About this market
Integration of Directed Energy Weapons (DEW) to drive market demand. The race for achieving military dominance has intensified due to the emergence of advanced weapons capabilities of advanced nations such as the US and Russia. Such technologies include hypersonic missiles, hypersonic rail guns, and DEW. DEWs are devices that emit highly focused energy such as laser, microwave, electromagnetic radiation, radio waves, sound or particle beams. Technavios analysts have predicted that the military armored vehicles and counter-IED vehicles market will register a CAGR of over 4% by 2023.
Ongoing digitization of battlefield operations
Battlefield digitization means a system wherein the components are integrated into the force. Evaluated, acquired, and updated together to the maximum extent possible. The introduction of information-based weapon systems capable of providing combat vehicle crews with effective firepower and knowledge base to coordinate and employ both on-board and external sensors and weapons will change the current tactics, techniques and procedures of the military.
Short effective life of new technologies
The pace of technological development is revolutionizing warfare and improvements in weaponry have resulted in strategic deployment and precise attacks being carried out as per requirement and carry the potential to change the balance of power. Although the fast-paced adoption of technology is often considered to offer a tactical advantage to the deploying forces, the advantage is short-lived as there is always a chance of the opponent developing and adopting a better one.
For the detailed list of factors that will drive and challenge the growth of the military armored vehicles and counter-IED vehicles market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including BAE Systems and General Dynamics the competitive environment is quite intense. Factors such as the integration of Directed Energy Weapons (DEW) and the ongoing digitization of battlefield operations, will provide considerable growth opportunities to military armored vehicles and counter-IED vehicles manufactures. BAE Systems, General Dynamics, Lockheed Martin, OSHKOSH DEFENSE, Rheinmetall Defence, and Rostec are some of the major companies covered in this report.