Global Military Vetronics Market was valued at US$ 6.48Bn in 2017 and is expected to reach US$ 9.63Bn by 2026, at a CAGR of 5.06% during a forecast period.
Vetronics, a portmanteau of vehicle and electronics, is a technological designation used extensively in the military domain.Major driving factors of the military vetronics market are increasing in tanks for the Vetronics is getting more crucial in allowing military vehicles to perform intelligence, surveillance, and reconnaissance tasks.
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The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The need for soldier modernization programs undertaken by military forces worldwide. Countries such as the USA, France, India and Australia made major progress in military modernization in recent years and these long-term programs will ensure the continued demand for military vetronics during the forecast period. Growing demand for unmanned aerial vehicles and drones is also expected to support growth in the market as well as the growth of the overall vetronics market. Changing economy and decreasing defense budget will act as restraint to the vetronics market.
Based on the Application, Defense segment is expected to hold the largest share in the vetronics market during the forecast period. The rising demand for new sighting devices as well as infrared cameras and thermal imaging systems is therefore contributing