NEW YORK, Jan. 19, 2022 /PRNewswire/ -- The Soldier Systems Market is set to grow by USD 4.04 billion between 2021 and 2026, accelerating at a CAGR of 4.93% as per the latest report by Technavio. The market is segmented by application (military and homeland security) and geography (North America, Europe, APAC, MEA, and South America). The report provides detailed insights into how vendors are performing in terms of revenue generation, market position, product launches, and customer base among others.
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Key takeaways from Soldier Systems Market study
Soldier Systems market size to increase by USD 4.04 billion at a CAGR of 4.93% between 2021 and 2026
3.21% year-over-year growth expected in 2022
33% market growth to originate in North America during the forecast period
Dominant vendors include ASELSAN AS, Collins Aerospace, Elbit Systems Ltd., L3Harris Technologies Inc., Leonardo Spa, and others
Soldier Systems Market: Revenue Generating Segment
The soldier systems market share growth by the military segment will be significant for revenue generation. The growth is attributed to the advances in VR and AR technologies that help in training and stimulation. In addition, the increase in the adoption of radar systems in military applications for ground-based detection, weather sensing, and navigation and mapping of military aircraft will also drive the growth in the market in focus during the forecast period.
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Soldier Systems Market: Growth Drivers and Restraints
The key factor driving the global soldier systems market growth is the increased deployment by the military segment. The rapid advances in VR and AR technologies will revolutionize army training by delivering mission-critical situational awareness. AR can provide useful information, such as enemy location to soldiers within their line of sight hence, it is extensively used for training and simulation purposes. The government of many countries has increased spending on training to seize an opportunity to augment the readiness of soldier systems. For instance, the US Army has deployed a new AR heads-up display technology that makes modern warfare feel like a first-person video shooter. The increased deployment of soldier systems across the military sector is projected to positively impact the market in focus during the forecast period.
However, one of the major challenges to the global soldier systems market growth is the defense budget cuts affecting procurement patterns. The lack of financial resources will be an issue as countries are still recovering from the COVID-19 pandemic. Several sectors have been exposed to critical damage, which requires massive government interventions for revival. The budget constraints and prioritization of near-term readiness over modernization will negatively impact the growth of the market in focus during the forecast period.
The Soldier Systems Market report answers questions such as:
Is the market structure fragmented or concentrated?
What was the market size in 2022 and the forecast of the Soldier Systems Market through 2026?
Which are the best segment areas to invest in over the forecast period?
What is the market share of dominant and strong vendors in the Soldier Systems Market?
What are the latest trends and regulatory frameworks in the Soldier Systems Market?
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Soldier Systems Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.93%
Market growth 2022-2026
USD 4.04 billion
YoY growth (%)
North America, Europe, APAC, MEA, and South America
Performing market contribution
North America at 33%
Key consumer countries
US, Canada, Russian Federation, China, and Germany
Leading companies, competitive strategies, consumer engagement scope
ASELSAN AS, Collins Aerospace, Elbit Systems Ltd., L3Harris Technologies Inc., Leonardo Spa, Raytheon Technologies Corp., Rheinmetall AG, Saab AB, Teledyne FLIR LLC, and Thales Group
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
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