Military Embedded System Market Size Reach USD 3.3 Billion by 2031 | Top Factors Leading The Industry Worldwide
Increase in demand for military expenditure around the globe for the advancement of military forces.
PORTLAND, PORTLAND, OR, UNITED STATE, February 23, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research “The Military Embedded System Market Size Reach USD 3.3 Billion by 2031 | Top Factors Leading The Industry Worldwide.” These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.
The global military embedded system market was valued at $1.5 billion in 2021, and is projected to reach $3.3 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
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Compactness, affordability, and robustness of an embedded system, which make it suitable for a variety of uses in the military and defense industry, the rise in demand for military expenditure around the globe, and the ability of modern embedded systems to resolve the dependability, safety, and efficiency issues that plague traditional computing systems drive the growth of the global military embedded system market.
The military embedded system market is segmented on the basis of product type, platform, component, application, and region. By product type, the market is classified into motherboard & computer-on-module (COM), OPEN VPX, VME Bus, Compact-PCI (Board & Serial), and others. By component, the market is classified into hardware and software. By platform, the market is classified into airborne, land, naval, and space. By application, the market is classified into radar, command & control, avionics, electronic warfare, communication & navigation, weapon fire control system, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on product type, the compact-PCI (board & serial) segment held the largest share of nearly one-fourth of the global military embedded system market in 2021. However, the motherboard & computer-on-module (COM) segment is estimated to dominate in terms of revenue and witnesses the fastest CAGR of 8.4% during the forecast period. The report also analyzes the OPEN VPX, VME BUS, and other segments.
Based on platform, the airborne segment was the largest in 2021, capturing nearly one-third of the global military embedded system market share. However, the land segment is estimated to dominate in terms of revenue and witnesses the fastest CAGR of 8.4% during the forecast period. The report also mentions the naval and space segments.
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Based on region, the market in North America was the largest in 2021, accounting for one-third of the global military embedded system market share and is likely to maintain its leadership status during the forecast timeframe. However, the market in the Asia-Pacific region is expected to manifest the highest CAGR of 8.8% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
Leading players of the global military embedded system market analyzed in the research include Intel Corporation, Mercury Systems, Inc. Curtiss-Wright Corporation, Advantech Co., Ltd., BAE Systems, SMART Embedded Computing, SDK Embedded Systems Ltd., General Dynamics Corporation, Kontron (S&T), and Xilinx Inc.
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Covid-19 Scenario:
● The COVID-19 pandemic impacted the military systems market negatively. The disruption of supply chain, the closing of manufacturing units, and the slowing of economies in various nations led to a decrease in demand for military embedded systems.
● Furthermore, due to the government’s lockdown and restrictions norms, migrants and personnel workers in manufacturing factories were unable to perform their operations, affecting the production and supply of embedded systems.
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Sachin Bhandare
Allied Market Research INC
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