The global military sensors market is set to gain impetus from the emergence of the Wireless Sensor Network (WSN) technology. It is mainly designed for recording and monitoring various conditions at different locations. This information is given by Fortune Business Insights™ in a new report, titled, “Military Sensors Market Size, Share & COVID-19 Impact Analysis, By Platform (Ground, Airborne, Naval, Space), By Component (Hardware, Software), By Application (Navigation & Communication, Intelligence & Reconnaissance, Electronic Warfare, Command & Control, Monitoring & Surveillance, Target Recognition), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 25.94 billion in 2019 and is projected to reach USD 34.58 billion by 2027, exhibiting a CAGR of 6.91% during the forecast period.
COVID-19 Pandemic to Affect Growth Stoked by Halt of Production Globally
The COVID-19 pandemic has taken a toll on the global economy. Tire 3 and tier 4 suppliers have halted their production because of the lack of workforce. Therefore, it is delaying the delivery of military sensors worldwide. Besides, the U.S. has started investing more in developing novel technologies to prevent COVID-19 pandemic. It would augment growth. Our accurate reports will help you better understand the current scenario of the industry.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
How Did We Create This Report?
As customer expectations are changing, the aspirations of dealers are also transforming rapidly. Distribution channels are becoming complex. To provide our clients with detailed information, we have conducted extensive primary and secondary research. We have thoroughly investigated each opportunity qualitatively and quantitatively so that our clients get a complete picture of both emerging and existing opportunities. We have also conducted a techno-economic study.
Drivers & Restraints-
Increasing Development of MEMS-based Sensors to Accelerate Growth
The development of military sensors depends more on optical microelectromechanical systems (MEMS) and RF MEMS devices. These are capable of meeting special military requirements. MEMS have multiple beneficial properties. They have high reliability, low power consumption, and compact sizes. Hence, they are mainly used to develop sensors for unmanned aerial vehicles (UAVs), missiles, battlefield tanks, drone electronics, and surveillance.
At the same time, nanotechnology-based and MEMS-based military sensors are extensively utilized in monitoring the weapon’s health and battlefield environment. However, these sensors have complex designs, which, in turn, may obstruct the military sensors market growth in the near future.
Airborne Segment to Grow Rapidly Backed by Surging Usage of Military Helicopters & UAVs
Based on the platform, the airborne segment generated 27.03% in terms of the military sensors market share in 2019. It is expected to show the highest CAGR throughout the forthcoming years because of the rising usage of UAVs, fighter jets, and military helicopters in India, China, and the U.S.
Rising Modernization Programs to Boost Growth in North America
In 2019, North America procured USD 10.05 billion in terms of revenue and is set to dominate in the coming years. The rising initiatives by governments to conduct modernization programs, as well as the procurement of 3D expeditionary long-range radar in the region, would aid growth.
Europe, on the other hand, is set to grow substantially on account of the rising usage of EOIR military sensors by the U.K. Defense Ministry. In Asia Pacific, the increasing territorial disputes between India and Pakistan, as well as the geopolitical tensions between China and India, would contribute to growth.
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Key Players Focus on Gaining New Contracts to Compete with Their Rivals
The market contains numerous prominent companies that are persistently striving to gain a competitive edge by procuring new contracts from government agencies. They are doing so to deliver their in-house military sensors. Below are two of the latest industry developments:
- November 2020: BAE Systems won a contract worth USD 94 million from the U.S. Navy to deliver the latter with advanced technology. It will be used to develop several unmanned aerial systems.
- May 2020: FLIR Systems received a second contract from the Army to provide unmanned aerial systems for the Soldier Borne Sensor program. The program is capable of offering real-time visual sector scanning.
A list of all the renowned manufacturers operating in this global market:
- Honeywell International Inc. (The U.S.)
- Thales Group (France)
- Curtiss-Wright Corporation (The U.S.)
- TE Connectivity Ltd. (The U.S.)
- Raytheon Company (The U.S.)
- Kongsberg Gruppen ASA (Norway)
- BAE Systems PLC (The U.K.)
- Lockheed Martin Corporation (The U.S.)
- Imperx, Inc. (The U.S.)
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