Portland, OR, March 02, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global military and defense sensor market garnered $8.26 billion in 2021 and is estimated to generate $14.43 billion by 2031, manifesting a CAGR of 5.79% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.26 billion |
| Market Size in 2031 | $14.43 billion |
| CAGR | 5.79% |
| No. of Pages in Report | 261 |
| Segments Covered | Platform, component, application, and region |
| Drivers | An emerging application of radar in remote sensing Rise in defense expenditure globally Rise in adoption of sensors in wearable devices |
| Opportunities | The surge in military modernization programs High demand for autonomous security and surveillance systems |
| Restraints | The incorporation of sensors in devices incurs extra value and reduces the life of the device. Policies on the development and transfer of weapon systems or related technology |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic hurt the growth of the global military and defense sensor market, owing to the implementation of global lockdown which resulted to hamper the industry.
- Curfew practices globally affected the domestic as well as international production of military and defense sensors, which, in turn, hampered the growth of the overall market.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced a shortage of labor and unavailability of raw materials.
- The military and defense sensor market has a high scope of growth opportunities in the future due to factors such as high demand for army vehicles equipped with safety features, and greater adoption of automatic driver assistance systems.
The research provides detailed segmentation of the global military and defense sensor market based on platform, component, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on the platform, the land segment held the highest share in 2021, accounting for more than two-thirds of the global military and defense sensor market, and is expected to continue its leadership status during the forecast period. However, the airborne segment is expected to register the highest CAGR of 6.77% from 2022 to 2031.
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Based on components, the hardware segment accounted for the highest share in 2021, contributing to more than 65% of the global military and defense sensor market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the software segment is expected to manifest the highest CAGR of 7.69% from 2022 to 2031.
Based on application, the target recognition segment accounted for the highest share in 2021, holding a significant market share of the global military and defense sensor market, and is expected to continue its leadership status during the forecast period. However, the communication and navigation segment is estimated to grow at the highest CAGR of 8.62% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly half of the global military and defense sensor market share, and Europe is projected to grow with the highest CAGR during the forecast period. In addition, the Asia-Pacific region is expected to manifest a significant CAGR of 6.94% during the forecast period.
Leading market players of the global military and defense sensor market analyzed in the research include Thales Group, BAE Systems plc., Raytheon Company, Curtiss-Wright Corporation, Honeywell International Inc., Esterline Technologies Corporation, Kongsberg Gruppen ASA, TE Connectivity Ltd., Lockheed Martin Corporation, and Rockwest Solutions.
The report provides a detailed analysis of these key players in the global military and defense sensor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
