Military Sensors - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Military Sensors Market is accounted for $23.06 billion in 2018 and is expected to reach $42.76 billion by 2027 growing at a CAGR of 7.1% during the forecast period. Some of the key factors influencing the market growth include increasing use of UAV’s in modern warfare, increasing demand for armoured vehicles and military aircraft across the globe and growing focus on the expansion of biosensors. However, lack of accuracy and operational complexities in MEMS inertial navigation sensors are restricting the market growth.
Military sensors are keen electronic devices which are situated near or in the body to provide intelligent services. These sensors include various features and functions such as personal networks, sensors, C4 communications, and the power to accomplish the systems. Military sensors are crucial in battlefield surveillance systems in modern warfare.
Based on the application, the surveillance & monitoring segment is going to have a lucrative growth during the forecast period. Countries such as China, India, Japan, and Indonesia are procuring aircraft and UAVs for surveillance activities. Increasing procurement of military systems for surveillance activities is expected to drive the growth of the surveillance & monitoring segment.
By Geography, The growth of the Asia Pacific military sensors market can be attributed to the increased procurement of defense systems by countries such as China and India. The ongoing military modernization programs in countries such as Japan and Australia are also fueling the growth of the market in the Asia Pacific region.
Some of the key players in global Military Sensors market are General Electric Company, Raytheon, BAE Systems plc, Kongsberg Gruppen, Thales Group, Honeywell International Inc., Viooa Imaging Technology Inc., Esterline Technologies Corporation, Ultra Electronics, TE Connectivity Ltd, Vectornav Technologies, LLC, Lockheed Martin Corporation and Rockwest Solutions.
• Cybersecurity Solutions
• Target Recognition
• Communication & Navigation
• Intelligence & Reconnaissance
• Surveillance & Monitoring
• Combat Operations
• Command & Control
• Electronic Warfare
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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