The US is the key market for vetronics in North America. However, market growth in this region will be slower than the growth of the market in other regions.
The robust military force in countries such as the US and the presence of major integrators of vetronics, such as Curtiss-Wright Corp., and General Dynamics Corp will facilitate the vetronics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The vetronics market in North America witnessed slow growth during 2020-2021 due to the COVID-19 pandemic. As governments of countries such as the US and Canada reduced investments in new military vehicles, market vendors had to deal with challenges such as reduced demand for vetronics. However, in 2022, the improved financial position in the US and Canada may help accelerate the pace of recovery from the COVID-19 crisis. Thus, the vetronics market in the region is expected to witness moderate growth during the forecast period.
What are the Revenue-generating Application Segments in the Vetronics Market?
To gain further insights on the market contribution of various segments Request for a FREE sample
The vetronics market share growth by the military segment will be significant during the forecast period. The research and development (R&D) of advanced vetronics systems will be boosting the growth of the military segment of the concerned market in the coming years. For instance, the development of modern vetronics systems that can integrate advanced hardware and software, including faster system processors, higher bandwidth networking hardware, and HD display screens.
This report provides an accurate prediction of the contribution of all the segments to the growth of the vetronics market size and actionable market insights on post COVID-19 impact on each segment.
|
Vetronics Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.35% |
|
Market growth 2022-2026 |
$ 1.08 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
3.82 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 44% |
|
Key consumer countries |
US, China, India, Russia, and France |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
Adecco Group AG, AMETEK Inc., BAE Systems Plc, Curtiss Wright Corp., Elbit Systems Ltd., General Dynamics Corp., Kongsberg Gruppen ASA, Krauss Maffei Wegmann GmbH and Co. KG, L3Harris Technologies Inc., Leonardo Spa, Lockheed Martin Corp., Moog Inc., Oshkosh Corp., Raytheon Technologies Corp., Rheinmetall AG, Saab AB, TE Connectivity Ltd., Thales Group, and Ultra Electronics Holdings Plc |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Vetronics Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive vetronics market growth during the next five years
- Precise estimation of the vetronics market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the vetronics industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of vetronics market vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Application
- 5.1 Market segments
- Exhibit 24: Chart on Application - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
- 5.2 Comparison by Application
- Exhibit 26: Chart on Comparison by Application
- Exhibit 27: Data Table on Comparison by Application
- 5.3 Military - Market size and forecast 2021-2026
- Exhibit 28: Chart on Military - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Military - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Military - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Military - Year-over-year growth 2021-2026 (%)
- 5.4 Homeland security - Market size and forecast 2021-2026
- Exhibit 32: Chart on Homeland security - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Homeland security - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Homeland security - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Homeland security - Year-over-year growth 2021-2026 (%)
- 5.5 Market opportunity by Application
- Exhibit 36: Market opportunity by Application ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 38: Chart on Market share by geography 2021-2026 (%)
- Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 40: Chart on Geographic comparison
- Exhibit 41: Data Table on Geographic comparison
- 7.3 North America - Market size and forecast 2021-2026
- Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.6 South America - Market size and forecast 2021-2026
- Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.8 US - Market size and forecast 2021-2026
- Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.9 Russia - Market size and forecast 2021-2026
- Exhibit 66: Chart on Russia - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on Russia - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on Russia - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Russia - Year-over-year growth 2021-2026 (%)
- 7.10 China - Market size and forecast 2021-2026
- Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.11 France - Market size and forecast 2021-2026
- Exhibit 74: Chart on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on France - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on France - Year-over-year growth 2021-2026 (%)
- 7.12 India - Market size and forecast 2021-2026
- Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 82: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 83: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 85: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 86: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 87: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 88: Matrix on vendor position and classification
- 10.3 BAE Systems Plc
- Exhibit 89: BAE Systems Plc - Overview
- Exhibit 90: BAE Systems Plc - Business segments
- Exhibit 91: BAE Systems Plc - Key offerings
- Exhibit 92: BAE Systems Plc - Segment focus
- 10.4 Curtiss Wright Corp.
