LONDON – The global military land vehicle electronics market will reach $2.87 billion this year, says Visiongain.
The global military land vehicle electronics market grew considerably during ground troop deployments to Iraq and Afghanistan, the research firm says. However, in the period from 2015 on, North American and European defense spending in the field will fall as those operations end.
The exceptions are France and Australia, both involved in modernization programs over a long period of time.
Growth in Australia and France will not compensate for the large slump in 2015, but the rest of the world will perform strongly throughout the period, and American defense spending will pick up again after 2017, says the firm.
In terms of submarkets, C3, sensors, computer, and power and control systems will experience significant growth during the period, says Visiongain, while the remote weapon stations and vehicle protection systems will remain at similar levels.
The research firm had previously pegged the 2014 military vetronics market at $3.3 billion.