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Increased Defense Expenditure In Emerging Economies On Driving Growth In The Military Sensors Market: Strengthening the Growth Trajectory of the Military Sensors Market
Military Sensors
What Is the Expected CAGR for the Military Sensors Market Through 2025?
The market size for military sensors has seen significant growth recently. It is predicted to expand from $10.74 billion in 2024 to $11.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.7%. The growth observed in the past can be assigned to regulatory modifications and standards, the uptake of unmanned platforms, industry collaborations and partnerships, an emphasis on situational awareness, along with government initiatives and contracts.
What's the Projected Size of the Global Military Sensors Market by 2029?
The market for military sensors is set to experience significant expansion in the upcoming years, reaching "$14.65 billion by 2029, with a compound annual growth rate (CAGR) of 6.3%. The increase in market size during the forecast period will likely be due to factors such as the development of miniaturized, low-power designs, global political uncertainties, advancement of unmanned systems, and the integration of AI and machine learning, coupled with an increased requirement for ISR capabilities. Notable trends anticipated during this forecast period involve a greater emphasis on cybersecurity, the creation of multifunctional sensors, focus on miniaturization and lightweight designs, application of hyperspectral and multispectral sensors, and efforts towards sensor interoperability and networking.
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Top Growth Drivers in the Military Sensors Industry: What's Accelerating the Market?
The rise in defense expenditure by developing nations significantly fuels the expansion of the military sensors market. Defense spending involves the amount a nation devotes to establishing and maintaining its military forces, as well as other security-related pursuits. This spending encompasses operating costs, maintenance, weaponry and armored vehicle procurement, and military research and development. The acquisition of goods and services such as weaponry, sensors, and military research and development which are funded by military expenditure directly fuel the demand for military sensors. For instance, the Stockholm International Peace Research Institute (SIPRI), an independent international research organization based in Sweden, reported in April 2024 that the total global military expenditure had escalated to $2443 billion in 2023, marking a 6.8% increase in real terms from 2022. Hence, the surge in defense expenditure in burgeoning economies propels the military sensors market onward.
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What Trends Will Shape the Military Sensors Market Through 2029 and Beyond?
The military sensor market is being shaped by strategic collaborations. In September 2024, US-based Oracle partnered with Israel-based Rafael Advanced Defense Systems to integrate Rafael's IMILITE and FIRE WEAVER technologies into Oracle's Cloud Infrastructure. This AI-based system enhances the U.S. military's imagery and battlefield decision-making capabilities through rapid data processing and analysis.
What Are the Main Segments in the Military Sensors Market?
The military sensors market covered in this report is segmented -
1) By Component: Software, Hardware
2) By Platform: Airborne, Land, Naval
3) By Application: Intelligence, Surveillance, And Reconnaissance (ISR), Communication And Navigation, Target Recognition, Electronic Warfare, Command And Control, Other Applications
Subsegments:
1) By Software: Data Analysis Software, Sensor Fusion Software, Monitoring And Control Software, Simulation Software, Operating Systems for Sensors
2) By Hardware: Radar Sensors, Infrared Sensors, Acoustic Sensors, Electro-Optical Sensors, Chemical Sensors, Pressure Sensors, Temperature Sensors, Motion Sensors
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Which Top Companies are Driving Growth in the Military Sensors Market?
Major companies operating in the military sensors market include BAE Systems PLC, Curtiss-Wright Corporation, Esterline Technologies Corporation, Honeywell International Inc., Lockheed Martin Corporation, Raytheon Technologies Corporation, TE Connectivity Ltd., Thales Group, General Electric Company, Imperx Inc., Microflown AVISA BV, Vectornav Technologies LLC, Rock West Solutions Inc., KONGSBERG GRUPPEN ASA, Ultra Electronics, Aerosonic LLC, Viooa Imaging Technology Inc., Northrop Grumman Corporation, L3Harris Technologies Inc., Safran Electronics & Defense, Leonardo S.p.A., Rheinmetall AG, Elbit Systems Ltd., FLIR Systems Inc., Collins Aerospace, Cobham plc, Moog Inc., Meggitt PLC, QinetiQ Group plc, Terma A/S, ASELSAN A.S., RADA Electronic Industries Ltd., Israel Aerospace Industries Ltd., Rafael Advanced Defense Systems Ltd., Bharat Electronics Limited, Hindustan Aeronautics Limited
Which Regions Will Dominate the Military Sensors Market Through 2029?
North America was the largest region in the military sensors market in 2024. The regions covered in the military sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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