ALBANY, New York --- The top four players in the global rugged electronics market accounted for a massive 80% share in 2015. Transparency Market Research indicates that the status of these four companies, namely Panasonic Corporation, Xplore Technology Corp., DRS Technologies Inc., and Mountain Secure Systems is indicative of a highly consolidated market dominated by global companies.
Industrial Computing and Hand-held Devices to Offer Highly Lucrative Growth Options
The global market for rugged electronics is poised to register a strong CAGR of 9.6% during the forecast period, TMR predicts. The revenue generated by this market in 2015 stood at US$11.4 bn and this is projected to rise to US$26 bn by 2024. By type of product, the rugged electronics market is led by industrial computing and hand-held devices. This segment accounted for a share of over 44% in 2015 and is anticipated to amount to just under US$12 bn by 2024. "The industrial computing and hand-held devices segment will also expand at the fastest pace over the course of the forecast period, reporting a 10.0% CAGR," the TMR analyst says.
Product development is a key strategy adopted by numerous players in the rugged electronics market. "This allows companies to gain competitive advantage and expand their businesses," the author of the study states. For instance, Panasonic in April 2016 launched the new PTZ Camera for critical missions and severe weather. The environment rugged camera is built to obtain high-quality full HD surveillance images in extreme weather conditions. Expansion through partnerships with other leading players and distributors in the rugged electronics market also serves as an excellent tool to gain a strong foothold in the industry.
High Cost of Rugged Electronics Limiting Widespread Adoption
Rugged electronics are used in the defense sector by war fighters in network-centric battlefields, unmanned vehicles, and ground vehicles. These fighters need to be in constant contact for the exchange of invaluable information and for various functions, such as command, control, communication, surveillance, intelligence gathering, and reconnaissance. "With so much data being shared, transmitted, and used, the need for portable rugged electronics such as computing devices has grown in recent years," the lead analyst comments.
The increasing use of rugged drones and cameras for security also presents immense scope for growth.
On the flip side, the high cost of rugged electronics over conventional consumer electronics acts as a major restraint to the overall market. Moreover, it is difficult to make a device that is generalized and can be used in any and all conditions. "Rugged electronics are based on client customization and are built to serve a specific purpose in a particular environment," the author of the study states. "The unaffordability of these devices by the masses is coupled by the demand for tailor-made electronics and this is holding the market back."
By end user, the defense sector accounted for a leading share in the overall rugged electronics market in 2015, followed by the adventure sports segment. The defense segment is also poised to register the highest CAGR from 2015 to 2024. North America is the leading market for rugged electronics around the world, with Asia Pacific likely to emerge as the most attractive regional segment by 2024 in terms of expansion.
This review is based on the findings of a TMR report titled "Rugged Electronics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2024."
Global Rugged Electronics Market: By Product Type
•Industrial computing and hand held devices
•Rugged Hard Ware Devices
Global Rugged Electronics Market: By End Users
•Mining and Metal
Global Rugged Electronics Market: By Geography
•Rest of Europe
•Rest of APAC
•Rest of the World
Get Sample Report Copy at http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=13892
Browse In Detail Regional Analysis: http://www.europlat.org/rugged-electronics-market.htm