The global soldier modernization market revenue was around US$ 14.2 billion in 2022 and is estimated to reach US$ 19.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.4% during the forecast period from 2023 to 2031.
Soldier modernization is the process of upgrading different army weapons, cutting-edge systems, and safety precautions to safeguard troops' lives by fending off potential threats on the battlefield. Among many other high-priority protection is the army network for soldier lethality, combat gear, air and missile defense, and long-range precision firing.
Market Driving Factors
The surge in the threat of asymmetric warfare drives the market growth. The increase of asymmetric warfare, characterized by non-state actors and unconventional tactics has necessitated the modernization of soldiers. In addition, military organizations are investing in cutting-edge technologies and equipment to counter these hazards effectively.
The need for network-centric operations and interoperability propels market growth. Military organizations are emphasizing the soldier's integration into network-centric operations. This involves the smooth transfer of data and information between command centers, vehicles, and soldiers. Additionally, soldier modernization programs are designed to improve interoperability and enable collaboration and communication.
Demand for improved situational awareness drives the market. Modern warfare scenarios need soldiers to have real-time situational awareness to make informed decisions. Soldier modernization programs concentrate on incorporating cutting-edge sensors, surveillance equipment, and communication systems to enhance situational awareness capabilities.
Increasing demand for special forces equipment creates opportunities in the market. Special forces troops need specialized technologies and equipment due to their unique operating needs. The demand for cutting-edge weaponry, communication systems, and surveillance equipment for special forces offers opportunities for suppliers and manufacturers in the market.
The high price of soldier modernization programs constrains market growth.
Regional Analysis
Asia-Pacific dominates the market. This is due to the some of the highest defense spenders are nations such as South Korea, India, China, and Japan. China has been actively working on technological advancement and manufacturing to bring application and innovation to soldier modernization programs. Furthermore, China has just developed a new exoskeleton suit for military usage that can be charged and utilized to lift munitions. In addition, the Indian government has begun taking initiatives in several procurement programs to strengthen the abilities of frontline military personnel. Thus, these developments will further drive the region.
Segmentation Insights
Type Insight
The weaponry and ammunition segment is estimated to dominate the market over the forecast period. This is due to the surge in the demand for modernizing legacy systems and the rise in awareness among the military industries for the surge in the manufacturing of smart military equipment such as wearables and sensors.
The C5ISR segment dominated the market and continued its dominance over the forecast period. This can be attributed to the increased usage of C5ISR in military operations.
Platform Type Insight
The airborne segment dominates the market. This is because the increasing demand for improved surveillance and the surge in the modernization of military aircraft are propelling the segment growth. Furthermore, the surge in the development of military Unmanned aerial vehicles (UAVs) is also likely to benefit the segment.
Prominent Companies
Segmentation Outline
The global soldier modernization market segmentation focuses on Type, Platform Type, and Region.
By Type
By Platform Type
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SOLDIER MODERNIZATION MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SOLDIER MODERNIZATION MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SOLDIER MODERNIZATION MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SOLDIER MODERNIZATION MARKET, BY TYPE
5.1 OVERVIEW
5.2 WEAPONRY AND AMMUNITION
5.3 COMMUNICATION
5.4 C5ISR
5.5 PROTECTION
5.6 MOBILITY
5.7 LETHALITY
5.8 OTHERS
6 GLOBAL SOLDIER MODERNIZATION MARKET, BY PLATFORM TYPE
6.1 OVERVIEW
6.2 AIRBORNE
6.3 NAVAL
6.4 LAND
7 GLOBAL SOLDIER MODERNIZATION MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL SOLDIER MODERNIZATION MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 REMINGTON ARMS COMPANY LLC
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 BAE SYSTEMS PLC
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 ELBIT SYSTEMS LTD
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 LEONARDO S.P.A.
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 THALES GROUP
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 L3HARRIS TECHNOLOGIES INC
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 TELEDYNE TECHNOLOGIES INCORPORATED
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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