Military sensors are the most crucial electronic devices used in the aviation and military sectors to secure the aircraft and arms from damage and early detection of the hazardous points. The sensors are used for flight control, propulsion, environment monitoring, communication, explosive detection systems, chemical warfare, and so on.
According to MarkNtel Advisors’ research report titled “Global Military Sensors Market Analysis, 2020”, the global military sensors market is anticipated to grow at a CAGR of around 5% during 2020-25, due to the modernization of defense systems, increasing demand for armored vehicles and aircraft, an emergent market for UAVs for its deployment in the military sectors, and ongoing military modernization programs, across different countries.
Based on the component segmentation, the Hardware segment held the largest market share during 2015-2019. Due to the integration of IoT and micro-electromechanical system (MEMs) sensors, the militaries across different countries are upgrading their existing technologies sensor technologies for better surveillance and monitoring, which is expected to augment the demand for military sensors in the future. During 2020-25, the software segment is projected to attain the highest CAGR growth during the projected period, on account of escalating demand for real-time monitoring and control.
Land Platform is Expected to Lead the Global Military Sensors Market
Based on the platform, the land segment is anticipated to lead the global Military Sensors market whereas, the demand from the Airborne segment is projected to experience the lucrative growth in the upcoming years, leading to the increasing demand for the unmanned aerial vehicles for combat and surveillance purposes.
Asia-Pacific Region is Expected to Attain Lucrative Growth During 2020-25
The Asia-Pacific region is projected to attain a lucrative growth during 2020-25, on an account of intensive military investments made by the emerging countries such as India, China, and Japan. In 2018, China has emerged as the second-largest nation in terms of defense budget allocation of USD 175 billion. This is resulting in the increasing procurement of military systems. Moreover, ongoing modernization programs in the countries viz., Australia and Japan are expected to further add new revenue-generating avenues for the military sensor suppliers.
According to MarkNtel Advisors, some of the key competitors operating in the Global Military Sensors market include Honeywell International Inc., TE Connectivity Ltd., Raytheon, Lockheed Martin, Thales, Kongsberg Gruppen, Ultra Electronics, Esterline Technologies Corporation, etc.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Global Military Sensors Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Military Sensors Market?
4. Who are the key competitors or market players and how they perform in Global Military Sensors Market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Military Sensors Market study?