Soldier Modernization Market Size (2024 - 2029)

The soldier modernization market is experiencing growth driven by increased military spending and investments in advanced soldier systems, despite challenges such as supply chain disruptions and slow government decision-making in some regions. The integration of technologies like artificial intelligence and augmented reality is a key focus, aiming to enhance soldier effectiveness and reduce risks on the battlefield. These factors contribute to the expansion of the market size, although uncertainties in program timelines pose challenges for market participants.

Market Size of Soldier Modernization Industry

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Global Soldier Modernization Market Overview
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 3.00 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Soldier Modernization Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Soldier Modernization Market Analysis

The soldier modernization market is projected to register a CAGR of more than 3% during the forecast period.

The COVID-19 pandemic impact on the defense industry was low as the investments in procurement and development of new soldier systems remained unaffected. However, the pandemic led to disruptions in the supply chain in the defense sector, owing to lockdown in some countries, which led to slight delays in the delivery of the final products.

Over the past few years, the military spending of various countries in the world has increased robustly owing to factors such as the increased border conflicts and growth in terrorist and hostile groups. The countries are robustly investing in the research and development of advanced soldier systems to enhance their effectiveness on the battlefields to decrease the risks the troops face. Such investments are anticipated to drive the growth of the market.

The governments are working with companies towards the integration of advanced technologies like artificial intelligence, the Internet of Things (IoT) for the military, wearable devices, augmented reality, etc., for the soldiers.

However, the slow progress in decision-making at the government level has delayed many modernization programs in several developing countries over the years. The uncertainties, thus, created in terms of the program completion and associated timelines are currently challenging the players in the market.

Soldier Modernization Industry Segmentation

The soldier modernization priorities mainly by upgrading combat gear, long-range precision fires, soldier lethality army network, air and missile defense, and procuring the next generation of combat vehicles.

The Soldier Modernization Market is segmented based on Type, Application, and Geography. By Type, the market is segmented into Weapons and Ammunition, Personal Protection, Communication, Surveillance and Target Acquisition, Exoskeleton, Training and Simulation, and Other Types. The other segment includes the details regarding the power supply systems, data transmission, navigation, and health monitoring systems, among others. The report also covers the market sizes and forecasts for the market in major countries across various regions. For each segment, the market sizing and forecasts have been represented based on value (USD million).

Type
Weapons and Ammunition
Personal Protection
Communication
Surveillance and Target Acquisition
Exoskeleton
Training and Simulation
Other Types
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
Rest of the World
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Soldier Modernization Market Size Summary

The soldier modernization market is experiencing a steady growth trajectory, driven by increased military spending globally due to border conflicts and the rise of terrorist groups. Governments are investing significantly in research and development to enhance soldier systems, integrating advanced technologies such as artificial intelligence, IoT, and augmented reality to improve battlefield effectiveness. Despite the challenges posed by slow government decision-making in some developing countries, the demand for modernized soldier systems remains strong. These systems are designed to meet essential functional requirements like lethality, survivability, command and control, sustainment, and mobility, thereby reducing troop casualties and providing a tactical advantage. The market is characterized by a high level of fragmentation, with numerous players like Thales Group, Elbit Systems Ltd, and BAE Systems PLC actively participating and forming partnerships with armed forces to advance soldier capabilities.

Geographically, the Asia-Pacific region is anticipated to lead the market growth, with countries like China, India, Japan, and South Korea being significant defense spenders. China's advancements in technological and manufacturing capabilities have positioned it favorably in the soldier modernization landscape, while India has undertaken emergency procurement programs to bolster its military capabilities amid regional tensions. The market is witnessing innovations such as exoskeletons and advanced weapon sights, which are gaining attention from armed forces worldwide. Companies are heavily investing in developing new products and technologies to secure contracts and expand their market presence. Notable developments include the US Department of Defence's contract with SIG Sauer for the Next Generation Squad Weapon and Iraq's procurement of advanced weapons from France and the United States, highlighting the ongoing demand for soldier modernization solutions.

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Soldier Modernization Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size and Forecast by Value - USD million, 2018 - 2027)

    1. 2.1 Type

      1. 2.1.1 Weapons and Ammunition

      2. 2.1.2 Personal Protection

      3. 2.1.3 Communication

      4. 2.1.4 Surveillance and Target Acquisition

      5. 2.1.5 Exoskeleton

      6. 2.1.6 Training and Simulation

      7. 2.1.7 Other Types

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 United Kingdom

        2. 2.2.2.2 France

        3. 2.2.2.3 Germany

        4. 2.2.2.4 Russia

        5. 2.2.2.5 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 Australia

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 Rest of the World

Soldier Modernization Market Size FAQs

The Soldier Modernization Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Thales Group, Elbit Systems Ltd, BAE Systems plc, L3Harris Technologies, Inc. and Leonardo S.p.A. are the major companies operating in the Soldier Modernization Market.

Soldier Modernization Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)