Soldier System Market Explores New Growth Opportunities by 2023

Posted by Sandeep Roy on March 23rd, 2020

According to the new market research report "Soldier Systems Market by End User (Military, Homeland Security), Type (Personal Protection, Communication, Power and Transmission, Surveillance and Target Acquisition, Navigation and Health Monitoring, Vision), Region - Global Forecast to 2023", The soldier systems market is projected to grow from USD 9.78 billion in 2018 to USD 14.14 billion by 2023, at a CAGR of 7.65% from 2018 to 2023. The growth of the soldier systems market can be attributed to the increasing incidences of terrorism and ongoing soldier modernization programs across the globe.

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Based on end user, the military segment of the soldier systems market is projected to grow at the highest CAGR during the forecast period.

Among end users, the military segment is expected to lead the soldier systems market in 2018, and this trend is expected to continue till 2023. The growth of the military segment of the market can be attributed to the fact that military forces across the globe are upgrading their existing soldier systems to enhance the survivability of soldiers. Ongoing soldier modernization programs, increasing cross-border conflicts, and rising number of terrorism-related activities across the globe are also contributing to the growth of the military segment of the soldier systems market.

Among types, the communication segment is projected to lead the soldier systems market from 2018 to 2023.

Based on type, the soldier systems market has been segmented into personal protection, Respiratory Protective Equipment (RPE), communication, power and transmission, surveillance and target acquisition, navigation and health monitoring, vision, exoskeleton, and training & simulation. The communication segment is projected to lead the soldier systems market during the forecast period. The training & simulation segment of the market is projected to grow at the highest CAGR during the forecast period. This growth of the training & simulation segment of the market can be attributed to the penetration of Augmented Reality (AR) and Virtual Reality (VR) in various training & simulation devices. The ability of augmented reality to combine the real world with virtual objects has increased the demand for augmented reality in various defense applications.

The Asia Pacific soldier systems market is projected to grow at the highest CAGR during the forecast period.

The Asia Pacific soldier systems market is projected to grow at the highest CAGR from 2018 to 2023. The rapid growth of the soldier systems market in the Asia Pacific region can be attributed to the innovations being carried out in emerging economies such as China and India for the development of advanced soldier systems. The countries in the Asia Pacific region are conducting military modernization programs for their ground troops by domestically developing various types of soldier subsystems, equipment, and gears.

China is expected to account for the largest share of the Asia Pacific soldier systems market in 2018. The growth of the China soldier systems market can be attributed to the ongoing R&D activities in the country for the development of advanced technologies and solutions for soldier systems.

Key Market Players

Major players in the soldier systems market are Rheinmetall AG (Germany), General Dynamics (US), Elbit Systems (Israel), Leonardo (Italy), Saab AB (Sweden), Rockwell Collins (US), FLIR Systems (US), Harris Corporation (US), and Thales Group (France), among others.

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