Military Sensors Market Size, And Emerging Trends
According to a recent report by Fortune Business Insights™ titled "Military Sensors Market Forecast, 2020-2027," the global military sensors market is expected to experience significant growth due to the emergence of Wireless Sensor Network (WSN) technology. These sensors are specifically designed to record and monitor various conditions in different locations. In 2019, the market size was estimated to be USD 25.94 billion, and it is projected to reach USD 34.58 billion by 2027, with a compound annual growth rate (CAGR) of 6.91% during the forecast period.
- Industry Outlook: It presents an overview of the overall industry and examines its impact on the market.
- Market Drivers and Trends: The report analyzes the main factors and trends driving the growth of the market.
- Growth Restraints: It identifies the factors that are hindering the growth of the market.
- Regional Prospects: The report assesses the prospects for the market in different regions.
- Key Market Players and Strategies: It highlights the key players in the market and their preferred strategies.
Drivers & Restraints-
Increasing Development of MEMS-based Sensors to Accelerate Growth
Optical Microelectromechanical Systems (MEMS) and RF MEMS devices play a crucial role in the advancement of military sensors, catering to specific requirements of the military sector. These MEMS devices possess several advantageous features, including high reliability, low power consumption, and compact sizes. As a result, they are extensively utilized in the development of sensors for various military applications such as unmanned aerial vehicles (UAVs), missiles, battlefield tanks, drone electronics, and surveillance systems.
Segment-
Airborne Segment to Grow Rapidly Backed by Surging Usage of Military Helicopters & UAVs
Based on the platform, the airborne segment generated 27.03% in terms of the military sensors market share in 2019. It is expected to show the highest CAGR throughout the forthcoming years because of the rising usage of UAVs, fighter jets, and military helicopters in India, China, and the U.S.
Regional Insights-
Rising Modernization Programs to Boost Growth in North America
In 2019, North America procured USD 10.05 billion in terms of revenue and is set to dominate in the coming years. The rising initiatives by governments to conduct modernization programs, as well as the procurement of 3D expeditionary long-range radar in the region, would aid growth.
Europe, on the other hand, is set to grow substantially on account of the rising usage of EOIR military sensors by the U.K. Defense Ministry. In Asia Pacific, the increasing territorial disputes between India and Pakistan, as well as the geopolitical tensions between China and India, would contribute to growth.
Information Source : https://www.fortunebusinessinsights.com/military-sensors-market-104666
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