Rising instances of asymmetric warfare and ongoing soldier modernization programs in various countries across the globe are the key factors driving the growth of the soldier systems market.
The soldier systems market is projected to grow from USD 9.78 billion in 2018 to USD 14.14 billion by 2023, at a CAGR of 7.65% from 2018 to 2023. The soldier systems market has been segmented based on end user, type, and region.
Based on end user, the soldier systems market has been segmented into military and homeland security. The military end user segment of the soldier systems market is projected to grow at the highest CAGR during the forecast period. Military forces of different countries across the globe use soldier systems to enhance the warfighting capabilities of their soldiers. The demand for soldier systems is also increasing across the globe due to the rising instances of the asymmetric warfare, increasing number of close combat operations being carried out by defense forces of different countries, and growing incidences of cross-border conflicts and disputes.
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Based on type, the soldier systems market has been classified into personal protection, Respiratory Protective Equipment (RPE), communication, power and transmission, surveillance and target acquisition, navigation and health monitoring, vision, exoskeleton, and training & simulation. The training & simulation segment of the soldier systems market is projected to grow at the highest CAGR during the forecast period due to the penetration of Augmented Reality (AR) and Virtual Reality (VR) in various training & simulation devices. The ability of augmented reality to combine the real world with virtual objects has increased the demand for augmented reality in various defense applications. The inception of handheld devices, especially those dedicated to augmented reality, is expected to have a significant impact on the overall growth of the training & simulation segment of the soldier systems market.
The European region is expected to be one of the largest markets for soldier systems in the near future. The growth of the Europe soldier systems market can be attributed to the rising need for advanced soldier systems to carry out high-performance combat missions due to the deployment of soldiers in a number of overseas military operations. Moreover, the ongoing military equipment modernization programs in the European region are also leading the major defense manufacturers of the region to develop technologically advanced soldier systems.
The Asia Pacific soldier systems market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific soldier systems market can be attributed to the increasing demand for soldier systems due to ongoing border disputes and terrorism-related activities in the region. Countries in the Asia Pacific are continuously increasing their defense budgets and are carrying out aggressive military modernization programs, thereby leading to the growth of the Asia Pacific soldier systems market.
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