DUBLIN--(BUSINESS WIRE)--The "Global Man-Portable Military Electronics Market 2017-2027" report has been added to Research and Markets' offering.
Man-portable electronics market is expected to increase to US$6.4 Billion by 2027, representing a CAGR of 3.29% during the forecast period (2017-2027).
The report offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for man-portable electronic systems, key market trends, and challenges faced by industry participants.
Rapidly increasing demand for lighter but advanced man-portable electronic systems, demand for miniature UAVs, and soldier modernisation initiatives being undertaken by defense ministries across the world have stimulated demand for man-portable electronic systems globally.
Communication man-portable electronics segment is expected to account for the highest proportion of spending, followed by the markets for ISTAR and force protection systems. Rapidly growing demand for communication devices, primarily on account of maritime border disputes between neighboring countries and demand from outstation soldiers, has driven the market in past years. Over the forecast period, communication man-portable electronics will account for a majority share of 56.7% of the global market.
During 2017-2027, North America is expected to lead the global man-portable electronics market. The region's spending will be largely driven by ongoing and planned future procurement programs of the US, which comprises a large majority of the region's overall investments on man-portable electronics systems. The country is expected to continue to invest robustly in military procurements, including miniature-UAV, night vision devices, MANPADS, and tactical communication systems, among others, which in turn will drive demand for the overall man-portable electronics market.
Increasing complexities in modern day war techniques and soldier modernization programs have resulted in a heightened requirement for man-portable electronic devices in the military. Research and development (R&D) in man-portable electronics systems, such as tactical radios, thermal sights, infrared vision systems, and laser target designators, has led to the development of lighter and more efficient devices, which resulted in further demand for these devices, therefore contributing significantly to the growth of the global man-portable electronics systems market.
- The global man-portable military electronics market, valued at US$4.7 billion in 2017, is projected to grow at a CAGR of 3.29% over the forecast period, to reach US$6.4 billion by 2027 and cumulatively value US$55.6 billion.
- The market consists of three categories: communication, ISTAR and force protection.
- The market is expected to be dominated by the communication segment, which will account for 56.7% of the market, followed by ISTAR and force protection segments with shares of 28.4% and 14.9% respectively. North America is projected to dominate the sector with a share of 37.8%, followed by Asia Pacific, with an estimated share of 36.0%
- BAE Systems
- Elbit Systems
- FLIR Systems
- General Dynamics
- Harris Corporation
- L3 Technologies
- Leonardo S.p.A
- Lockheed Martin
- Saab AB
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