As terrorist activities grow worldwide, military spending increases by a notable value across the globe. And, this is pushing armies to demand for man-portable military electronic systems. The reason behind this procurement is to improve upon capabilities relating to land based warfare. Besides, a number of countries are on their way to upgrading their forces for better internal security and against foreign aggression.
All this will propel the global man-portable military electronic market to chart a decent growth trajectory over the forecast period of 2019 and 2027. The steady CAGR (Compound Annual Growth Rate) will lead to a higher value of the market by the end of the forecast period. This means that players operating the playfield will witness a slew of opportunities hitting up the market landscape.
Global Man-Portable Military Electronics Market: Notable Developments
While man-made military electronics are seeing an upward curve owing to increase in requirement for products such as battlefield surveillance radar and micro air vehicles. Besides, players are focusing on innovation and investing heavily towards that end. Many are entering partnerships that promise future growth and larger profits
One of the most notable developments in this domain is the acquisition by Rockwell Collins of B/E Aerospace. It is pertinent to note here that later on Rockwell was acquired by UTC. That led to a stronger UTC portfolio. Further, the move consolidated UTC’s overall position in the market.
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Owing to a large number of players present in the global man-portable military electronics market and the prominent ones are Aselsan AS (Turkey), BAE Systems (UK), CODAN Limited (Australia), Collins Aerospace (US), Elbit Systems Ltd (Israel), Exelis Inc (US), FLIR Systems Inc. (US), General Dynamics Corporation (US), Leonardo SpA (Italy), Lockheed Martin Corporation (US), and Saab AB (Sweden), among others.
Global Man-Portable Military Electronics Market: Key Trends and Drivers
Global man-portable military electronics market is witnessing demand from numerous corners of the world. Some of the reasons backing this growth in the global man-portable military electronics market are outlined below:
- More and more regions in the world are turning into conflict zones and that is leading to more governments investing heavily in catering to needs of the armed forces and special forces. Thus, it does not come as a surprise that spending in Defence is increasing in countries like India that is home to both conflict zones as well as amid terrorist hotspots, regionally.
- Countries such as Australia, France, India, and the United States of America are taking up upgradation of the forces on a massive scale. And, it is not really surprising considering that many of these nations are actively involved in counter-terrorism initiatives, and so on. Thus, it is only logical for these nations to keep their forces modernized and technologically avant garde. This is contributing positively to the growth of man-portable military electronics market over the forecast period.
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Global Man-Portable Military Electronics Market: Geographical Analysis
So far, North America has charted a notable trajectory in the global man-made portable military electronics market. And, this trend is set to continue over the forecast period. Some of the reasons behind this growth include high level of technology integration and high levels of investment towards advancement. Besides, heavy demand generates in the United States due to massive involvement in conflict zones and so on. Additionally, the involvement in counter-terrorism operations is also quite high.
On the other hand, Asia Pacific (APAC) region will chart a significant CAGR, projecting a rosy outlook for the years to come – attributable to factors such as various modernization and upgradation programs.
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