Soldier Modernization Market
Soldier Modernization Market Forecast is expected to reach a CAGR of 5.60 % with a value of USD 19.9 Billion during the forecast period 2022 - 2032.
The stocks of the global soldier modernization market 2020 are projected to rise at 3.70%. At this pace, the market might achieve a valuation of USD 18,290 Million by the year 2028. Market Research Future offers the latest report on the market, saying that investors see burgeoning prospects for a new stimulus package amid the ongoing COVID 19 pandemic.
Soldier Modernization Market—Boomers & Trends
The global Soldier Modernization Market Size studied is primarily driven by factors such as the augmented border conflicts, development in terrorist and hostile groups, and the increasing emphasis on escalating the defense expenditures. The varying battlefield scenarios are demanding the militaries equip the soldiers with novel technologies that help them adapt to such changes.
The soldier systems need to provide five major functional requirements, such as survivability, lethality, sustainment, command and control, and mobility of the solider on the battlefield. In this case, countries are investing in the research and development of advanced solider systems to enhance effectiveness in the battlefield that helps them gain tactical advantage and decrease the overall troop casualties.
In the case of point, the US Army announced its investment worth USD 8.6 billion in modernization efforts in 2020. In the forthcoming years, the country plans to invest USD 57 billion into modernization programs, a 137% augment from the previous five-year plan. Thus, the mounting need for soldier modernization is presently motivating investments into the market.
Furthermore, the other factors boosting the market for soldier modernization include a surge in security threats globally, increasing research & development, and growth of technology in the defense sector. On the contrary, diminishing defense budgets in several developed countries such as the U.S. and the U.K. can restrain the global soldier modernization market during the forecast period.
Vendors Landscape
The top players in the soldier modernization market are Colt Defense (US), Heckler & Koch Inc. (Germany), Boeing (US), Exelis Inc. (US), Tata Group (India), Aselsan AS (Turkey), and Leonardo SpA (Italy).
Segment Review
The segment of purpose includes weaponry/Ammunition, C5ISR, protection, and mobility.
By the segment of the platform, the market has included airborne, naval, and land.
Geographical Segmentation
The regional split of the market includes North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Back in the year 2016, North America was the leading market. The U.S. was the primary market in North America. Regardless of budget cuts and limited military budget growth, the U.S. is now expected to lead the Soldier Modernization Market Overview. Escalating demand for C4ISR in the U.S. is one of the foremost factors driving demand.
However, in 2025, Asia Pacific will be a significant market. In 2016, Asia Pacific was one of the most eye-catching regions for the soldier modernization market, and now it is expected to be the primary market in the forecast period. Rising defense budgets in several countries such as India and China is the foremost driving factor for the market. China might become the primary market in the Asia Pacific. Technological innovation and hastily developing battlefield scenarios are some of the prime factors boosting the growth of the market in the region. The rise in demand for C4ISR in China is motivating the market in the Asia Pacific.
The market in Europe is anticipated to expand at a sluggish rate during the forecast period. Mount in capital expenditure is expected to be the foremost driver for the market in Europe. The U.K. is expected to be the key market in the European region. Mounting soldier modernization programs is one of the chief factors boosting the demand for soldier modernization programs during the forecast period.
The Middle East and Africa region also might expand at a healthy rate during the forecast period. The rise in defense budgets is the main factor boosting the soldier modernization market in the Middle East and Africa region. Modernization programs might fuel the defense expenditure in Latin America during the assessment period. Moreover, Brazil is also in the line of expectation to invest significantly in the C4ISR system, which is expected to motivate the market for soldier modernization.
Soldier Modernization Market Research Report: Information, by Purpose (Weaponry/Ammunition, C5ISR, Protection, and Mobility), Platform (Airborne, Naval and Land) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
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