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03 Apr 14. Defence budget cuts drive the soldier modernisation market growth. According to a new Strategic Defence Intelligence report, the global soldier modernisation market, worth US$6.7bn in 2014, is set to grow steadily to reach US$9.4bn in 2024. The growth is driven by the necessity to compensate troops’ reduction due to cuts in defence budgets and the recent change in the way wars are being fought. The current economic climate has recently forced many governments to cut down their military budgets causing a stir in the global military dynamics. The reduction in troops by various nations’ militaries including the US, UK, France, Germany, Spain, Italy and South Korea has resulted in defence ministries reorganising their armies into smaller yet more efficient units. To significantly augment their soldiers’ war fighting capabilities, these militaries are undertaking major soldier modernisation programs covering various sectors including C4ISR, lethality, survivability, mobility and sustainability.
North America is expected to account for the largest share of expenditure on the soldier modernisation market dominated by the US. Asia Pacific is anticipated to be the second largest spender growing at a Compound Annual Growth Rate (CAGR) of 4.54% with investments driven by border conflicts and terrorism in the region. Europe comes third but needs a special mention due to its large number of individual soldier modernisation programs such as FELIN in France or Ratnik in the UK. The cumulative soldier modernisation market during 2014-2024 is expected to value US$85.3bn exhibiting a CAGR of 3.5%. Soldier modernisation is attracting significant interest from countries around the world, witnessing a substantial change in the way wars are being fought. The rise of asymmetric warfare including terrorism and insurgency has forced countries to implement individual soldier modernisation programs to build effective armies capable to counter evolving national threats. Other changes include IED attacks during wars in Iraq and Afghanistan and urban warfare owing to a steep increase in civil unrest situations across the world during recent times. Furthermore, the aforementioned civil unrest situations have given rise to a significant need for urban warfare and riot control capabilities which is also attracting considerable attention from the MoDs. Thus the defence ministries are venturing to build soldier systems which are extremely modular and effective in order to be customised for various situations according to the intensity of conflict. This information is based on findings from the SDI Report: “The Global Soldier Modernization Market 2014–2024”, published in March 2014.
03 Apr 14. Reportbuyer.com just published a new market research report:
Electronic Warfare Market Forecast Analysis (2014 – 2020)
The report provides market analysis of the global electronic warfare market over the next five years. It contains the analysis of drivers, challenges, and restraints impacting the industry. It also discusses about the industry, market, and technology trends that are currently prevailing in the market. It provides the market size of the global electronic warfare market over the next five years and talks about the market share by different sub-sectors for each region It tracks, analyzes and lays out the market size of the major defense spenders in each region and provides market share by sub-category namely, Electronic Attack, Electronic Support and Electronic Protection. It talks about the leading competitors in the global market and apart from a general overview of the companies; it also provides details on their financial positions, key products, their unique selling points, and key developments The global electronic warfare market is estimated to be $12.15bn in 2014 and is expected to register a CAGR of 4.50%