According to the report published by Zion Market Research, the global Vetronics Market size was valued at USD 2,694.10 Million in 2023 and is predicted to reach USD 4,215.40 Million by the end of 2032. The market is expected to grow with a CAGR of 5.10% during the forecast period.
The market for veterinarians was largely unaffected by the COVID-19 pandemic. Expanding procurement of ground vehicles for military applications and rising defence expenditures sustained market expansion. Global defence expenditures increased by 2.6% from 2019 to 2020, according to the Stockholm International Peace Research Institute (SIPRI), which estimates that they will reach approximately $1.98 trillion in 2020.
The dynamic nature of the battlefield has compelled the acquisition or modernization of an obsolete fleet of terrestrial assets, including amphibious armoured vehicles, main battle tanks (MBTs), and light armoured vehicles (including infantry combat vehicles and armoured personnel carriers). Moreover, the expansion of the market is propelled by rising defence expenditures and the integration of sophisticated communication systems into ground vehicles.
Coordinated operations of air, land, and naval forces are required in modern warfare for the purpose of actively collecting and fusing intelligence in order to improve operational capabilities and swiftly respond to threats. Asymmetric warfare strategies exploit adversaries' vulnerabilities to circumvent or undermine their military might. This is achieved through the utilisation of unconventional, cutting-edge operational methods, weaponry, and other associated technologies.
Typically, the implementation of these strategies yields hybrid defence technologies, subsequently prompting a surge in the acquisition of sophisticated arsenals to counter emergent threats. The implementation of advanced veterinary robotics systems facilitates the execution of collaborative military operations by the armed forces in difficult and crucial situations.
Vetronics, also known as vehicle electronics, encompasses a multitude of electronic subsystems that are housed within a motor vehicle. For the most part, military units employ it to integrate various systems, including but not limited to communication, command, navigation, surveillance, and vehicle health management. A multitude of automotive electronic technologies are encompassed within it, including secure communications systems, sensors, and autonomous driving.
These systems are integrated with infantry combat vehicles, light-protected battle tanks, and armoured vehicles. Portable power systems, HD video conferencing, advanced threat detection sensors, and high-bandwidth networking are among the additional sophisticated technologies that are installed.
A significant factor propelling the expansion of the market is the substantial expansion of the automotive industry. Moreover, the expanding emphasis of military and defence organisations on improving their situational awareness is contributing to the expansion of the market.
An increasing number of border breaches and growing apprehensions regarding geopolitical unrest and cross-border security have prompted the widespread deployment of veterinary robotics to enhance navigation, surveillance, and inter-vehicle communications.
Furthermore, the market is benefiting from a multitude of technological developments, such as the proliferation of wireless communications technology and the progressive modernization of military vehicles.
Unmanned vehicles (UMVs) and drones, for instance, are employed not only for commercial purposes but also for surveillance, including the capture of images and videos of cityscapes and sporting events. The market is anticipated to be further propelled by additional factors, such as the growing government investment in the defence sector and the accessibility of cost-effective components.
Vetronics Market
Global Vetronics Market: Competitive Players
The prominent players in the global vetronics market are:
Curtiss Wright Corporation
Raytheon Company
SAAB Group
Lockheed Martin Corporation
General Dynamics Corporation
Thales Group.
The other influencing players in the market are
Leonardo-Finmeccanica SPA
Elbit Systems
Harris Corporation
BAE Systems
Rheinmetall AG.
The Global Security and Vulnerability Management Market is segmented as follows:
By Application
homeland security
defense
By Subsystem
vehicle protection systems
communication & navigation
c3 systems
observation
display systems
weapon control systems
power systems
sensor & control systems
By Vehicle type
light protected vehicles
amphibious armored vehicles
mine resistant ambush protected
armored personnel carriers
infantry fighting vehicle
main battle tank
and others
Global Vetronics Market: Regional Segment Analysis
North America U.S.
Europe UK France Germany
Asia Pacific China Japan India
Latin America Brazil
The Middle East and Africa
System Segment Evaluation
Weapon and control systems, navigation and display, power system, command and communication, sensor and optronics, and additional components comprise the system segment. As of 2022, the weapon and control systems segment held an approximate 36% market share. Control systems are utilised to automate, monitor, and administer missile defence systems, radar, and drones.
An arsenal comprises every type of weapon and the auxiliary apparatus that goes along with it. A armaments and control system comprises a weapon mount that supports and discharges a weapon in accordance with directives from the system electronics, as well as manual or automated controls featuring a visual display. They are critical and fundamental components found in aircraft, tanks, military vehicles, and any other system that is required. Vetronics is utilised to enhance the effectiveness of these systems.
Analysis of Platform Type Segments
Unmanned ground vehicles, light-protected vehicles, special purpose vehicles, main battle tanks, light-protected vehicles, amphibious vehicles, and others comprise the platform type segment. In 2022, the market was dominated by the main battle tank segment, which held an approximate 42% market share.
The primary roles of a main combat tank, alternatively referred to as a battle tank or universal tank, are manoeuvrability and armor-protected direct fire. The MBT, which has been heavily armoured on numerous occasions, has been an integral component of modern ground force doctrine. Vetronics facilitates the engineering of tanks featuring robust propulsion systems and enhanced suspension.
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