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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