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: Military Sensors Market
Drivers
§ Advancements in Sensor Technology: Continuous innovations in
sensor technology, including improvements in sensitivity, miniaturization, and
integration with AI and machine learning, are driving the adoption of military
sensors. These advancements enhance the capabilities of military sensors in
various applications, such as surveillance, reconnaissance, and combat
operations.
§ Increasing Defense Budgets: Growing defense budgets
worldwide are enabling significant investments in advanced military
technologies, including sensors. Countries are prioritizing the modernization
of their armed forces to address emerging security threats, driving demand for
sophisticated sensor systems.
§ Rising Demand for Unmanned Systems: The increasing use of
unmanned aerial vehicles (UAVs), unmanned ground vehicles (UGVs), and unmanned
underwater vehicles (UUVs) in military operations is boosting the demand for
advanced sensors. These sensors are crucial for navigation, target detection,
and situational awareness in unmanned systems.
§ Enhanced Battlefield Awareness: The need for real-time
situational awareness and improved battlefield management is driving the
deployment of advanced sensor systems. Military sensors provide critical data
for decision-making, helping to enhance operational effectiveness and mission
success.
§ Cybersecurity Threats: The growing sophistication of cyber
threats and electronic warfare is prompting the military to adopt advanced
sensors for cybersecurity applications. These sensors help in detecting and
mitigating cyber threats, ensuring the integrity and security of military
networks and communication systems.
§ Focus on Soldier Modernization Programs: Various nations are
investing in soldier modernization programs to enhance the capabilities and
survivability of their troops. This includes equipping soldiers with wearable
sensors for health monitoring, communication, and situational awareness.
Restraints
§ High Costs: The development and deployment of advanced
military sensors involve significant costs. High initial investments and
maintenance expenses can be a barrier for some countries, particularly those
with limited defense budgets.
§ Integration Challenges: Integrating new sensor technologies
with existing military systems can be complex and challenging. Compatibility
issues and the need for extensive testing and validation can delay the
deployment of advanced sensor systems.
§ Regulatory and Compliance Issues: Stringent regulations and
compliance requirements related to the export and use of military technologies
can restrict market growth. International arms control agreements and export
restrictions can limit the availability of advanced sensor technologies to
certain regions.
§ Technological Limitations: Despite advancements, certain
technological limitations such as power consumption, data processing
capabilities, and environmental durability can restrain the performance of military
sensors in specific applications.
§ Security Concerns: The risk of sensor systems being
compromised or hacked poses a significant challenge. Ensuring the security and
integrity of sensor data is critical, and any vulnerabilities can undermine the
effectiveness of military operations.
§ Environmental Factors: Military sensors often need to
operate in harsh and challenging environments. Extreme temperatures, humidity,
dust, and electromagnetic interference can affect sensor performance and
reliability, posing additional challenges for manufacturers.
Segmentation: Military Sensors Market
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: Military Sensors Market
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.