Soldier Systems Global Market Report 2023
Major players in the soldier systems market are Safran, Leonardo, Rheinmetall AG, L3Harris Technologies Inc., Lockheed Martin Corporation., Saab AB, Aselsan A.S., Elbit Systems Ltd., General Dynamics Corporation, Thales, Teledyne FLIR LLC, Inova Design Solutions, Boeing, Northrop Grumman, Avon Protection plc, Banc 3 Inc.
New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Soldier Systems Global Market Report 2023" - https://www.reportlinker.com/p06480066/?utm_source=GNW
, Inmarsat Global Limited, Metravib Defense, Teldat Group, and Textron Systems.
The global soldier systems market is expected to grow from $10.78 billion in 2022 to $11.45 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The soldier systems market is expected to reach $14.17 billion in 2027 at a CAGR of 5.4%.
The soldier system market includes revenues earned by entities by offering services like training, leadership development, doctrine, and situational awareness.The market value includes the value of related goods sold by the service provider or included within the service offering.
The soldier system market also includes sales of infrared target locators, anti-sniper effectors, battlefield communications, laser target designators, and personal counter-IED equipment and systems.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The soldier system refers to a battlefield system that maximizes the warfighting capabilities. It combines innovative technology and equipment to improve military personnel’s capabilities in warfield.
North America was the largest region in the soldier systems market in 2022. The regions covered in soldier system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of soldier systems are protection, communication, power and data transmission, surveillance and target acquisition, navigation, and others.Protection is the practice of safeguarding someone or something, the condition of being protected from danger.
The various components are hardware devices, software, display devices, imaging devices, night vision devices, tracking devices, wired and wireless communication devices, personal protection kits, identification friend or foe (IFF), and others. The technologies include artificial intelligence, 3D printing, internet of things, wearable devices, and others that are used by military and homeland security.
The increasing number of terrorist strikes is expected to propel the growth of the soldier system market in the coming future.Terrorist strikes are surprise assault that intentionally targets civilians with violence in the pursuit of political or religious objectives.
Soldier systems assist crew life by integrating protective apparel, personal electronics, and survival equipment to improve aircrew lethality, mission effectiveness, and protection.The increasing number of terrorist strikes is expanding the soldier system market, thus increasing demand.
For instance, in 2022, according to the Global Terrorism Index (GTI), published by The Institute for Economics and Peace (IEP), an Australia-based global think tank, terrorist attacks increased by 17% in 2021, with a total of 5,226 recorded attacks. Therefore, the increasing number of terrorist strikes is driving the soldier system market.
The use of wearable technology and augmented reality is the key trend gaining popularity in the soldier systems market.Major companies operating in the soldier systems market are focused on developing innovative wearable technology and augmented reality technology to strengthen their position in the market.
For instance, in July 2022, Elbit Systems Ltd., an Israel-based electronics company that operates in the defense and military sectors, launched a revolutionary helicopter vision suite for military pilots. The new suite combines an advanced sensor array, an AI-powered mission computer X-Sight HMD system, and a one-of-a-kind Helmet Mounted Display (HMD) system. The AI-powered mission computer combines sensor data, preloaded maps, and flight and mission information. It displays a live color image with an augmented reality overlay demonstrating obstacles, threats, the flight path, and extra flight and mission details on the visor of the X-Sight HMD.
In July 2020, BAE Systems, a UK-based company manufacturing military arms, defense, aerospace, and security products, acquired Collins Aerospace Military Global Positioning System (GPS) business from Raytheon Technologies Corporation for approximately $1.9 billion. Through the acquisition, it allows to strengthen BAE Systems’ market dominance and provide additional discriminating capabilities to their clients, including the U.S. Department of Defense and its allies. Raytheon Technologies Corporation is a US-based defense and aerospace company operating in various soldier system equipment.
The countries covered in the soldier systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The soldier systems market research report is one of a series of new reports that provides soldier systems market statistics, including soldier systems industry global market size, regional shares, competitors with a soldier systems market share, detailed soldier systems market segments, market trends and opportunities, and any further data you may need to thrive in the soldier systems industry. This soldier systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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