Overhaul of Defense Capabilities to Drive Man-Portable Military Electronics Market
Technological advancements and high investment in military products and services have led North America to dominate the global man-portable military electronics market, says a recent market study released by Transparency Market Research (TMR). The report is titled “Man-Portable Military Electronics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019” and states that the man-portable military electronics market will exhibit a modest 3.80% CAGR from 2013 to 2019, to rise to a market valuation of US$19.6 bn by 2019, increasing from US$15.1 bn in 2012.
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The 128-page research report provides revenue (US$ bn) estimates for the global market for man-portable military electronics from 2013 to 2019.In many countries around the world, armed forces are aiming for modernization of the military, which has propelled the demand for newer communication systems, including man-portable military electronics. In some countries such as France, Australia, and the U.S., long-term programs for the upgradation of surveillance modes have resulted in increasing demand for miniature unmanned aerial vehicles (M-UAVAS), which is in turn propelling the global man-portable military electronics market.
Other than this, the demand for compact, lightweight, and power-efficient equipment is contributing to the growth of this market. Increasing R&D collaboration between product manufacturers and government agencies, introduction of cognitive radios that are tied with other communication systems, and untapped potential in developing countries will further accentuate the growth of this market. However, defense budget cuts and lack of adequate technological capabilities to facilitate network-oriented military communications will impede the growth of the man-portable military electronics market in the forecast period.
The report segments the man-portable military electronics market on the basis of product type and geography. By product type, communications, ISTAR (intelligence, surveillance, target acquisition, and reconnaissance), force protection, command and control, imaging, and ancillary electronics are the segments of the global market for man-portable military electronics. In 2012, the communications segment accounted for 45.5% of the overall market and registered as the largest product segment. On war fronts, the use of manpack radios and transceivers enables dismounted soldiers to receive information about dangerous situations in advance, which serves as a reliable medium of direct link communication. Thus, communications account for a large share in the global market for man-portable military electronics.
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In Asia Pacific, countries such as South Korea and India are digitalizing their military forces in the pursuit of overhauling their defense capabilities. As such, these countries are replacing age-old communication systems with modern communication systems, which will help the product segment receive considerable recognition and display a CAGR of 4.10% from 2013 to 2019.The report mentions and describes some of the major companies operating in the global man-portable military electronics market, namely Exelis Inc., Harris Corporation, General Dynamics Corporation, Rockwell Collins Inc., ASELSAN Inc., AeroVironment Inc., Codan Limited, Elbit Systems Ltd, FLIR Systems, SAAB Group, Thales Group, Safran S.A., Finmeccanica S.p.A., Sierra Nevada Corporation, and L-3 Communications Holdings Inc.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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