Transparency Market Research has released a new report that projects the global man-portable military electronics market to hit $19.7 billion in total value by 2019.
The report also predicts the Asia-Pacific region will see “significant growth“ in the man-portable military electronics market over the coming months as governments in the region push forward on military modernization programs, Transparency Market Research said Monday.
Transparency Market Research says North America will dominate the market “due to high expenditure on the defense sector and technological developments.“
The project market growth represents a compound annual growth rate of 3.8 percent, up from $15.1 billion in 2012.
Europe follows North America in terms of market size amid expanding counterterrorism programs worldwide and military technology investments, the market research firm adds.
AeroVironment, Thales Group, Sierra Nevada, Safran S.A. and Rockwell Collins are cited in the report as some of the key players in this market.