The demand for military sensors has increased significantly owing to the swiftly rising geopolitical risks due to which the countries are taking initiatives to strengthen their defense systems. Military sensors refer to the vital electronic devices that are used in various military systems such as armed ground vehicles, combat support vehicles, combat ships, submarines, rockets & missiles, guided ammunition, and others. These military sensors are prominently used for numerous serious applications, precisely for intelligence & reconnaissance, communication, navigation, combat operations, electronic warfare, target recognition, command, control, surveillance, monitoring, and numerous others.
Moreover, MarkNtel Advisors recently published a research report ‘Global Military Sensors Market’ highlighting that the market is expected to grow at a CAGR of around 5% during the forecast period, i.e., 2022-27. The market growth is anticipated to be fueled prominently by the huge defense finances of numerous countries across diverse regions universally for acquiring technologically advanced military systems integrated with sensors and advanced technologies like the Internet of Things & Artificial Intelligence.
Furthermore, the escalating geopolitical tensions are also stimulating governments to switch to innovative & advanced systems and utilize sensors for wide-ranging applications, such as surveillance & monitoring, gathering & processing real-time data, etc. Hence, all these factors combined are contributing to the overall growth of the Global Military Sensors Market.
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Breaking Down the Market Segmentation of the Global Military Sensors Market
· By Application (Intelligence & Reconnaissance, Communication & Navigation, Combat Operations, Electronic Warfare, Target Recognition, Command & Control, and Surveillance & Monitoring)
· By Component (Hardware (Sensors & storage) and Software)
· By Platform (Land, Naval, Airborne, Space, and Munitions)
· By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)
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Electronic Warfare applications are likely to exhibit the swiftest growth in the Global Military Sensors Market through 2022-27. The growth of the segment is attributed to the briskly developing deployment of technologically advanced sensors in aircraft, military equipment, and Unmanned Ariel Vehicles (UAVs) for observing serious operations, along with the increasing necessity for communication jamming and ground surveillance. Moreover, the increasing geopolitical risks, trade wars, border filtrations, and rising criminal activities are also propelling the countries to strengthen their defense budgets and invest in electronic warfare applications, further boosting the overall market growth.
Asia-Pacific is expected to see the most rapid expansion in the Military Sensors Market and the region is likely to produce numerous growth prospects for the major companies in the industry in the coming years as well. The market growth is principally propelled due to the swiftly increasing geopolitical strains combined with the gigantic defense budgets of countries like China, India, Japan, South Korea, etc., resulting in the attainment of diverse military systems with technologically advanced systems like sensors. Furthermore, another major aspect boosting the market growth includes the rising penetration of real-time data generation and processing.
Taking a Look at the Market Players Having an Edge in the Global Military Sensors Market
Companies, such as Honeywell International Inc., TE Connectivity Ltd., Raytheon, Lockheed Martin, Thales, Kongsberg Gruppen, Ultra Electronics, Easterline Technologies Corporation, General Electric Corporation, and BAE Systems PLC., have a strong market stand and are constantly evolving to boost their market shares.
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