- Exhibit 93: Curtiss Wright Corp. - Overview
- Exhibit 94: Curtiss Wright Corp. - Business segments
- Exhibit 95: Curtiss Wright Corp. - Key news
- Exhibit 96: Curtiss Wright Corp. - Key offerings
- Exhibit 97: Curtiss Wright Corp. - Segment focus
- 10.5 General Dynamics Corp.
- Exhibit 98: General Dynamics Corp. - Overview
- Exhibit 99: General Dynamics Corp. - Business segments
- Exhibit 100: General Dynamics Corp. - Key news
- Exhibit 101: General Dynamics Corp. - Key offerings
- Exhibit 102: General Dynamics Corp. - Segment focus
- 10.6 L3Harris Technologies Inc.
- Exhibit 103: L3Harris Technologies Inc. - Overview
- Exhibit 104: L3Harris Technologies Inc. - Business segments
- Exhibit 105: L3Harris Technologies Inc. - Key news
- Exhibit 106: L3Harris Technologies Inc. - Key offerings
- Exhibit 107: L3Harris Technologies Inc. - Segment focus
- 10.7 Leonardo Spa
- Exhibit 108: Leonardo Spa - Overview
- Exhibit 109: Leonardo Spa - Business segments
- Exhibit 110: Leonardo Spa - Key news
- Exhibit 111: Leonardo Spa - Key offerings
- Exhibit 112: Leonardo Spa - Segment focus
- 10.8 Lockheed Martin Corp.
- Exhibit 113: Lockheed Martin Corp. - Overview
- Exhibit 114: Lockheed Martin Corp. - Business segments
- Exhibit 115: Lockheed Martin Corp. - Key news
- Exhibit 116: Lockheed Martin Corp. - Key offerings
- Exhibit 117: Lockheed Martin Corp. - Segment focus
- 10.9 Raytheon Technologies Corp.
- Exhibit 118: Raytheon Technologies Corp. - Overview
- Exhibit 119: Raytheon Technologies Corp. - Business segments
- Exhibit 120: Raytheon Technologies Corp. - Key news
- Exhibit 121: Raytheon Technologies Corp. - Key offerings
- Exhibit 122: Raytheon Technologies Corp. - Segment focus
- 10.10 Rheinmetall AG
- Exhibit 123: Rheinmetall AG - Overview
- Exhibit 124: Rheinmetall AG - Business segments
- Exhibit 125: Rheinmetall AG - Key news
- Exhibit 126: Rheinmetall AG - Key offerings
- Exhibit 127: Rheinmetall AG - Segment focus
- 10.11 Saab AB
- Exhibit 128: Saab AB - Overview
- Exhibit 129: Saab AB - Business segments
- Exhibit 130: Saab AB - Key news
- Exhibit 131: Saab AB - Key offerings
- Exhibit 132: Saab AB - Segment focus
- 10.12 Thales Group
- Exhibit 133: Thales Group - Overview
- Exhibit 134: Thales Group - Business segments
- Exhibit 135: Thales Group - Key offerings
- Exhibit 136: Thales Group - Segment focus
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 137: Inclusions checklist
- Exhibit 138: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 139: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 140: Research methodology
- Exhibit 141: Validation techniques employed for market sizing
- Exhibit 142: Information sources
- 11.5 List of abbreviations
- Exhibit 143: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
PURCHASE FULL REPORT OF
vetronics market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
Why should you prefer Technavio's market insights report?
- Off-the-shelf research reports
- Reports can be tailored to meet the customer's needs
- Trusted by more than 100 fortune 500 organizations
- Information about the market's key drivers, trends, and challenges
- Parent market analysis
- Every week, 50,000 people visit our subscription platform
- Detailed vendors report with competitive landscape
- Covid-19 impact and recovery analysis
- Data on revenue-generating market segments
- Details on the market shares of various regions
- Five-force market analysis