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(Transportation-News.com, February 14, 2023 ) The soldier system market is projected to grow from USD 10.4 Billion in 2022 to USD 12.8 Billion by 2027, at a CAGR of 4.4% during the forecast period. The overall soldier system market is projected to grow between 2022 and 2027 due to consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays and integrated soldier systems, the rising popularity of wearable fitness and medical devices, and the wide use of the Internet of Things (IoT).
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Based on type, the vision segment will dominate the soldier system market during the forecast period. This segment is further divided into respiratory protective equipment (RPE), exoskeleton, training & simulation, surveillance & target acquisition, navigation & health monitoring, communication, personal protection, and power & data transmission. There is a huge demand for AR & VR-powered training to support the growth of the training & simulation segment of the soldier system market worldwide. The demand for soldier systems has increased significantly worldwide due to technological advancements in soldier system devices. Companies have been undertaking extensive research to develop an integrated soldier system with five enhanced capabilities provided to soldiers, including survivability, sustainability, lethality, mobility, command, control, communication, computer, and intelligence.
Based on end users, the soldier system market is segmented into military and homeland security. The military segment is projected to account for a larger share of the soldier system market during the forecast period due to increased demand for advanced soldier systems from military organizations. This segment growth can be attributed to the increased deployment of soldier systems in the military to ensure improved communication, enhanced navigation, and efficient situational awareness. The long operational duration results in severe mental and physical exhaustion, affecting the efficacy of the land forces; hence, soldier systems are being adopted to monitor the vitals of the military personnel and the occurrence of factors that may lead to stress and critically affect the operational capabilities of the personnel.
Based on Region, North America is estimated to account for the largest market share in 2022 and is projected to witness the highest CAGR during the forecast period. The region’s ongoing military modernization programs, rising investments in developing technologically advanced soldier systems for defense soldiers, and the growing military procurement by Russia, Germany, India, and China contribute to the global expansion of the market. The increased terror attacks and cross-border disputes drive the growth of Europe and the Asia Pacific soldier system markets. The developing market for soldier systems in the
Middle East and Asia Pacific is driven by increased defense spending and investments in the modernization of various law enforcement agencies in these regions. The demand for soldier systems worldwide is now driven by technological advancements such as exoskeletons, smart fabrics, power & energy management, and communication & computing.
Major players operating in the Soldier System market include BAE Systems plc (UK), Elbit Systems (Israel), Aselsan A.S. (Turkey), Saab AB (Sweden), Rheinmetall AG (Germany), General Dynamics (US), and Thales Group (France). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
News Also Covered: https://www.prnewswire.com/news-releases/soldier-systems-market-worth-12-8-billion-by-2027---exclusive-report-by-marketsandmarkets-301743813.html
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