Military Vetronics Market

Military Vetronics Market Share & Analysis – Industry Overview

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13932
  • Published Date: Jan, 2024
  • Pages: 238
  • Category: Aerospace & Defence
  • Format: PDF
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Segment Analysis

Regional segmentation analysis

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global military vetronics market, with a 47% market revenue share in 2022.

The United States of America is at the forefront of technology and military development. Given the robust innovations and development driven by increased military spending, they have access to the most advanced technologies. The presence of significant market players in the region also augments the growth. The US is the guarantor of security for its allies and, therefore, has a large market for military exports, including military vetronics. The growing threat from China, Russia and North Korea has prompted more spending on military innovation, thereby driving the market's growth.

North America Region Military Vetronics Market Share in 2022 - 47%

 

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  • Under a $63.9 million contract, the U.S. Army is purchasing updated, quick-moving, large-calibre field artillery guns with digital vetronics and contemporary power systems, along with the carrier ammunition tracked armoured combat vehicles that go with them.

System Segment Analysis

The system segment is divided into weapon and control systems, navigations and display, power system, command and communication, sensor and optronics, and others. The weapon and control systems segment dominated the market, with a market share of around 36% in 2022. Radar, drones, and missile defence systems are automated, monitored, and managed with the help of control systems. Weapons system encompasses all kinds of weapons and their assisting equipment. A weapons and control system has hand or automated controls with a visual display and a weapon mount that supports and fires a weapon in response to commands from the system electronics. They are fundamental and essential parts of military vehicles, tanks, aircraft and all other necessary systems. Vetronics is employed in these systems to further their efficacy.

Platform type Segment Analysis

The platform type segment is divided into unmanned ground vehicles, light-protected vehicles, special purpose vehicles, main battle tanks, light-protected vehicles, amphibious vehicles and others. The main battle tank segment dominated the market, with a market share of around 42% in 2022. A main combat tank, also called a battle tank or universal tank, performs the function of armour-protected direct firing and manoeuvrability. The MBT, frequently extensively armoured, has been a crucial part of ground force doctrine in modern defence. Vetronics enables the development of tanks with strong engines and improved suspension.

  • To replace the Corps' aged fleet of amphibious assault vehicles (AAVs), U.S. Marine Corps experts in amphibious warfare requested an additional 44 armoured combat vehicles along with their corresponding vetronics. A $256.9 million order for 27 Amphibious Combat Vehicle (ACV) personnel versions and 17 ACV command variants was made public earlier this month by the Marine Corps Systems Command representatives at Quantico Marine Base, Virginia. The deal has a cumulative total value of $1.7 billion.

Fit Segment Analysis

The fit segment is divided into line fit and retro fit. The retrofit segment dominated the market, with a market share of around 75% in 2022. Armoured vehicle retrofitting is a popular approach to increasing the combat worth of vehicles or tanks. In general, the meaning of the word changes to "adding new technology or features to older systems" when discussing armour, but it generally refers to replacing outdated vehicle components with more contemporary ones. It is faster and much more cost-effective. It is also a sustainable practice in the military industry.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global military vetronics market based on below mentioned segments:

Global Military Vetronics Market by System:

  • Weapon and Control Systems
  • Navigations and Display
  • Power System
  • Command and Communication
  • Sensor and Optronics
  • Others

Global Military Vetronics Market by Platform Type:

  • Unmanned Ground Vehicles
  • Light Protected Vehicles
  • Special Purpose Vehicles
  • Main Battle Tanks
  • Light Protected Vehicles
  • Amphibious Vehicles
  • Others

Global Military Vetronics Market by Fit:

  • Line Fit
  • Retro Fit

Global Military Vetronics Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

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Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
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Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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