Increasing Adoption of UAVs for Defense & Warfare is Driving the Growth of Military Sensor Market
Globally, the military sensor market is expected to grow with a CAGR of 4.5% during the forecast period from 2021 to 2029. The growth of the market is driven by the advancement in the MEMS devices. Over the past decade, the sensor technology has witnessed substantial growth in terms of deployment and use due to the large scale implementation of the MEMS devices. These devices have led to the development of wide array of sensors ranging from the pressure measuring sensors to gyros to accelerometers as well as miniaturization of the sensors. As a result, multiple new avenues for the applications of the sensors has developed, which was not feasible before. This is acting as a major driver for the growth of the market.
The increasing adoption of the UAVs for the defense and warfare is also accelerating the adoption of the sensors across the military application. As the political tension across the countries and terrorism is increasing, the government across the globe are leveraging on the advance UAVs to enhance their defensive capabilities. However, the cyber security risk associated with the use of advance sensors in the military application is the major constraint in the growth of the market. Furthermore, low accuracy and complex design is also hindering the growth of the market.
Airborne Platform is Estimated to Grow Significantly During the Forecast Period
The military sensor market is categorized based on the platform into airborne, land, naval, munition and space. The land segment accounted for more than 40% share in the overall military sensors market in 2020. The growth of the market is attributed to the wide scale adoption of the sensors among the armored vehicles and combat support vehicles. On the other hand, airborne platform are estimated to grow significantly during the forecast period due to the increasing adoption of the UAVs for the defense applications.
North America is Leading the Military Sensor Market
North America led the military sensor market with 38% share in the revenue in 2020. The growth of the market is attributed to the fact that U.S. has the highest defense budget worldwide. In the financial year 2019, the military budget of the U.S. was approximately US$ 680 bn. Furthermore, the increasing adoption of the UAVs in the region is also supporting the growth of the market. Additionally, the presence of the major players in the region is acting as a major driver for the growth of the market.
The key players in the military sensor market are BAE Systems PLC, Curtiss-Wright Corporation, Esterline Technologies Corporation, Honeywell International Inc., Kongsberg Gruppen ASA, Raytheon Company, TE Connectivity Ltd, and Thales Group.
Historical & Forecast Period
This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2029.
Key questions answered in this report
Unique data points of this report
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Globally, the military sensor market is expected to grow with a CAGR of 4.5% during the forecast period from 2021 to 2029. The growth of the market is driven by the advancement in the MEMS devices. Over the past decade, the sensor technology has witnessed substantial growth in terms of deployment and use due to the large scale implementation of the MEMS devices. These devices have led to the development of wide array of sensors ranging from the pressure measuring sensors to gyros to accelerometers as well as miniaturization of the sensors. As a result, multiple new avenues for the applications of the sensors has developed, which was not feasible before. This is acting as a major driver for the growth of the market.
The increasing adoption of the UAVs for the defense and warfare is also accelerating the adoption of the sensors across the military application. As the political tension across the countries and terrorism is increasing, the government across the globe are leveraging on the advance UAVs to enhance their defensive capabilities. However, the cyber security risk associated with the use of advance sensors in the military application is the major constraint in the growth of the market. Furthermore, low accuracy and complex design is also hindering the growth of the market.
Airborne Platform is Estimated to Grow Significantly During the Forecast Period
The military sensor market is categorized based on the platform into airborne, land, naval, munition and space. The land segment accounted for more than 40% share in the overall military sensors market in 2020. The growth of the market is attributed to the wide scale adoption of the sensors among the armored vehicles and combat support vehicles. On the other hand, airborne platform are estimated to grow significantly during the forecast period due to the increasing adoption of the UAVs for the defense applications.
North America is Leading the Military Sensor Market
North America led the military sensor market with 38% share in the revenue in 2020. The growth of the market is attributed to the fact that U.S. has the highest defense budget worldwide. In the financial year 2019, the military budget of the U.S. was approximately US$ 680 bn. Furthermore, the increasing adoption of the UAVs in the region is also supporting the growth of the market. Additionally, the presence of the major players in the region is acting as a major driver for the growth of the market.
The key players in the military sensor market are BAE Systems PLC, Curtiss-Wright Corporation, Esterline Technologies Corporation, Honeywell International Inc., Kongsberg Gruppen ASA, Raytheon Company, TE Connectivity Ltd, and Thales Group.
Historical & Forecast Period
This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2029.
Key questions answered in this report
- What was the market size of military sensor in 2020 and forecast up to 2029?
- Which is the largest regional market for military sensor?
- What are the major trends followed in military sensor market across different regions?
- Who are the key companies in the military sensor market?
- What are the key strategies adopted by the leading military sensor companies in market?
Unique data points of this report
- Statistics on military sensor and spending worldwide
- Recent trends across different regions in terms of adoption of military sensor across applications
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)
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Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Military Sensor (MS) Market, By Type
Chapter 5 Global Military Sensor (MS) Market, by Platform
Chapter 6 Global Military Sensor (MS) Market, by Application
Chapter 7 North America Military Sensor (MS) Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 8 Europe Military Sensor (MS) Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 9 Asia Pacific Military Sensor (MS) Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 10 Rest of the World (RoW) Military Sensor (MS) Market Analysis, 2019 - 2029 (US$ Mn)
Chapter 11 Company Profiles
Companies Mentioned
- BAE Systems PLC
- Curtiss-Wright Corporation
- Esterline Technologies Corporation
- Honeywell International Inc.
- Kongsberg Gruppen ASA
- Raytheon Company
- TE Connectivity Ltd
- Thales Group.
