According to a recent report titled "Military Sensors Market Size and Regional Forecast, 2024-2027" by Fortune Business Insights™, the global military sensors market is set for significant growth, primarily driven by the advent of Wireless Sensor Network (WSN) technology. WSN technology, designed to record and monitor various conditions across diverse locations, is anticipated to be a major catalyst for market expansion. The report reveals that the military sensors market, valued at USD 25.94 billion in 2019, is projected to reach 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:
The military sensors market is witnessing rapid growth, primarily fueled by the increasing development of optical microelectromechanical systems (MEMS) and RF MEMS devices. These advanced technologies, tailored to meet specialized military needs, offer significant advantages such as high reliability, low power consumption, and compact sizes. MEMS sensors find extensive use in various military applications including unmanned aerial vehicles (UAVs), missiles, battlefield tanks, drone electronics, and surveillance systems. However, the intricate designs of these sensors may pose challenges to market expansion in the foreseeable future.
Segment:
Airborne Segment to Grow Rapidly Backed by Surging Usage of Military Helicopters & UAVs: The airborne segment, which accounted for 27.03% of the military sensors market share in 2019, is expected to exhibit the highest compound annual growth rate (CAGR) in the coming years. This growth is attributed to the increasing utilization 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 aimed at conducting modernization programs and procuring advanced technologies such as 3D expeditionary long-range radar.
Europe to Grow Substantially Due to Increased Usage of EOIR Military Sensors: Europe is expected to experience significant 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 such as 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.