Market Size of Soldier Modernization Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
