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Global Military and Defense Sensor Market Size study & Forecast, by Platform, By Component, By Application, and Regional Analysis, 2022-2029

Global Military and Defense Sensor Market Size study & Forecast,...

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Global Military and Defense Sensor Market Size study & Forecast, by Platform, By Component, By Application, and Regional Analysis, 2022-2029
Global Military and Defense Sensor...
Report Code
RO2/103/1153

Publish Date
19/May/2023

Pages
200
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Global Military and Defense Sensor Market is valued at approximately USD 8.3 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.8% over the forecast period 2022-2029. Military and defence sensors are part of a weapon, an aircraft, or an electronic gadget that scans its environment to gather data or detects changes in its surroundings. In order to analyze the data, the acquired information is subsequently transmitted to other electronic systems, often a computer processor. Radars, airplanes, missiles, battle, and other systems for navigation, weapon control, active guidance, target tracking, and environmental awareness all use military and defence sensors. Fog, smoke, and dust can also be detected using sensors such as electro-optical ones. The market demand is primarily driven by the factors such as the use of unmanned systems in military and defense operations is increasing, and sensors play a critical role in enabling these systems to operate autonomously and effectively, coupled with the growing threat of terrorism and asymmetric warfare has led to an increased demand for military and defense sensors that can detect and identify potential threats in real-time.

In addition, the increase in military and defense expenditure is acting as major driving factor for market growth. The Stockholm International Peace Research Institute (SIPRI) reported that the worldwide military budget has increased 2.6% year over year to reach at $1,981 billion in 2020. In 2020, the military budget accounted for 2.4% of the global GDP. Thus, a surge in global military expenditure has accelerated the deployment of excellent defense technologies, such as drone defence systems. Furthermore, The development of the internet of things (IoT), micro-electrochemical systems (miniature mechanical & electronics integrated devices), and artificial intelligence (AI) open up new prospects in the sector Governments and organizations implement regulations governing the development and transfer of weapons systems or related technologies are presenting lucrative opportunities for market growth over the forthcoming years. However, the complexity in the development of vaccines is restricting the market growth over the forecast period of 2022-2029.

The key regions considered for the Global Military and Defense Sensor Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the growth of the military sensors market in this region including significant expenditures in R&D activities for the development of new military power solutions by major companies and the rising need for lightweight and energy-efficient sensors. Whereas, Europe is also expected to grow at the highest growth rate over the forecasting period. Factors such as Countries such as the United Kingdom, France, and Germany have large defense budgets, which are driving the growth of the market in this region. The increasing demand for advanced sensors for intelligence, surveillance, and reconnaissance (ISR) applications are burgeoning the market growth in the forecasting years.

Major market players included in this report are:
Thales Group
BAE Systems plc.
Raytheon Technologies
Curtiss-Wright Corporation
Honeywell International Inc.
Esterline Technologies Corporation
Kongsberg Gruppen
TE Connectivity Ltd.
Lockheed Martin Corporation
Rock West Solutions Inc.
Recent Developments in the Market:
In June 2022, A significant test of the company's Joint All Domain Command and Control architecture was conducted by Raytheon Intelligence & Space, a Raytheon Technologies subsidiary, in which it demonstrated its ability to gather information on a fictitious sea-based threat and then exchange targeting solutions with distributed defence systems across the Western Pacific Ocean. Radar and electronic intelligence sensors were used with Raytheon's Multi-Program Testbed (RMT), a converted Boeing 727, to define the fictitious threat. The data was quickly synthesised by onboard processors, who then transmitted a thorough targeting solution to tactical platforms.
In September 2021, Thales Group and The National University of Singapore (NUS) have signed a Memorandum of Understanding (MoU) to kick off a two-year collaboration to develop and test quantum technologies for commercial applications. The Quantum Engineering Programme (QEP) in Singapore and Thales intend to progress quantum technologies and get the sector ready for their arrival through the MoU. Through their collaboration, Thales and QEP's industry and academic professionals will be able to test and assess transdisciplinary quantum security technologies. In the areas of developing novel materials and designing for quantum sensing, they will also look into possible research partnership prospects. Also, they will plan collaborative events such as seminars and conferences to share their knowledge and present the results of their research.
Global Military and Defense Sensor Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Platform, Component, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.

By Platform:
Land
Naval
Airborne
By Component:
Software
Hardware
By Application:
Combat Operations
Target Recognition
Electronic Warfare
Communication and Navigation
Command and Control
Surveillance and Monitoring
Intelligence and Reconnaissance
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
ROLA
Rest of the World

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