The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Soldier Systems Global Market Report 2024, the soldier systems market is expected to show significant growth in the forecast period.

Market Overview

• Current Growth: The soldier systems market is set to grow from $11.45 billion in 2023 to $12.13 billion in 2024, with a CAGR of 6.0%.
• Historical Drivers: Military modernization, medical advancements, materials science advancements, terrorism and asymmetric warfare, Gulf wars, and global conflicts.

Future Market Projections

• Expected Growth: The market size will reach $15.02 billion by 2028 at a CAGR of 5.5%.
• Forecast Drivers: Increasing focus on urban warfare, rise in asymmetric warfare, demand for enhanced situational awareness, shift towards network-centric warfare, focus on non-lethal capabilities.
• Major Trends: Integration of advanced technologies, miniaturization of equipment, enhanced communication systems, focus on survivability, modular and customizable solutions.

View More On The Soldier Systems Market Report 2024 – https://www.thebusinessresearchcompany.com/report/soldier-systems-global-market-report

Rising Defense Budgets Propel Market Growth

• Government Spending: Increased government spending on defense is expected to drive market growth.
• Recent Data: World military expenditure increased by 3.7% in 2022, reaching a record high of $2,240 billion, according to the Stockholm International Peace Research Institute.
• Regional Insights: Military expenditure in Europe rose by 13%, and US spending increased by 8.8% in nominal terms between 2021 and 2022.

Key Players in the Market

• Major Companies: Safran SA, Leonardo S.p.A., Rheinmetall AG, L3Harris Technologies Inc., Lockheed Martin Corporation, Saab AB, Aselsan Elektronik Sanayi ve Ticaret A.S., Elbit Systems Ltd., General Dynamics Corporation, Thales Group, Teledyne Technologies Inc., Inova Design Solutions LLC, The Boeing Company, Northrop Grumman Corporation, Avon Protection PLC, Banc 3 Technologies, Inc., Inmarsat Global Limited, Metravib Defense SA, Teldat Group, S.A., Textron Systems Corporation, Raytheon Technologies Corporation, BAE Systems PLC, Harris Corporation, Leidos Holdings Inc., KBR Inc., CACI International Inc., QinetiQ Group PLC, Cobham PLC, Ultra Electronics Holdings PLC, Chemring Group PLC, Hanwha Corporation, Bharat Electronics Limited, Israel Weapon Industries Ltd., ST Engineering, RUAG AG, Nexter Systems, Oshkosh Corporation, Navistar International Corporation, Kongsberg Gruppen ASA, FN Herstal S.A.

Innovative Wearable Technology and Augmented Reality

• Key Trend: Use of wearable technology and augmented reality is gaining popularity.
• Example: In July 2022, Elbit Systems Ltd. launched a revolutionary helicopter vision suite for military pilots, featuring an AI-powered mission computer and a Helmet Mounted Display (HMD) system.

Enhancing Communication Capabilities

• Hungarian Defense Forces: Acquired E-LynX software-defined radios from Elbit Systems in March 2023.
• System Features: The E-LynX radios enhance soldier communication, situational awareness, and overall battlefield effectiveness.

Market Segmentation

1. By Type: Protection, Communication, Power and Data Transmission, Surveillance and Target Acquisition, Navigation, Other Systems.
2. By Component: Hardware Devices, Software, Display Devices, Imaging Devices, Night Vision Devices, Tracking Devices, Wired and Wireless Communication Devices, Personal Protection Kits, Identification Friend or Foe (IFF), Other Components.
3. By Technology: Artificial Intelligence, 3D Printing, Internet of Things, Wearable Devices, Other Technologies.
4. By End User: Military, Homeland Security.

Regional Insights

• North America: Largest region in the soldier systems market in 2023.

The soldier systems market is experiencing strong growth driven by increasing defense budgets, technological advancements, and strategic acquisitions. With major players continually innovating and expanding, the market is poised for significant progress in the coming years.

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The Soldier Systems Global Market Report 2024  provides an in-depth analysis on the soldier systems market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the soldier systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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