The soldier systems market is projected to grow from 9.78 billion in 2018 to USD 14.14 billion by 2023, at a CAGR of 7.65% from 2018 to 2023
LONDON, July 25, 2018 /PRNewswire/ -- Rising incidences of asymmetric warfare and increasing demand for inter-connected soldiers are the major factors driving the growth of the soldier systems market, globally.
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The soldier systems market is projected to grow from 9.78 billion in 2018 to USD 14.14 billion by 2023, at a CAGR of 7.65% from 2018 to 2023. The growth of the market for soldier systems is driven by several factors such as the increasing focus of military forces of different countries on the soldier protection, upgrading the existing soldier gears, growing terrorism, and increasing need for inter-connected warfare systems. However, factors such as the complexities involved in the integration of various subsystems of soldier systems, funding constraints for R&D activities being carried out to bring innovations in soldier systems, and decreasing budgets of soldier modernization programs are expected to challenge the growth of the soldier systems market across the globe.
Based on type, the training & simulation segment of the soldier systems market is projected to grow at the highest CAGR during the forecast period.
Based on type, the soldier systems market has been segmented into personal protection, Respiratory Protective Equipment (RPE), communication, power and transmission, surveillance and target acquisition, navigation and health monitoring, vision, exoskeleton, and training & simulation.The training & simulation segment of the soldier systems market is projected to grow at the highest CAGR during the forecast period.
The growth of the training & simulation segment of the market can be attributed to the penetration of Augmented Reality (AR) and Virtual Reality (VR) in various training & simulation devices. The ability of augmented reality to combine the real world with virtual objects has increased the demand for augmented reality in various defense applications.
The Asia Pacific region is projected to lead the soldier systems market during the forecast period.
The Asia Pacific region is expected to lead the soldier systems market in 2018.The Asia Pacific soldier systems market is also projected to grow at the highest CAGR during the forecast period.
India, China, Australia, and Japan are the key markets for the soldier systems in the Asia Pacific region. The growth of the Asia Pacific soldier systems market can be primarily attributed to the rising incidences of armed conflicts or war against terrorism and ongoing soldier modernization programs in various countries of the region.
Break-up of profiles of primary participants of the soldier systems market
-- By Company Type - Tier 1 - 55 %, Tier 2 - 20%, and Tier 3 - 25%
-- By Designation - C level - 45%, Director level - 25%, and Others - 30%
-- By Region - North America - 25%, Europe - 20%, Asia Pacific - 40%, and RoW - 15%
Major companies profiled in the report are Elbit Systems, (Israel), Leonardo (Italy), Saab AB (Sweden), Rockwell Collins (US), FLIR Systems (US), Harris Corporation (US), Thales Group (France), Rheinmetall AG (Germany), and General Dynamics (US), among others.
Research Coverage:
This report presents a complete analysis of the soldier systems market during the forecast period. The soldier systems market has been broadly classified based on end user (military and homeland security), type (personal protection, Respiratory Protective Equipment (RPE), communication, power and transmission, surveillance and target acquisition, navigation and health monitoring, vision, exoskeleton, and training & simulation), and region (North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW)).
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analyses --industry analysis (industry trends and technology trends), market ranking analysis of the top players, and company profiles. These insights together comprise and discuss basic views on the competitive landscape of the soldier systems market, emerging and high-growth segments of the market, high-growth regions and countries for the soldier systems market and their respective regulatory policies, government initiatives, and drivers, restraints, opportunities, and challenges for the soldier systems market.
The report provides insights into the following pointers:
-- Market Penetration: Comprehensive information on soldier systems offered by the top 15 players in the soldier systems market.
-- Product Development/Innovation: Detailed insights on the upcoming technologies, research & development activities, and new product launches in the soldier systems market.
-- Market Development: Comprehensive information about the lucrative markets - the report analyzes markets for soldier systems across different regions.
-- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the soldier systems market.
-- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the soldier systems market.
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