Market Definition
Military sensors are prominent electronic devices used in different military systems like armed ground vehicles, combat support vehicles, combat ships, submarines, rockets & missiles, & guided ammunition, among others, for several critical applications, principally for intelligence & reconnaissance, communication & navigation, combat operations, electronic warfare, target recognition, command & control, surveillance & monitoring, etc. The rapidly increasing geopolitical tensions & surging need to strengthen the defense systems of countries worldwide are playing a crucial role in stimulating the procurement of military sensors.
Market Insights
The Global Military Sensors Market is projected to grow at a CAGR of around 5% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven primarily by massive defense budgets of several countries across different regions worldwide for procuring technologically advanced military systems equipped with sensors integrated with technologies like the Internet of Things & Artificial Intelligence.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR(2022-27) | 5% |
| Regions Covered | North America |
| South America | |
| Europe | |
| Asia-Pacific | |
| Middle East & Africa | |
| Key Companies Profiled | Honeywell International Inc., TE Connectivity Ltd., Raytheon, Lockheed Martin, Thales, Kongsberg Gruppen, Ultra Electronics, Easterline Technologies Corporation, General Electric Corporation, BAE Systems PLC |
| Unit Denominations | USD Million/Billion |
Besides, the surging geopolitical tensions globally are instigating governments to procure new & advanced systems and utilize sensors for an extensive range of applications like surveillance & monitoring, gathering & processing real-time data, etc., from remote or difficult to reach locations. It, in turn, is playing a crucial role in stimulating market growth & generating multiple opportunities for the leading players to develop upgraded versions & new capabilities of sensors in the coming years.
Moreover, the active participation of prominent manufacturers entwined with massive government support through substantial investments & research & development activities are other crucial aspects projected to contribute to the overall expansion of the Global Military Sensors Market during the forecast period.
Impact of Covid-19 on the Global Military Sensors Market
The Covid-19 pandemic in 2020 had a decelerating impact on most industries worldwide, and the Global Military Sensors Market was no exception. With the imposition of stringent movement restrictions & frequent lockdowns by the governments of different countries to curb the spread of this dreadful disease, disruptions in the supply chain and hampered transportation & logistics led to the unavailability of raw materials for the production & distribution of military sensors.
Besides, since the governments worldwide were focused on addressing the pandemic situation in their respective countries, defense budgets were either cut short or remained intact and the financial strain got centered on developing cures for the virus. It, in turn, displayed a temporary decline in the sales & demand for military systems & sensors globally, causing massive financial losses for the leading players in the industry. Moreover, the research & development in military sensors further witnessed a downfall amidst the crisis owing to stringent movement restrictions.
Market Segmentation
Based on Component:
Among these three, the Software component is anticipated to display the fastest growth in the Global Military Sensors Market during the forecast period. It owes principally to the growing demand for facilities like real-time monitoring & processing of data using sensors integrated with advanced technologies like the Internet of Things (IoT), Artificial Intelligence (AI), & Machine Learning (ML), among others. The demand for these software solutions is escalating principally to facilitate high-tech surveillance & object identification and enhance the overall operational efficiency of sensors in military systems across locations.
On the other hand, the Hardware component acquired the largest market share in recent years, and the same trend is likely in the coming years, owing to the integration of advanced technologies like IoT & AI in sensors such as Micro-electro-mechanical systems (MEMS), Active sensors, Wearable sensors, Smart sensors, Nano-sensors, Cameras, & Infrared sensors, among others. Moreover, various military modernization programs, surging demand for armored vehicles, and burgeoning adoption of UAVs integrated with LiDAR sensors are other crucial aspects driving the demand for hardware-based military sensors and fueling the overall market growth.
Based on Application:
Here, the Electronic Warfare application is anticipated to display the fastest market growth during 2022-27. It owes principally to the rapidly growing deployment of technologically advanced sensors in aircraft, military equipment, & Unmanned Ariel Vehicles (UAVs) for monitoring critical operations, coupled with the surging requirements for communication jamming & ground surveillance. Through this, many countries gather real-time information from different locations and use it for intelligence & defense.
Besides, with increasing criminal activities, geopolitical tensions, trade wars, & border filtrations, several countries are boosting their defense budgets and investing massively in developing military sensors to enhance their defense mechanisms. Hence, immense government support entwined with the active participation of the leading players is anticipated to stimulate the overall market expansion for the electronic warfare application in the coming years.
Regional Landscape
Geographically, the Global Military Sensors Market expands across:
Amongst all regions globally, Asia-Pacific is anticipated to witness the fastest growth in the Military Sensors Market and generate multiple growth opportunities for the leading players in the industry during the forecast period. It owes principally to the rapidly increasing geopolitical tensions entwined with massive defense budgets of countries like China, India, Japan, & South Korea, among others, i.e., leading to an active procurement of different military systems with technologically advanced systems like sensors.
Besides, the increasing penetration of real-time data generation & processing is another crucial aspect stimulating the regional market growth. Moreover, China, the hub for electronics & technology, is playing a significant role in developing upgraded & innovative sensors, which, in turn, would contribute to the growth of the military sensors market across Asia-Pacific over the forecast years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Military Sensors Market is projected to grow at a CAGR of around 5% during 2022-27.
A. Electronic Warfare is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Military Sensors Market through 2027.
A. Rapidly increasing geopolitical tensions displaying massive investments in the defense sector is the key growth opportunity for the leading players to develop advanced sensors for military applications and drive the Global Military Sensors Market in the coming years.
A. In the coming years, the leading players in the Global Military Sensors Market are anticipated to increase their production & distribution capacities to meet the mounting demand worldwide, which, in turn, would augment the growth of the market.
