The land-based situational awareness systems market is projected to grow with a CAGR of more than 5% during the forecast period.
- With the increasing military expenditure of the countries is fueling the procurement of modernization plans of armed forces for procurement advanced armored vehicles. This is driving the growth of new situational awareness systems.
- With the integration of the advancement of technologies, the new innovative products are entering the market, which will help the armed forces to increase the situational awareness against multiple threats. Such developments are anticipated to bolster the growth of the market in the coming years.
- The market of land-based situational awareness systems is consolidated with few players accounting to a majority share in the global market.
Key Market Trends
Sensors Segment of the Market is Anticipated Witness Highest Growth
The sensors segment of the market is anticipated to witness the highest growth during the forecast period. The advancement in technology is supporting the miniaturization of electronics. This miniaturization of electronics is catering to the demand for advanced sensors will help the countries to enhance situational awareness of the land-systems. In April 2019, BAE Systems unveiled its 360 Multifunction Vehicle Protection (MVP) Sensor as a part of an integrated vehicle protection system (VPS) suite of the company. This system provides situational awareness with enhanced visibility, threat warning, and countermeasures to protect armored vehicles in all weather conditions. Development of such advanced sensors is expected to accelerate the growth of the market during the forecast period.
Asia-Pacific Region is Expected to be the Fastest Growing Market During the Forecast Period
The growing military spending of the countries like China, India, and Japan among others is propelling the fleet modernization plans of the countries. The countries are acquiring new and advanced armored vehicles with intelligence, surveillance and reconnaissance capabilities and situational awareness systems. The countries are also procuring sophisticated situational awareness systems for the infantry soldiers. For instance, in October 2019, Thales announced the development of the next generation of future soldier weapons systems for the Australian Defense Forces. These soldier weapon systems include advanced sensors and targeting systems along with the enhanced command, control, and situational awareness for both individual soldiers. Such plans of the governments to integrated advanced systems into armed forces to enhance the combat readiness of the military personnel is expected to drive the growth of the market in the region.
The market of land-based situational awareness systems is consolidated with few players taking the majority share of the market. Some of the prominent players in the land-based situational awareness systems market are Leonardo S.p.A., Thales Group, Elbit Systems Ltd., BAE Systems plc, and Safran SA. The procurement of new and advanced situational awareness by the countries is expected to help the companies increase their market share. Investment by companies into research and development of advanced and innovative products will support the expansion of their footprint in various regions, in situational awareness business. Further, the rivalry in the market is anticipated to increase due to the venturing of the new players in the market. These new players are existing players in defense market, who support visual systems for airborne and naval applications. For instance, In September 2019, Petards Group unveiled its eyeCraft360, the world’s first military-grade 360 spherical view camera system. This system is anticipated to improve the local situational awareness of personnel in armored vehicles.
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