(PR Web Via Acquire Media NewsEdge) Albany, New York (PRWEB) July 14, 2014
According to a new market report published by Transparency Market Research "Man-Portable Military Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global man-portable military electronics market was valued at USD 15.10 billion in 2013, growing at a CAGR of 3.84% from 2014 to 2019 to account for USD 19.67 billion in 2019.
The major factor driving the growth of this market is the soldier modernization programs undertaken by military forces worldwide. Countries such as the U.S., France, India, and Australia have taken military modernization initiatives on a massive scale. These long term programs will ensure the continued demand for man-portable military electronics during the forecast period. Growing demand for miniature unmanned aerial vehicles (M-UAVs) is expected to stimulate the category growth and as well as the growth of the overall market. The growth of this market is further fuelled by the increasing need for advanced man-portable equipments with reduced size, weight, and power consumption (SWAP).
On the basis of product type, the man-portable military electronics market can be categorized into six segments including communications, command and control, ISTAR (intelligence, surveillance, target acquisition and reconnaissance), imaging, force protection, and ancillary electronics. Communication segment was the largest segment and accounted for 45.5% of the global market in 2012, due to worldwide increase in demand for manpack radios and transceivers. The communication equipment market is expected to grow at a CAGR of 4.1%.
In 2013, the North America market was the leading revenue generator for man-portable military electronics market. The dominance of North America is due to technological advancement and huge expenditure in defense sector. Replacement of ageing communication equipment with modern high-end devices is also driving the growth of man portable communication devices in the region.
The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies, SWOT analysis and recent developments in the field of passive optical network equipment. Major market participants profiled in this report include AeroVironment, Aselsan Inc, Codan Ltd, Elbit Systems Ltd, ITT Exelis Inc, Finmeccanica S.p.A, FLIR Systems, General Dynamics, Harris Corporation, L-3 Communications Holdings, Inc, Rockwell Collins, Inc, Saab AB, Safran Group, Sierra Nevada Corporation, and Thales Group among others.