Global Soldier Modernization Market.
Market Forecast
Global Soldier Modernization Market is projected to be valued at USD 18,290 Million by 2028, registering a CAGR of 3.70% from 2019 to 2028.
The growing military expenditure of developing countries such as China and India have significantly contributed to the expansion of the soldier modernization market. High competition owing to the presence of several players in the market has led defense companies to focus on innovation. Furthermore, the R&D activities in the defense industry and the growing demand for technologically advanced military equipment are also expected to drive the growth of the market.
Furthermore, military agencies of countries such as the US are investing in modernizing army simulator vehicle fleet to offer real-time situational awareness on the battlefield to soldiers. For example, in October 2018, Lockheed Martin Corporation signed a contract with the US Army amounting to USD 356 million to upgrade the US Army’s simulators for the tactical vehicle fleet. The contract enabled the US Army to offer enhanced situational awareness to its soldiers.
However, high costs associated with maintenance and modernization of soldier systems and stringent government regulations might hamper the growth of the market.
Market USP
The growing need to upgrade legacy systems is increasing the demand for the soldier modernization market.
Growth Opportunities in the Market
C5ISR segment to register the highest growth rate: The C5ISR segment is expected to exhibit the highest CAGR during the forecast period of 2019 to 2028. C5ISR is a network of platforms, sensors, payloads, and other systems that inform and connect military personnel and first responders. C5ISR Systems offer benefits such as greater communication, combat capability, connectivity, and situational awareness. Furthermore, the growing adoption of C5ISR systems in military operations and the development of space-based C5ISR systems are also expected to drive the growth of the segment during the review period.
The airborne segment is expected to be the fastest-growing: The airborne segment is expected to register the highest CAGR during the forecast period of 2019 to 2028. The growing demand for enhanced surveillance and the rising modernization of military aircraft are expected to drive the growth of the segment. Furthermore, the increasing development of military UAVs is also likely to drive the growth of the segment.
Key Players
Honeywell International, Inc. (US)
United Technologies Corporation (US)
Safran (France)
Thales Group (France)
Raytheon Company (US)
BAE Systems (UK)
Elbit Systems Ltd. (Israel)
General Dynamics Corporation (US)
Lockheed Martin Corporation (US)
Northrop Martin Corporation (US)
Other Prominent Players
Colt Defense (US)
Herstal SA (Germany)
Heckler & Koch Inc. (Germany)
Remington Arms Company, LLC (US)
Boeing (US)
Israel Aerospace Industries (US)
Exelis Inc. (US)
L3Harris Technologies, Inc. (US)
Tata Group (India)
Rheinmetall AG (Germany)
Aselsan AS (Turkey)
Saab AB (Sweden)
Leonardo SpA (Italy)
General Atomics (US)
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