The Worldwide Military Sensor Industry is Expected to Grow at a CAGR of 4.5% Between 2021 to 2029 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Military Sensor Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.

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.

Companies Mentioned

• BAE Systems PLC
• Curtiss-Wright Corporation
• Esterline Technologies Corporation
• Honeywell International Inc.
• Kongsberg Gruppen ASA
• Raytheon Company
• TE Connectivity Ltd
• Thales Group.

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?

Key Topics Covered:

Chapter 1 Preface

Chapter 2 Executive Summary

2.1 Market Snapshot: Global MS Market

2.1.1 Global MS Market, by Type, 2020 (US$ Mn)

2.1.2 Global MS Market, by Platform, 2020 (US$ Mn)

2.1.3 Global MS Market, by Application, 2020 (US$ Mn)

2.1.4 Global MS Market, by Geography, 2020 (US$ Mn)

Chapter 3 Market Dynamics

3.1 Introduction

3.2 Market Dynamics

3.2.1 Market Drivers

3.2.2 Market Restraint

3.3 Attractive Investment Proposition, by Geography, 2020

3.4 Market Positioning of Key MS Vendors, 2020

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

For more information about this report visit https://www.researchandmarkets.com/r/doqw7h