Portland, OR , May 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global situation awareness system market generated $27.74 billion in 2020, and is projected to reach $67.27 billion by 2030, registering a CAGR of 9.19%. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in the adoption of situation awareness systems by governments for the defence sector in various countries across the globe, increase in the use of displays among end-users to process real-time videos, remarkable perks of GPS systems such as detection, immediate and precise situation awareness even in the extreme weather conditions, and extensive use of control and command systems in the aerospace industries are expected to drive the growth of the global situation awareness system market. On the other hand, stringent government restrictions and regulations on its application is expected to hinder the growth to some extent. However, increase in the use of innovative technologies such as internet of things (IoT) and artificial intelligence (AI) in these systems are expected to provide lucrative opportunities for the growth of the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a positive impact on the growth of the global situational awareness systems market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns significantly increased the demand for situation awareness system (SAS) solutions as more and more end-users realized the importance and made effective use of IoT, digitalization, and artificial intelligence to appreciable integrate it with these systems.
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The report offers a detailed segmentation of the global situation awareness systems market based on component, type, industry vertical, and region.
Based on type, the command & control system segment held the largest market share in 2020, garnering nearly one-third of the total market. The sonar segment, on the other hand, is predicted to cite the fastest CAGR of 11.92% during the forecast period.
Based on component, the displays segment held the majority share in 2020, holding more than one-third of the total market. The global positioning system segment, on the other hand, is anticipated to exhibit the fastest CAGR of 10.94% during the forecast period.
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Based on region, the market across North America held the lion’ share in 2020, garnering nearly two-fifths of the total market. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 10.4% during the forecast period.
The key players of the market analyzed in the global situation awareness systems industry include BAE SYSTEMS, CNL Software Limited, D3 Security Management Systems, Inc, Denso Corporation, General Electric, Harris Corporation, Honeywell Iinternational Inc, Lockheed Martin Corporation, Microsoft Corporation, and Collins Aerospace.
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