Which military market is expected to boom over the next 5 years?
To be successful in the global defence industry it’s not enough to understand the current market drivers. You have to be aware of what the future markets might look like.
This blog from DCI outlines one sector in particular which is expected to grow in the next five years which could be your business’ next major market opportunity.
According to a recent report, military vetronics is expected to be a booming market in the global defence industry in the next five years.
So what is vetronics?
Vetronics is shorthand for vehicle electronics, meaning any piece of electronic equipment used in military vehicles for navigation, observation and communication. Vetronics is crucial in allowing military vehicles to perform intelligence, surveillance, and reconnaissance tasks.
Industrial analysts forecast the global military vetronics market to grow at a rate of 6.34% during the period 2014-2019. In total, the market is predicted to be worth $19.6bn by 2019.
Why is the vetronics market growing?
The major factor driving the growth of this market is the soldier modernisation programs undertaken by military forces worldwide.
Countries such as the USA, France, India and Australia made major progress in military modernisation 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 market.
Which regions are growing?
North America is currently dominating the market due to technological advancements and huge expenditure in defence.
In addition, North America continues to be the world’s largest defence market, mainly due to the sheer size of the USA’s defence spend, accounting for 34% of the world total.
North America is followed closely by the Europe, owing to its substantial investments in military technologies and the increased number of global counter-terrorism operations being launched as a result of tensions in the Middle East as well as Russia and Ukraine.
How can you be a part of it?
As vetronics grows, the number of opportunities associated with this market will also grow. To be part of this boom, the first step is to get in front of the opportunities now.
Having visibility of the right opportunities for your business from the start is vital in gaining first-mover competitive advantage, and DCI gives you more opportunities, intelligence and support than anyone else.
Defence Contracts International offers an invaluable overview of the defence industry in the UK, Europe or Globally with an exclusive Free Trial.
Test the service for yourself and gain access to more defence opportunities than anywhere else absolutely free.