Military vetronics Market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect from the year 2022 to 2028. It also offers accurate overview of the growth strategies, market size, mergers & acquisitions, and upcoming products/services of leading key players in this market.
Market Insights
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. Military vetronics Market was valued at US$ 4.5 Billion in 2021 and is expected to grow at a CAGR of 4.7% during 2022-2028 to reach US$ 5.3 Billion by 2028.
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Market Segment Analysis
Based on system, the market is divided into control & communication (C3) system, navigation system, C4 system, power system and others. The C4 system segment is projected to show significant growth over the forecast period owing to the flexibility it provide to the combat vehicles for expanding and reconfiguring component in the field.
On the basis of fit, the military vetronics market is segmented into line-fit and retrofit. The line-fit section held the lion’s share of the market in 2020, while the retrofit fragment is projected to show fastest growth during the forecast period. Vetronics retrofits and updates costs much lesser than obtaining a new reinforced vehicle.
On the basis of end-user, the military vetronics market is segmented into defense and homeland security. The defense segment dominated the market demand in 2021, while the homeland security segment is expected to grow at an impressive growth rate during the forecast period.
Region-wise, the market is dominated by North America in terms of demand. This is attributed to an increased defense expenditure by the U.S. government for procurement of advanced vehicles as well as growing investments in upgradation of existing U.S. military vehicle fleet.
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