Military and Defense Sensor Market Expected to Reach $14.4 Billion by 2031

According to a new report published by Allied Market Research, titled, "Military and Defense Sensor Market Size, Share, Competitive Landscape and Trend Analysis Report by Platform, by Component, by Application : Global Opportunity Analysis and Industry Forecast, 2021-2031"

The global military and defense sensor market size valued at $8.3 billion in 2021, and is projected to reach $14.4 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.

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The market for military and defense sensors is rapidly growing as a result of militaries all over the world making more purchases of defensive systems. The military and defense sensors of a weapon, aircraft, or electronic gadget are subsystems that notice changes in its environment or scans it to obtain information. Once processed and analyzed, the data is sent to another electrical system, usually a computer processor. Military and defense sensors are employed in missiles, warfare, aircraft, and radars among other systems for navigation, weapon control, active guidance, target tracking, and environmental awareness. Electro-optical sensors can also be used to detect dust, smoke, and fog.

By platform, the market is categorized into land, naval, and airborne. The land segment gained the highest market share in 2021 and is projected to lead the market within the forecast timeframe due to the rapid adoption of military and defense sensors in developing countries. In addition, the increasing innovations, and developments by market players which in turn drive the demand for military and defense sensors in the forecast timeframe. Ground based systems integrate and communicate with the airborne and naval systems, which helps in tactical advancements. Hence, the companies are largely focusing on communications part of efficient communication programs, particularly for land applications. It is projected to enable the communication for land-based operations and maintain the interoperability during wartime.

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By component, the military and defense sensor market is categorized as software and hardware. Among these segments, the hardware segment captured a significant market share as compared to the software segment, owing to the higher use of this technology for better fuel efficiency. For instance, in April 2019, Thales acquired the Gemalto which engaged in digital identity and security. This acquisition increased Thales's revenue as well as the company's expansion throughout the world. Moreover, the installation of military sensors in aircraft provides a broad range of communications capabilities for a variety of aircraft, unmanned aerial vehicles (UAVs), and other mobile platforms, fueling the segment's expansion over the anticipated timeframe.

By application, the military and defense sensor market is categorized as combat operations, target recognition, electronic warfare, communication and navigation, command and control, surveillance and monitoring, and intelligence and reconnaissance. The target recognition segment dominated in the global military and defense sensor market segment due to the rising number of threat activities and border conflicts between countries which increases the demand for target recognition sensors. The market players are expanding the capabilities of the development which improves the production capacity and supports the market expansion globally during the forecast period. For instance, in September 2022, Pico Technology launched the TA497 PicoBNC+ optical sensor is part of the new PQ316 PicoBNC+ Optical Sensor Kit. With all the user-friendliness advantages offered by Pico Technology's PicoBNC+ smart interface technology, the optical sensor kit gives users a practical way to capture rotational speed reference signals for Noise, Vibration, and Harshness (NVH) balancing applications. Thus, such developments are anticipated to drive the segment's growth during the forecast period.

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The North America region will have a higher market share across the globe due to the highest requirement by North American armed forces with presence of many giant market players in this market which support the growth of the North American region and expected to growth with the substantial growth rate during the forecast period. Increase in government spending to augment capabilities of armed forces drives military and defense market in this region. Further, domestic presence of military sensor manufacturers in this region and rise in demand for navigation and surveillance systems which fuels the market growth.

For instance, in June 2022, the Canadian Armed Forces (CAF) and the Department of National Defense (DND) are looking for creative ways to safeguard and monitor CAF permanent ground-based assets that are operating remotely in the Arctic. Additionally, the Canadian government has allocated $1.2 million for research and development. Partnership of leading organizations in the field of military and defense sensor technology, propel the military and defense sensors market growth in this region. Moreover, Mexico is witnessing considerable growth in the electronics industry. Currently, it is the second largest supplier of electronic products to the U.S. market. The electronics industry that focuses on manufacturing of audio and video devices, telecommunications, and computer equipment & its parts is one of the fastest growing industrial sectors in Mexico.

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Key Findings Of The Study
• By platform, the land segment leads the market during the forecast period.
• By component, the hardware segment leads the market during the forecast period.
• By application, the communication and navigation segment are expected to grow at a lucrative growth rate during the forecast period (2022-2031).
• Europe is anticipated to exhibit the highest CAGR during the forecast period.

The key market players in the military and defense sensor market are Thales Group, BAE Systems plc., Raytheon Company, Curtiss-Wright Corporation, Honeywell International Inc., Esterline Technologies Corporation, Kongsberg Gruppen ASA, TE Connectivity Ltd., Lockheed Martin Corporation, and Rockwest Solutions, and others.

Key Benefits For Stakeholders
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the military and defense sensor market analysis from 2021 to 2031 to identify the prevailing military and defense sensor market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the military and defense sensor market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global military and defense sensor market trends, key players, market segments, application areas, and market growth strategies.

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