November 30, 2022

The global military sensors market is set to gain impetus from the emergence of the Wireless Sensor Network (WSN) technology. It is mainly designed for recording and monitoring various conditions at different locations. This information is given by Fortune Business Insights™ in a new report, titled, “Military Sensors Market Size, Share & COVID-19 Impact Analysis, By Platform (Ground, Airborne, Naval, Space), By Component (Hardware, Software), By Application (Navigation & Communication, Intelligence & Reconnaissance, Electronic Warfare, Command & Control, Monitoring & Surveillance, Target Recognition), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 25.94 billion in 2019 and is projected to reach USD 34.58 billion by 2027, exhibiting a CAGR of 6.91% during the forecast period.

Russia-Ukraine War Implication

The Russia-Ukraine war could change the Natural Fragrance Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Natural Fragrance Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.

The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.

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Russia-Ukraine War Implication

The Russia-Ukraine war could change the Natural Fragrance Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Natural Fragrance Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.

The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.

Drivers & Restraints-

Increasing Development of MEMS-based Sensors to Accelerate Growth

The development of military sensors depends more on optical microelectromechanical systems (MEMS) and RF MEMS devices. These are capable of meeting special military requirements. MEMS have multiple beneficial properties. They have high reliability, low power consumption, and compact sizes. Hence, they are mainly used to develop sensors for unmanned aerial vehicles (UAVs), missiles, battlefield tanks, drone electronics, and surveillance.

At the same time, nanotechnology-based and MEMS-based military sensors are extensively utilized in monitoring the weapon’s health and battlefield environment. However, these sensors have complex designs, which, in turn, may obstruct the military sensors market growth in the near future.

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.

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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.

Competitive Landscape-

Key Players Focus on Gaining New Contracts to Compete with Their Rivals

The market contains numerous prominent companies that are persistently striving to gain a competitive edge by procuring new contracts from government agencies. They are doing so to deliver their in-house military sensors. Below are two of the latest industry developments:

  • November 2020: BAE Systems won a contract worth USD 94 million from the U.S. Navy to deliver the latter with advanced technology. It will be used to develop several unmanned aerial systems.
  • May 2020: FLIR Systems received a second contract from the Army to provide unmanned aerial systems for the Soldier Borne Sensor program. The program is capable of offering real-time visual sector scanning.

A list of all the renowned manufacturers operating in this global market:

  • Honeywell International Inc. (The U.S.)
  • Thales Group (France)
  • Curtiss-Wright Corporation (The U.S.)
  • TE Connectivity Ltd. (The U.S.)
  • Raytheon Company (The U.S.)
  • Kongsberg Gruppen ASA (Norway)
  • BAE Systems PLC (The U.K.)
  • Lockheed Martin Corporation (The U.S.)
  • Imperx, Inc. (The U.S.)

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