Market Highlights

A compound annual growth rate (CAGR) of 3.1% is predicted for the soldier modernization market, which was valued at US$ 14.1 billion in 2021 and is projected to reach US$ 17.9 billion in 2028.

Soldier Modernization Market CAGR

2022-2028

CAGR OF

3.1%

Soldier Modernization Market

The process of upgrading different army weapons, cutting-edge equipment, and safety precautions to safeguard troops' lives by fending off potential threats on the battlefield is known as "soldier modernization." Long-range precision firing, air and missile defense, combat gear, soldier lethality army network, and many more are some of the highest priority defenses. The global soldier modernization market has grown as a result of growing concerns about the safety and protection of soldiers. In complicated combat scenarios such as asymmetric battles, urban warfare, and peacekeeping missions, modern warfare faces many challenges. This is the main cause of the hazards that the soldiers face, such as rocket-propelled grenade, IED, and weapons fire strikes. As a result, the use of lightweight systems and portable gadgets has become more popular.

Due to issues including rising terrorism and border disputes, the government has begun to increase expenditure on the army, navy, and air force over the past few years, which has increased the worldwide soldier modernization market. Another factor driving the market's expansion is the ongoing, rising need for system upgrades for missions and operations brought on by the rise in international conflicts and civil wars. To improve army systems, a number of firms are investing in the research and development division. Nonetheless, the COVID-19 pandemic has had a number of effects on the industry's expansion. The majority of government decisions and procedures have been delayed. In addition, the lockdown in several nations has caused disruptions in the global supply chain. This has consequently caused a delay in the manufactured goods' delivery. Even the equipment's shipment to the military departments has been put on hold. Consequently, there has been a significant financial loss. Nonetheless, new initiatives and increased funding for the industry are expected to drive the soldier modernization market in the next few years.

Soldier Modernization Market

By Application

Army

Navy

Air Force

The Market will Grow

At the CAGR of:

3.1%

The Forecast Market

Size for 2028 in USD:

$17.9B

Soldiers must be able to fulfill at least some of the functional requirements associated with the ongoing engagements, including mobility, lethality, survivability, and command and control. By lowering the amount of personnel casualties, the investment will give the military a tactical advantage and improve soldier protection. For soldiers using the Integrated Head protective System, the US Army intends to introduce upgraded protective systems (IHPS). Avon Protection obtained a USD 87.6 million contract in 2021 to develop and provide IHPS directly to the US army for about two years. The Soldier Protection System (SPS) program, which also comprises Vital Torso Protection (VTP) and Torso and Extremity Protection (TEP), is not complete without the adoption of IHPS. The program's goal is to provide soldiers with cutting-edge, protective gear.

The modernization of soldiers has received funding from the army, navy, and air force industries recently, which would expand the market as a whole. Among them are:
• In November 2019, the US Army Intelligence and Security Command (INSCOM) signed a 100 million dollar contract with BAE Systems to acquire some functional support, technical support, and maintenance for the 16th Military Intelligence Brigade (MIB).
• The Iraqi Ministry of Defense, France, and the United States signed a contract in May 2022 to acquire advanced weapons and strengthen their artillery systems.

Market Segments Analysis

Soldier Modernization Market

By Type

XX%

Weaponry and Ammunition

Communication

C5ISR

Protection

14.1

Total Market Size

USD (Billion), 2022

3.1%

CAGR

2022 - 2028

The soldier modernization market is divided by type into categories like as weapons and ammunition, C5ISR, communication, protection, mobility, lethality, and others. Due to growing demand for modernizing legacy systems and growing awareness among the military industries for increasing the manufacturing of smart military equipment like sensors and wearables, the weaponry and ammunition segment is predicted to continue dominating the soldier modernization market with the largest market share in 2021. Aside from this, the growing application of C5ISR in military operations will cause the C5ISR segment to grow at the quickest rate in the next years.
The soldier modernization market is divided into three segments by platform: land, sea, and air. Due to rising investments in modernizing aircraft across multiple nations, including China and India, the aviation market is expected to have the highest compound annual growth rate (CAGR) in 2021. The global soldier modernization market naval segment is expected to grow as a result of the UK Royal Navy's increased need for and manufacture of these revolutionary naval vessels.

Geographically speaking, North America is probably going to continue to dominate the worldwide market for the duration of the forecast period. In addition, the Asia-Pacific area is anticipated to have the fastest CAGR in the upcoming years. Several of the nations that spend the most on defense include China, South Korea, Japan, and India. China has been making significant efforts in manufacturing and technology development to promote innovation and the implementation of troop modernization initiatives. China has just developed a new exoskeleton suit for military usage that can be charged and used to lift munitions. Conversely, in recent years, the Indian government has begun implementing a number of purchase projects aimed at enhancing the capabilities of frontline military forces. The Asia-Pacific area is expected to grow at the quickest rate throughout the projection period due to these factors. Growth in the Middle East and Africa is expected to be consistent. The expansion of soldier upgrading is being fueled by a number of variables, one of which is the increase in the region's defense budget.
 

Key Players

Soldier Modernization Market

By Region

The Market will Grow

At the CAGR of:

3.1%

The Forecast Market

Size for 2028 in USD:

$17.9B

The global soldier modernization market is very competitive. Due to the existence of well-known players in the global modernization industry, the market is quite fragmented. A number of businesses have established long-term alliances with other military organizations in order to upgrade weaponry and technologies that safeguard personnel. Additionally, the firms are expanding their spending on the research and development department and developing new ideas for modernizing the soldiery. 
• Thales announced the XTRAIM weapon sight in December 2021, which has day-and-night vision capabilities. Light machine guns (Minimi) and shoulder-fired assault rifles (HK416) can be mounted on the weapon. 
These significant advancements have had an impact on the competitive landscape as a whole. The leading companies in the soldier modernization market are as follows:Arms Company Remington, LLC, BAE Systems plc, Leonardo S.p.A., Elbit Systems Ltd., Thales Group, L3Harris Technologies Inc., and Teledyne Technologies Incorporated.

Soldier Modernization Market Scope: