(MENAFN- EIN Presswire) Military and Defense Sensor Market1
The market for military and defense sensors is rapidly growing as a result of militaries all over the world making more purchases of defensive systems.
PORTLAND, OR, UNITED STATES, May 24, 2023 /einpresswire.com / -- The market for military and defense sensors is rapidly growing as a result of militaries all over the world making more purchases of defensive systems. The military and defense sensors of a weapon, aircraft, or electronic gadget are subsystems that notice changes in its environment or scans it to obtain information. Once processed and analyzed, the data is sent to another electrical system, usually a computer processor. Military and defense sensors are employed in missiles, warfare, aircraft, and radars among other systems for navigation, weapon control, active guidance, target tracking, and environmental awareness. Electro-optical sensors can also be used to detect dust, smoke, and fog.
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By platform, the market is categorized into land, naval, and airborne. The land segment gained the highest market share in 2021 and is projected to lead the market within the forecast timeframe due to the rapid adoption of military and defense sensors in developing countries. In addition, the increasing innovations, and developments by market players which in turn drive the demand for military and defense sensors in the forecast timeframe. Ground based systems integrate and communicate with the airborne and naval systems, which helps in tactical advancements. Hence, the companies are largely focusing on communications part of efficient communication programs, particularly for land applications. It is projected to enable the communication for land-based operations and maintain the interoperability during wartime.
According to a new report published by Allied Market Research, titled,“military and defense sensor market " was valued at $8.3 billion in 2021, and is estimated to reach $14.4 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
Covid-19 Scenario:
The outbreak of the COVID-19 pandemic hurt the growth of the global military and defense sensor market , owing to the implementation of global lockdown which resulted to hamper the industry.
Curfew practices globally affected the domestic as well as international production of military and defense sensors, which, in turn, hampered the growth of the overall market.
Supply chain was disrupted due to import & export restrictions. Manufacturers faced a shortage of labor and unavailability of raw materials.
The military and defense sensor market has a high scope of growth opportunities in the future due to factors such as high demand for army vehicles equipped with safety features, and greater adoption of automatic driver assistance systems.
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By component, the military and defense sensor market is categorized as software and hardware. Among these segments, the hardware segment captured a significant market share as compared to the software segment, owing to the higher use of this technology for better fuel efficiency. For instance, in April 2019, Thales acquired the Gemalto which engaged in digital identity and security. This acquisition increased Thales's revenue as well as the company's expansion throughout the world. Moreover, the installation of military sensors in aircraft provides a broad range of communications capabilities for a variety of aircraft, unmanned aerial vehicles (UAVs), and other mobile platforms, fueling the segment's expansion over the anticipated timeframe.
The North America region will have a higher military and defense sensor industry share across the globe due to the highest requirement by North American armed forces with presence of many giant market players in this market which support the growth of the North American region and expected to growth with the substantial growth rate during the forecast period. Increase in government spending to augment capabilities of armed forces drives military and defense market in this region. Further, domestic presence of military sensor manufacturers in this region and rise in demand for navigation and surveillance systems which fuels the market growth.
KEY FINDINGS OF THE STUDY
By platform, the land segment leads the market during the forecast period.
By component, the hardware segment leads the market during the forecast period.
By application, the communication and navigation segment are expected to grow at a lucrative growth rate during the forecast period (2022-2031).
Europe is anticipated to exhibit the highest CAGR during the forecast period.
The key market players in the military and defense sensor market are Thales Group, BAE Systems plc., Raytheon Company, Curtiss-Wright Corporation, Honeywell International Inc., Esterline Technologies Corporation, Kongsberg Gruppen ASA, TE Connectivity Ltd., Lockheed Martin Corporation, and Rockwest Solutions, and others.
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