The military sensors market was valued at USD 25.94 billion in 2019. It is estimated to reach USD 34.58 billion by 2027, growing at a compound annual growth rate (CAGR) of 6.91% during the period from 2020 to 2027. In 2020, the market size was recorded at USD 21.66 billion.

Report Source: https://www.fortunebusinessinsights.com/military-sensors-market-104666

COVID-19 Pandemic to Affect Growth Stoked by Halt of Production Globally

The COVID-19 pandemic has taken a toll on the global economy. Tire 3 and tier 4 suppliers have halted their production because of the lack of workforce. Therefore, it is delaying the delivery of military sensors worldwide. Besides, the U.S. has started investing more in developing novel technologies to prevent the COVID-19 pandemic. It would augment growth. Our accurate reports will help you better understand the current scenario of the industry.

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 soon.

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 10.05 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.

Competitive Landscape-

Key Players Focus on Gaining New Contracts to Compete with Their Rivals

The market 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.