The global military embedded systems market is expected to grow by 2031 due growing government military expenditure. The hardware sub-segment is expected to flourish immensely. The market in the North America region to be highly lucrative.
NEW YORK, Feb. 24, 2023 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Military Embedded Systems Market by Product Type (Motherboard & Computer-On-module (COM), OPEN VPX, VME Bus, Compact-PCI (Board & Serial), and Others), Component Type (Hardware and Software), Platform Type (Airborne, Land, Naval, and Space), Application (Radar, Command & Control, Avionics, Electronic Warfare, Communication & Navigation, Weapon Fire Control System, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031”.
According to the report, the global military embedded systems market is predicted to register a revenue of $3,259.3 million by 2031, growing at a healthy CAGR of 7.9% during the forecast period 2022-2031.
Dynamics of the Market
Drivers: The military embedded systems market is expected to flourish in the forecast period on account of the growing defense and military expenditure by various governments across the globe. Along with this, development of electronic warfare systems with increased capabilities is predicted to push the market forward in the forecast period.
Opportunities: High durability, effectiveness, and simplicity of structure offered by electronics in military embedded systems is expected to offer numerous growth opportunities to the market. Along with this, the widespread adoption of multi-core processors, wireless technologies, and revolutionary warfare systems is predicted to take the market higher.
Restraints: According to market analysts, legal concerns and security issues, however, may become a challenge in the growth trajectory of the military embedded systems market.
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Covid-19 Impact on the Market
Since the outbreak of Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. This negatively impacted several industries and businesses causing disruptions in supply chains and manufacturing processes. The military embedded systems market faced a similar situation wherein there was a disruption in supply of raw materials, shortage of labor, and closure of several manufacturing industries. This led to disturbances in manufacturing and supply of finished products which finally led to a decline in the growth rate of the market.
Segments of the Market
The report has fragmented the military embedded systems market into a few segments based on product type, component, platform, and regional analysis.
By product type, the motherboard & computer-on-module sub-segment of the military embedded systems market is anticipated to have a dominating market share by 2031. Because of their unique feature of secure knowledge, computer-on-modules is highly effective for military use. This applicability of computer-on-module is predicted to boost the growth of this sub-segment in the forecast period.
By component, the hardware sub-segment is predicted to garner a significant revenue by 2031. The ability of military computer hardware to function in difficult and severe conditions like deserts or high mountains is anticipated to push the growth rate of this sub-segment higher.
By platform, the land sub-segment is anticipated to have a high growth rate by 2031. Governments across the world have invested heavily and developed a wide range of land-based platforms and vehicles equipped with variety of instruments like cameras, visible and infrared and thermal infrared scanners, radar systems, etc. Development of such land-based platforms is projected to augment the growth rate of this sub-segment in the forecast period.
By application, the weapon fire control system sub-segment is predicted to be immensely profitable in the forecast period. Growing development of automatic and consolidated weapon fire systems predicted to help in the growth of this sub-segment.
By regional analysis, military embedded systems market in the North America region is estimated to be the most dominant in the forecast period. The rapid advancement in military and aerospace sector of different countries in this region, especially the United States, is estimated to help the market grow substantially in this region.
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Prominent Market Players
Some prominent market players are
Intel Corporation
BAE Systems
General Dynamics Corporation
Kontron (S&T)
Mercury Systems Inc.
SMART Embedded Computing
Curtiss-Wright Corporation
SDK Embedded Systems Ltd.
Xilinx Inc.
Advantech Co. Ltd.
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in April 2020, Abaco Systems, a leading aerospace and defense company, announced the launch of a new product- a 6U VME Ethernet switch, called NETernity. The ethernet switch provides support to four 10G SFP+ modules and can be used with any network configuration. This product launch is predicted to boost the company’s market share substantially in the coming period.
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The report also sums up various crucial facets including financial performance of the global market players, SWOT analysis, product portfolio, and the latest strategic developments.
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