Since the eruption of peer-to-peer high intensity warfare (HIW) in Ukraine, and to a lesser extent within the MIddle East, broad soldier modernisation programs have been split up into distinct programs, and are constantly being re-evaluated cost-wise. Many militaries are moving away from cost inefficent high tech programs, like the US Army's IVAS program, and toward cheaper COTS products.
As concerns over the outbreak of a near-peer conflict were realized following the Russian invasion of Ukraine in early 2022, the nature of this conflict has validated the focus of many armies worldwide on modernizing the capabilities of the modern infantry soldier to maximize their effectiveness on an increasingly networked battlespace. Soldiers equipped with a convoluted mix of equipment - including legacy anti-vehicular weapons systems coupled with cheap commercial-off-the-shelf (COTS) products - can still deliver outsized effects against a numerically and technologically superior adversary.
Commanders at both the tactical and strategic levels have placed greater emphasis on diversifying the capabilities of the individual soldier. However, the war in Ukraine has also demonstrated the unparalleled lethality of modern high-intensity warfare (HIW), with combat casualty rates far surpassing those seen during the Global War on Terror. Consequently, investing in the survivability of the modern soldier remains equally as important as the diversification of their roles and capabilities on the modern battlefield, factors which will shape the soldier modernization market in the future.
Comprehensive, high-tech programs are sparse
Due to shifting priorities over the past 15 years, comprehensive modernization programs have been split up into separate programs and are constantly being reevaluated.Key Highlights
- Studies of emerging technological trends and their broader impact on the defense market.
- Analysis of the various soldier moderniztion programs and projects currently under development
Scope
- The key defense challenges that forces and defense sector suppliers face are covered.
- The investment opportunities for armed forces, suppliers, and institutional investors, across the whole soldier modernization value chain are covered.
- Highlights from the range of different soldier modernization programs and capabilities today and major upcoming programs.
Reasons to Buy
- Determine potential investment companies based on trend analysis and market projections.
- Gaining an understanding of the market challenges and opportunities surrounding the soldier modenrization in defense theme.
- Understanding how spending on soldier systems and related segments will fit into the overall market and which spending areas are being prioritized.
Table of Contents
- Executive Summary
- Thematic Overview
- The imperatives of soldier modernization
- Shifting priorities and emerging threats
- Value Chain
- Clothing and PPE
- Small arms and weapons systems
- C4I Systems
- Case studies
- Companies
- Public Companies
- Disruptor Companies
- Sector Scorecards
- Aerospace, Defense & Security Scorecard
- Glossary
- Further Reading
- Thematic Research Methodology
- Report Authors
- About the Analyst
- Contact the Publisher
- Public Companies
- Disruptor Companies
- Glossary
- Further reading
- Report Authors
- Different segments of soldier modernization
- The future soldier design concept remains a relevant display of future technologies
- The Soldier Modernizaiton value chain
- The Clothing and PPE value chain
- The small arms and weapons systems value chain
- Large and small caliber ammunition will continue to dominate the market
- The C4I value chain
- The soldier ISR value chain
- The EU’s visual representation of the ACHILE project
- Who does what in the defense sector?
- Our thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their sector, generating a leading indicator of future performance
- Our valuation screen ranks our universe of companies within a sector based on selected valuation metrics
- Our risk screen ranks companies within a particular sector based on overall investment risk
- Our approach to identifying the companies most likely to succeed in a sector over the next five years
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 3M
- Adani Defense
- AeroVironment
- Aimpoint
- Anduril
- Arisaka
- Avon Protection
- BAE Systems
- Barrett
- Beretta
- Bittium
- Boeing
- Bond University
- Babcock Australia
- BEST
- blackned GmbH
- Bren-Tronics
- Brazilian War Material Industry (IMBEL)
- Caracal
- Ceradyne
- Clavister
- Craig International Ballistics
- Crye Precision
- C.Z. Bren
- DARPA
- Dedrone
- Delair
- Delta
- Dermisense Health
- DroneShield
- DuPont de Nemours
- Dynamit Nobel Defence
- EID (Defense Communications Systems)
- EDGE Group
- Elbit Systems
- Elbit America
- Elbit Systems of America
- Elitac
- Embraer
- Endeavor Robotic Holdings
- EnerSys
- Epsilor
- European Defence Fund (EDF)
- European Defense Industry Programme
- Excelitas Technologies Corp
- FAMAS
- FN Herstal
- Fortem Technologies
- Galvion
- Galileo Avionica
- General Dynamics
- General Dynamics UK
- Gentex
- Geissele Automatics
- Glenair
- Glock
- GMV
- GoogleData
- Gore Technologies
- Hensoldt
- Heckler & Koch
- Honeywell
- HTales
- IMBEL
- Indra
- Indo-Russian Private Rifles Limited
- Inventus Power
- INVISIOIsrael Aerospace Industries
- Israel Weapon Industries
- Jindal Defence & Aerospace
- KNDS Deutschland
- K9
- Kägwerks
- Kalashnikov Group
- Leonardo
- Leonardo DRS
- Lewis Machine and Tool Company (LMT)
- Lockheed Martin
- Logistik Unicorp
- L3 Communications Oceania
- L3Harris
- Madritsch
- MBDA
- Mesko
- Microsoft
- Mine Safety Appliances (MSA)
- MKU
- MSA Gallet
- Nammo
- NATO Standardization Office (NSO)
- NP Aerospace
- NORNICO
- Northrop Grumman
- Novadem
- Palantir UK
- Parrot
- Patria
- Perfecta
- Photonis
- Prox Dynamics
- QinetiQ
- Qioptiq Group
- Rafael Advanced Defense Systems
- Raytheon Technologies
- Rheinmetall
- Rheinmetall Canada
- Roke Manor Research
- Rohde & Schwarz
- Rosoboronexport
- RUSI
- Saab
- Safariland
- Safran Electronics & Defense
- Safran Electronics
- Sako
- SCIO Technology
- SELEX Communications
- Sheltered Wings
- Shoal Group
- SIG Sauer
- Smart Shooter
- Sioen
- SitaWare
- Systematic
- Systematic Defence
- Taurus Arms
- TE Connectivity
- Teijin
- Teledyne
- Thales
- Thales Australia
- Thales Belgium
- Tru-spec
- TsNIITochMash
- Tulip Tech
- UAVTEK
- Ukrainian Defense Forces
- University of Technology Sydney
- Vortex Optics
- WB Group
- Wilcox
- Winchester Ammunition

