Military embedded systems market to grow 56% in next 5 years: reportNews
October 28, 2022
CHICAGO, Illinois. The military embedded systems market will grow from $1.6 billion in 2022 to $2.5 billion by 2027 for a compound annual growth rate (CAGR) of 9.6%, a new report predicts.
The report, from Markets and Markets, states that market growth will be driven by a rise in upgradation programs for land vehicles in the United States, developments in the space sector, and developments in navigation and communication systems for naval and airborne platforms.
Some of the biggest players in the military embedded systems market include Curtiss-Wright, Mercury Systems, Kontron, AMETEL, and General Dynamics, the report states.
Cloud and wireless technologies continue to be a growing trend in the industry, the report notes.
"The integration of the cloud with embedded systems can offer various advantages for mission-critical applications, due to which the demand for embedded systems is growing continuously," it states. "For a long time, military embedded systems were standalone systems. Since the evolution of wireless connectivity, the situation has changed completely."
The communication and navigation segment of the market is expected to grow the most over the next five years, the report found.