According to a new report titled "Military Sensors Market Size and Regional Forecast, 2024-2027" by Fortune Business Insights™, the global military sensors market is poised to experience significant growth, driven by the emergence of Wireless Sensor Network (WSN) technology. Specifically designed for recording and monitoring various conditions across different locations, WSN technology is expected to play a key role in the market's expansion. The report reveals that the military sensors market reached a value of USD 25.94 billion in 2019 and is forecasted to grow to USD 34.58 billion by 2027, with a compound annual growth rate (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.)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/military-sensors-market-104666
Drivers & Restraints:
Increasing Development of MEMS-based Sensors to Accelerate Growth: The military sensors market is witnessing accelerated growth due to the increasing development of optical microelectromechanical systems (MEMS) and RF MEMS devices. These technologies meet specialized military requirements and offer advantages such as high reliability, low power consumption, and compact sizes. MEMS sensors find extensive applications in unmanned aerial vehicles (UAVs), missiles, battlefield tanks, drone electronics, and surveillance. However, the complexity of their designs may pose challenges to market growth in the near future.
Segment:
Airborne Segment to Grow Rapidly Backed by Surging Usage of Military Helicopters & UAVs: The airborne segment accounted for 27.03% of the military sensors market share in 2019 and is expected to exhibit the highest CAGR in the coming years. This growth is attributed to the increasing usage of UAVs, fighter jets, and military helicopters, particularly in countries like India, China, and the U.S.
Regional Insights:
Rising Modernization Programs to Boost Growth in North America: North America dominated the military sensors market in 2019, generating USD 9.32 billion in revenue. The region is poised for continued growth, driven by government initiatives to conduct modernization programs and procure advanced technologies like 3D expeditionary long-range radar.
Europe to Grow Substantially Due to Increased Usage of EOIR Military Sensors: Europe is expected to experience substantial growth, fueled by the rising adoption of electro-optical infrared (EOIR) military sensors by the U.K. Defense Ministry.
Asia Pacific to Benefit from Geopolitical Tensions and Territorial Disputes: Asia Pacific is projected to witness growth due to escalating territorial disputes between countries like India and Pakistan, as well as geopolitical tensions between China and India. These factors are driving increased defense spending and the adoption of military sensor technologies in the region.
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.