PUBLISHER: The Business Research Company | PRODUCT CODE: 1425643
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425643
Military Embedded Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on military embedded systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for military embedded systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The military embedded systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A military embedded system encompasses both hardware and software designed explicitly for a wide range of military applications. These systems are tailored to perform specific functions, including electronic warfare, satellite-based surveillance, radar systems, and managing military traffic.
Military embedded systems predominantly consist of hardware and software components. The hardware includes crucial elements like user interfaces, input/output interfaces, displays, and memory. These systems are deployed across various platforms, including land, airborne, naval, and space, either as new installations or upgrades. They leverage technologies like edge computing, fog computing, and mist computing, applied in intelligence, surveillance, reconnaissance (ISR), command and control, communication, navigation, electronic warfare, weapon and fire control, wearable technology, and other military applications.
The military embedded systems market research report is one of a series of new reports from The Business Research Company that provides military embedded systems market statistics, including military embedded systems industry global market size, regional shares, competitors with a military embedded systems market share, detailed military embedded systems market segments, market trends and opportunities, and any further data you may need to thrive in the military embedded systems industry. This military embedded 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.
The military embedded systems market size has grown strongly in recent years. It will grow from $1.62 billion in 2023 to $1.78 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The expansion observed in the historical period can be credited to progress in microelectronics, the emergence of global security challenges, an increased need for real-time data processing, concerns regarding cybersecurity, and the development of unmanned systems.
The military embedded systems market size is expected to see strong growth in the next few years. It will grow to $2.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The projected growth in the upcoming period stems from factors like enhanced interoperability for joint operations, fortified cyber resilience, a heightened emphasis on energy efficiency, utilization within space-based systems, integration into hypersonic weapon systems, and the global push for military modernization initiatives. Noteworthy trends anticipated in this forecast period encompass swift progress in processing power, escalated utilization of high-performance computing (HPC), a focused approach on optimizing size, weight, and power (SWaP), incorporation of artificial intelligence (AI) and machine learning (ML), adherence to open architecture standards, and the enhancement of multi-domain operations capability.
The escalating global threat of terrorism is anticipated to drive the expansion of the military embedded systems market in the future. Terrorism, characterized by non-state actors employing illegal force and violence for political, economic, religious, or social objectives through intimidation, fuels the demand for security screening systems, including military embedded systems. These technologies aid in tracking and combating terrorist activities. For instance, as per the Global Terrorism Index in March 2022, global terrorist attacks surged to 5.2k in 2021, with Myanmar witnessing a significant increase in terrorism-related fatalities. This rise in terrorism worldwide significantly contributes to the growth of the security screening market.
The upward trajectory in defense spending is projected to propel the growth of the military embedded systems market. Governments globally prioritize modernizing military hardware, resulting in a substantial increase in unmanned applications and expanding opportunities within the military embedded systems market. Notably, the Stockholm International Peace Research Institute's report in April 2023 revealed a 3.7% rise in global military expenditure, reaching a record high of $2,240 billion in 2022. The report highlighted a 13% increase in military spending in Europe and an 8.8% nominal rise in US military spending, indicating the robust growth in defense spending driving the military embedded systems market.
Innovations in product offerings emerge as a dominant trend within the military embedded systems market. Key market players focus on developing novel products to meet evolving customer demands. For instance, Pratt & Whitney's introduction of Percept in June 2023, an AI-based aircraft engine inspection tool-represents an innovative approach. This advanced tool incorporates artificial intelligence to provide real-time insights into aircraft engine conditions, offering maintenance personnel comprehensive information on parts availability. Percept, categorized as a military embedded system, acts as a multi-sensor AI platform, facilitating real-time situational awareness and decision support for military operations. The tool's cloud-based computing system enables quick and comprehensive engine inspections, automating the process and significantly reducing inspection time by 90%.
Prominent companies operating within the military embedded systems market are leveraging strategic collaborations and partnerships to gain a competitive edge. These alliances aim to enable real-time virtualization in embedded avionics through military embedded software extraction. For instance, the collaboration between Northrop Grumman Corporation and Curtiss Wright in July 2022 focuses on virtualizing outdated military avionics systems by migrating software from obsolete communication, navigation, and surveillance hardware to contemporary embedded processor architectures. This strategic partnership aims to transition software from outdated hardware to modern embedded computing architectures, reflecting the intent to streamline embedded avionics systems in various in-service U.S. military aircraft.
In April 2021, Elbit Systems, an Israel-based company specializing in defense electronics, completed the acquisition of BAE Systems Rokar for $31 million. This strategic acquisition bolsters Elbit Systems' capacity to address the growing need for networked precision fire solutions. BAE Systems Rokar, based in Israel, specializes in the production and integration of sophisticated GPS receivers and guidance systems tailored for advanced defense applications.
Major companies operating in the military embedded systems market report are Xilinx Inc., Mercury Systems Inc., Curtiss-Wright Corporation, Kontron (S&T), SMART Embedded Computing, Advantech Co Ltd., Thales Group, Abaco Systems, Microsemi Corporation, General Micro Systems Inc., BAE Systems, Intel Corporation, Radisys Corporation, Telephonics Corporation, General Dynamics Corporation, Raytheon Company, Rockwell Collins, AMETEK, Apple Inc., Saab AB, Boeing, Concurrent Technologies, Crystal Group Inc., Elma Electronic Inc., Excalibur Systems, Northrop Grumman Corporation, ECRIN Systems, Harris Corporation, Honeywell International Inc., IBM Corporation
North America was the largest region in the military embedded systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the military embedded systems market report during the forecast period. The regions covered in the military embedded systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the military embedded systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The military embedded systems market includes revenues earned by entities by providing services such as intelligence, surveillance, reconnaissance (ISR), communication, navigation, command, and control. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.