Military Sensors Market To Grow At Rate Of USD 16.94 Billion By 2030 | CAGR: 6.2%
The global military sensors market size is expected to reach USD 16.94 billion by 2030, according to a new study by Polaris Market Research.
The key factors responsible for the industry growth include the rise in the adoption of unmanned vehicles such as UAVs. Defense departments prioritize unmanned vehicles to cut operational costs and improve operability in challenging terrains.
Furthermore, these such as ultrasonic fuel flow devices, capacitive fuel level devices, and light detection and ranging (LiDAR) are used by unmanned vehicles (UVs) or drones. As a result, the industry will be driven by the development of cutting-edge devices for unmanned vehicles and the growing demand for drones.
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Based on the platform, the airborne segment accounted for the leading share in the industry. The growing use of airborne radars in the defense sector is propelling the airborne section of the industry forward. The development of unmanned aerial vehicles (UAVs) is one of the causes driving the industry demand.
The surge in military modernization programs is the factor boosting the industry growth during the forecast period. To update existing weapon systems and aircraft, militaries are investing in next-generation radars. For instance, in November 2021, the Pentagon appointed Rayheon, Northrop, and Lockheed Martin to research and constructed a missile system capable of defending the US against hypersonic weapons offensive.
Separate USD 60 million contracts were awarded to the three businesses to an interceptor creating a group of satellites and sensors that would guide to intercept a hypersonic missile as it glided through Earth’s atmosphere. The global market is predicted to grow due to large investments in sensor improvements to modernize the military.
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Market players such as General Electric Company, Curtiss-Wright Corporation, BAE Systems PLC, Honeywell International Inc., Esterline Technologies Corporation, Imperx, Inc., TE Connectivity Ltd., Ultra Electronics, Lockheed Martin Corporation, Kongsberg Gruppen ASA, Microflown Avisa B.V., Thales Group, Raytheon Company, and Vectornav Technologies, LLC are some key players operating in the global market.
In July 2021, US Army granted QinetiQ Inc. around USD 24 million to develop three additional “SPECTRE next-generation full-spectrum hyperspectral prototype sensors.” Multi-mission Uncrewed Aircraft Systems (UAS) can operate in conjunction with integrated capability. The US Army and industry partners have worked on SPECTRE to develop systems and components
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Polaris Market Research has segmented the military sensors market report based on type, component, platform, end-use, and region:
Military Sensors, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Military Sensors, Component Outlook (Revenue – USD Billion, 2018 – 2030)
Military Sensors, Platform Outlook (Revenue – USD Billion, 2018 – 2030)
- Fighter Aircraft
- Combat Support Aircraft
- Unmanned Aerial Vehicles
- Armoured Ground Vehicles
- Combat Support Vehicles
- Unmanned Ground Vehicles (UGVS)
- Operating Bases
- Combat Ships
- Combat Support Ships
- Unmanned Marine Vehicles (UMVS
- Rockets and Missiles
- Guided Ammunition
- Artillery System
Military Sensors, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Intelligence and Reconnaissance
- Communication and Navigation
- Combat Operations
- Electronic Warfare
- Target Recognition System
- Surveillance and Monitoring
- Command and Control
- Simulation and training
- Artillery System
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