Increasing Adoption of UAVs for Defense & Warfare is Driving the Growth of the Military Sensor Market
Globally, the military sensor market is expected to grow with a CAGR of 4.5% during the forecast period from 2019 to 2027. The advancement in MEMS devices drives the market's growth. Over the past decade, sensor technology has witnessed substantial deployment and use growth due to MEMS devices' large-scale implementation. These devices have led to the development of a wide array of sensors ranging from pressure measuring sensors to gyros to accelerometers and miniaturization of the sensors. As a result, multiple new avenues for the applications of the sensors have developed, which was not feasible before. This is acting as a significant driver for the growth of the market.
The increasing adoption of UAVs for defense and warfare is also accelerating the adoption of sensors across military applications. In addition, as the political tension across the countries and terrorism is increasing, the global government is leveraging advanced UAVs to enhance their defensive capabilities. However, the cyber security risk associated with using advanced sensors in military applications is the major constraint in the market's growth. Furthermore, low accuracy and complex design are also hindering the market growth.
Market Synopsis
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% of the overall military sensors market in 2018. The market's growth is attributed to the wide-scale adoption of sensors among armored and combat support vehicles. On the other hand, airborne platforms are estimated to grow significantly during the forecast period due to the increasing adoption of UAVs for defense applications.
North America is Leading the Military Sensor Market
North America led the military sensor market with a 38% share of the revenue in 2018. The growth of the market is attributed to the fact that the 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 UAVs in the region also supports the market's growth. Additionally, the presence of the major players in the region is a major driver of the market's growth.
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, T.E. Connectivity Ltd, and Thales Group.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The military sensor market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global military sensor market based on type, platform, application, and geography.
Frequently Asked Questions:
The market for Military Sensor is expected to reach US$ XX Bn by 2027.
The Military Sensor market is expected to see significant CAGR growth over the coming years, at 4.5%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
BAE Systems, Curtiss-Wright Corporation, Esterline Technologies, Honeywell International Inc., Kongsberg Gruppen ASA, Raytheon Company are some of the major players in the global market.
