PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1269733
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1269733
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.
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.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable