Press release
Situation Awareness System Market Reach USD 67.27 Billion by 2030 | Registering 9.19% CAGR
Significant surge in the adoption of situational awareness systems by governments for the defence sector in various countries across the globe, increase in the use of displays among end-users to process real-time videos, remarkable perks of GPS systems such as detection, immediate and precise situation awareness even in the extreme weather conditions, and extensive use of control and command systems in the aerospace industries are expected to drive the growth of the global situation awareness system market.
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The global situation awareness system market was valued at $27.74 billion in 2020, and is projected to reach $67.27 billion by 2030, registering a CAGR of 9.19%.
The situation awareness system market is segmented on the basis of component type, type, industry vertical, and region. On the basis of component type, it is divided into network video recorders (NVRs), sensors, global positioning system (GPS), displays, and others. By type, it is categorized into command & control system, fire & flood alarm system, radio frequency identification (RFID), radar, chemical biological radiological and nuclear (CBRN) systems, sonar, physical security information management (PSIM)/access control (including HMI), and others. By industry vertical, it is segregated into military & defense, healthcare, aerospace, marine security, automotive, mining and oil & gas, industrial, cyber security, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players of the market analyzed in the global situation awareness systems industry include BAE SYSTEMS, CNL Software Limited, D3 Security Management Systems, Inc, Denso Corporation, General Electric, Harris Corporation, Honeywell international Inc, Lockheed Martin Corporation, Microsoft Corporation, and Collins Aerospace.
Based on region, the market across North America held the lion' share in 2020, garnering nearly two-fifths of the total market. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 10.4% during the forecast period.
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Based on component, the displays segment held the majority share in 2020, holding more than one-third of the total market. The global positioning system segment, on the other hand, is anticipated to exhibit the fastest CAGR of 10.94% during the forecast period.
Based on type, the command & control system segment held the largest market share in 2020, garnering nearly one-third of the total market. The sonar segment, on the other hand, is predicted to cite the fastest CAGR of 11.92% during the forecast period.
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COVID-19 Scenario
● The outbreak of COVID-19 has had a positive impact on the growth of the global situational awareness systems market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns significantly increased the demand for situation awareness system (SAS) solutions as more and more end-users realized the importance and made effective use of IoT, digitalization, and artificial intelligence to appreciable integrate it with these systems.
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