Soldier Modernization Market Size (2024 - 2029)

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).