Rugged Electronic Market Forecast 2024
Rugged Electronic Market: Snapshot
The Rugged Electronics Market, such as industrial computing and hand-held devices, hardware devices, and tracking devices, has grown considerably over the years owing to their application across a wide range of industries – from aerospace, defense, and healthcare to chemicals and power.
The declining prices of rugged electronics and the rising demand for smartphones and tablets are expected to fuel the global rugged electronics market over the forecast period.
The rugged electronic market is expected to expand at a strong CAGR of 9.6% during the forecast period of 2016 to 2024, reaching a market size of US$26 bn by 2024.
The value of the market was pegged at US$11.4 bn in 2015.
Defense Sector to Create Remunerative Opportunities for Rugged, Portable Electronic
Rugged electronics find application in several end-use industries such as power, transportation, defense, adventure sports, mining and metal, chemicals, healthcare, and aerospace.
By revenue, the defense sector held the leading share in the rugged electronics market in 2015, followed by adventure sports. Rugged electronics have become a necessity in the defense sector owing to the growing use of satellites, network-centric battlefields, unmanned vehicles, and war fighters.
The sharing and transmission of massive amounts of data in harsh environments has made rugged portable electronic devices a necessity for those on the field.
The rugged electronic market in the field of defense continues to be largely untapped, however, and this presents immense scope for players in the global market. The segment is also likely to expand at the highest CAGR during the forecast period.
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Asia Pacific Offers Immense Scope for Future Growth
Geographically, the global rugged electronics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is the leading contributor to the global rugged electronics market and is expected to witness steady growth over the coming years.
The growth of the aerospace and defense industries in the region during the forecast period is expected to drive the demand for rugged electronics.
The adoption of rugged electronics in the power industry is also on the rise as some of the largest power companies are based in North America. This is anticipated to drive the demand for rugged electronic in the region.
Asia Pacific is an attractive region for the global rugged electronic market in terms of expansion. This region has been witnessing rapid technological development, offering massive scope for players in the market.
A persistent rise in the demand for smartphones and tablets is also expected to drive the Asia Pacific rugged electronics market over the forecast period.