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07/12/2019 | Press release | Distributed by Public on 07/12/2019 01:26

Military Sensors Market worth $33.2 billion by 2024

The report 'Military Sensors Market by Application (Intelligence & Reconnaissance, Communication & Navigation, Combat Operations, Electronic Warfare, Target Recognition, Command and Control, Surveillance), Platform, Component, Region - Global Forecast to 2025', is projected to grow from USD 24.7 billion in 2019 to USD 33.2 billion by 2025, at a CAGR of 5.1% from 2019 to 2025. The growth of the military sensors market can be attributed to the ongoing military modernization programs and rising demand for unmanned vehicles from defense forces of different countries across the globe.

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Based on application, the surveillance & monitoring segment is projected to lead the military sensors market during the forecast period.

Based on application, the surveillance & monitoring segment is projected to lead the military sensors market from 2019 to 2025. 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 of the military sensors market.

Based on component, the hardware segment is projected to lead the military sensors market from 2019 to 2025.

Based on component, the hardware segment is projected to lead during the forecast period. Due to the development of the Internet of Things (IoT) and Micro-electromechanical system (MEMS) sensors, countries are upgrading their existing platforms with different types of sensors. The increasing demand and deployment of sophisticated sensors for surveillance & monitoring and electronic warfare applications are expected to drive the growth of the sensors segment of the market.

The North American and Asia Pacific regions are projected to be high growth potential markets for the military sensors during the forecast period.

The military sensors market in the North American region is expected to witness substantial growth during the forecast period, owing to increasing procurement of defense systems and ongoing military modernization programs. According to the article titled Defense Modernization Plans Through the 2020s published by Center for Strategic & International Studies in 2016, the US is expected to invest increasingly in the procurement of aircraft by 2030, thereby leading to the growth of the military sensors market in the North American region.

Major players in the military sensors market are Honeywell International Inc. (US), TE Connectivity Ltd. (US), Thales Group (France), Curtiss-Wright Corporation (US), Raytheon Company (US), Esterline Technologies Corporation (US), Kongsberg Gruppen ASA (Norway), and BAE Systems plc (UK), among others.

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