Military Sensors Market Expected to Worth USD 34.58 Billion by 2027 | Military Sensors Industry Share, Statistics, Business Prospects and Forecast Report by Fortune Business Insights™
Companies Covered in military sensors market are Honeywell International Inc. (The U.S.), Thales Group (France), Curtiss-Wright Corporation (The U.S.), TE Connectivity Ltd. (The U.S.), Raytheon Company (The U.S.), Kongsberg Gruppen ASA (Norway), BAE Systems PLC (The U.K.), Lockheed Martin Corporation (The U.S.), Imperx, Inc. (The U.S.) and more players profiled
Pune, India, Nov. 24, 2021 (GLOBE NEWSWIRE) -- The global military sensors market size is set to gain impetus from the emergence of the Wireless Sensor Network (WSN) technology. It is mainly designed for recording and monitoring various conditions at different locations. This information is given by Fortune Business Insights™ in a new report, the report further states that the military sensors market size was USD 25.94 billion in 2019 and is projected to reach USD 34.58 billion by 2027, exhibiting a CAGR of 6.91% during the forecast period.
A list of all the renowned military sensors manufacturers operating in the global market:
Honeywell International Inc. (The U.S.)
Thales Group (France)
Curtiss-Wright Corporation (The U.S.)
TE Connectivity Ltd. (The U.S.)
Raytheon Company (The U.S.)
Kongsberg Gruppen ASA (Norway)
BAE Systems PLC (The U.K.)
Lockheed Martin Corporation (The U.S.)
Imperx, Inc. (The U.S.)
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Drivers & Restraints:
Increasing Development of MEMS-based Sensors to Accelerate Growth
The development of military sensors depends more on optical microelectromechanical systems (MEMS) and RF MEMS devices. These are capable of meeting special military requirements. MEMS have multiple beneficial properties. They have high reliability, low power consumption, and compact sizes. Hence, they are mainly used to develop sensors for unmanned aerial vehicles (UAVs), missiles, battlefield tanks, drone electronics, and surveillance.
At the same time, nanotechnology-based and MEMS-based military sensors are extensively utilized in monitoring the weapon's health and battlefield environment. However, these sensors have complex designs, which, in turn, may obstruct the military sensors market growth in the near future.
Segment:
Airborne Segment to Grow Rapidly Backed by Surging Usage of Military Helicopters & UAVs
Based on the platform, the airborne segment generated 27.03% in terms of the military sensors market share in 2019. It is expected to show the highest CAGR throughout the forthcoming years because of the rising usage of UAVs, fighter jets, and military helicopters in India, China, and the U.S.
Regional Insights:
Rising Modernization Programs to Boost Growth in North America
In 2019, North America procured USD 9.32 billion in terms of revenue and is set to dominate in the coming years. The rising initiatives by governments to conduct modernization programs, as well as the procurement of 3D expeditionary long-range radar in the region, would aid growth.
Europe, on the other hand, is set to grow substantially on account of the rising usage of EOIR military sensors by the U.K. Defense Ministry. In Asia Pacific, the increasing territorial disputes between India and Pakistan, as well as the geopolitical tensions between China and India, would contribute to growth.
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Competitive Landscape:
Key Players Focus on Gaining New Contracts to Compete with Their Rivals
The market for military sensors contains numerous prominent companies that are persistently striving to gain a competitive edge by procuring new contracts from government agencies. They are doing so to deliver their in-house military sensors.
Below are two of the latest industry developments:
November 2020: BAE Systems won a contract worth USD 94 million from the U.S. Navy to deliver the latter with advanced technology. It will be used to develop several unmanned aerial systems.
May 2020: FLIR Systems received a second contract from the Army to provide unmanned aerial systems for the Soldier Borne Sensor program. The program is capable of offering real-time visual sector scanning.
Major Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
Latest technological Advancements
Porters Five Forces Analysis
Supply Chain Analysis
Quantitative Insights- Impact of COVID-19 Pandemic on Global Military Sensors Market
Impact of the COVID-19 pandemic on the global military sensors market
Steps taken by Industry/ Companies/ Governments to overcome the impact
Key Developments in the Industry in Response to COVID-19 pandemic
Potential opportunities due to COVID-19 Outbreak
TOC Continued…!
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