), to reach a market value of USD 6. 13 billion, by 2024. Growing terrorist activities and increasing military spending by nations across the world are enabling the respective armies to procure more man-portable military electronic systems for enhancing their land-based warfare capabilities.
New York, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "MAN-PORTABLE MILITARY ELECTRONICS MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)" - https://www.reportlinker.com/p05778121/?utm_source=GNW
These trends are expected to help the market during the forecast period.
The emphasis on the modernization of soldiers is growing in various countries. The focus on this is expected to drive in more investments for the man-portable military electronics market in the years to come.
Research in powered exoskeleton technologies is expected to provide growth opportunities for the market in the years to come.
Scope of the Report
All electronic equipment that can be operated, while being carried by dismounted soldiers, are included in the study. The study includes all types of electronic systems that are incorporated in the body armors of soldiers and mounted on their helmets; this does not include rocket/grenade/missile-launching systems that are man-portable. However, the man-portable electronics that form the accessories of the launching systems are included.
Key Market Trends
ISTAR Segment Projected to Grow at a High Pace
Currently, the communications segment of the market studied has the highest share out of all the segments. The increased use of man-pack radios by dismounted soldiers is the primary reason for the high share of this segment. However, growth rates are expected to be high in the ISTAR segment. ISTAR includes intelligence, surveillance, target acquisition, as well as reconnaissance. ISTAR capabilities help in linking together several battlefield functions, to assist a combat force in deploying their sensors on the battlefield, as well as managing the information the unit gathers. Thus, the focus is currently on this segment, which is the reason for its high expected CAGR.
Asia Pacific expected to Record the Highest Growth
By region, the North American market is generating the highest revenue at present, in the market studied. However, the growth of the Asia Pacific market is anticipated to be higher during the forecast period. Emerging economies in the Asia Pacific, like India, China, and Japan, are investing significant amounts in modernizing their armed forces. These modernization programs are further being boosted by the increasing defense spending from these countries, which collectively, has a positive impact on the growth of the market.
The man-portable military electronics market is fragmented, with four manufacturers accounting for a major market revenue share (in 2018), while over a dozen companies accounting for the remaining share of the market revenue, globally. The mergers and acquisitions that took place between the players in the recent past helped the companies strengthen their market presence. For example, the acquisition of B/E Aerospace by Rockwell Collins and of Rockwell Collins by UTC is expected to strengthen UTC’s portfolio in the market, while also improving their market presence in the military man-portable electronics market over the next few years.
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