The global vetronics market is estimated to grow at a CAGR of nearly 5.0% during the forecast period. Rising military expenditure is primarily driving the demand for vetronics systems. According to the Stockholm International Peace Research Institute (SIPRI), in 2019, the total global military spending increased to $1,917 billion, which represents a rise of 3.6% from 2018. The five major countries that significantly invests in military spending include the US, China, India, Russia and Saudi Arabia. In 2019, the US military expenditure increased by 5.3% to $732 billion and held 38% of global military expenditure. In 2019, China and India occupied the second- and third-largest position in terms of military spending across the globe.
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In 2019, China’s military spending reached $261 billion, a 5.1% rise from 2018, while military spending in India increased by 6.8% to $71.1 billion. India’s tensions with both China and Pakistan have led the increased military spending in the country. The trend towards military expenditure has led to the demand for new military vehicles or modernizing existing vehicles. The military often looks for established solutions with high Technology Readiness Levels (TRLs) with a fast turnaround, low risk, and cost-effectiveness. This increased the need to quickly implement military vehicles with significantly optimized command systems and electronic information. Currently, such systems are being configured into networks, sharing data in the same platform, with combatants on the ground and between neighbouring platforms.
Such new generation of vehicle electronics design referred to as vetronics, is a major development in platform design, which include communications, navigation, observation, motorization, power, and weapons systems of defense vehicles, and networking of those systems. Vetronics architecture is evolving to encourage network-enabled operations. Technically, vetronics supports to enhance platform electronics and computing resources, enabling the integration into the military vehicles, and accelerating the support and logistics in operating conditions. Additionally, certain initiatives are driving the adoption of electronics technology for military ground combat vehicles, such as the increased bandwidth, SWaP reduction, and the movement to an open architecture.
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Vetronics supports the military ground forces by enhancing the intelligence, surveillance, and reconnaissance (ISR) capabilities, which thereby offers increased situational awareness and survivability. Sensors gather mission-critical information to leverage mission effectiveness, warfighter, safety, and ISR, as well as supports in a network-centric battlefield. The vetronics integrators and ground military vehicle manufacturers are focusing on Commercial Off-the-Shelf (COTS) smart displays for vehicle retrofits. As the military modernization programs are ramping up, the demand for vetronics systems is expected to emerge continuously in the future. The US Army has some upgrade programs in the initial stage which aims to upgrade C4ISR equipment and systems on MRAP vehicles, modernize Bradley Fighting Vehicles, and convert M1A1 and M1A2 SEPV1 Abram tanks to the M1A2 SEP V2 configuration. These kinds of modernization programs will offer a significant opportunity for the global vetronics market.
Global Vetronics Market- Segmentation
By Subsystem Type
- Navigation System
- C3 Systems
- Sensors (EO and IR)
- Vehicle Electronic Warfare System
- Others
By Application
- Defense
- Homeland Security
By Vehicle Type
- Amphibious Armored Vehicles
- Main Battle Tank
- Light Protected Vehicles
- Others
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