Military Sensors Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Global military sensors market size is expected to reach $14.04 Bn by 2028 at a rate of 6.4%, segmented as by component, software, hardware

Jun 17, 2024 - 12:42

Overview and Scope
A military sensor is a component of a weapon, electronic equipment, or an aircraft that detects or examines its surroundings for providing real-time information. Military sensors are used in missiles, aircraft, radars, and combat for navigation, target tracking, active guiding, weapon control, and environmental awareness.

Sizing and Forecast
The military sensors market size has grown strongly in recent years. It will grow from $10.23 billion in 2023 to $10.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to regulatory changes and standards, adoption of unmanned platforms, industrial partnerships and collaborations, focus on situational awareness, government initiatives and contracts.

The military sensors market size is expected to see strong growth in the next few years. It will grow to $14.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to miniaturization and low-power designs, global geopolitical instabilities, expansion of unmanned systems, integration of ai and machine learning, growing demand for isr capabilities. Major trends in the forecast period include increased focus on cybersecurity, development of multi-functional sensors, miniaturization and lightweight designs, emphasis on hyperspectral and multi-spectral sensors, interoperability and sensor networking.

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Segmentation & Regional Insights
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

North America was the largest region in the military sensors market in 2023. 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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Major Driver Impacting Market Growth
Growth in defense spending by emerging economies is significantly contributing to the growth of the military sensors market. Military spending refers to the amount of money that a country spends on building and sustaining its armed forces or on other defense-related activities. Military spending includes operation, maintenance, procurement of weapons and armored vehicles, and military research and development. Military spending is used for purchasing goods and services such as arms, sensors, and military research and development which will support the demand for military sensors. For instance, according to the April 2022 report of the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international institute of arms control, arms transfers, and non-proliferation, in 2021, total global military spending is increase by 0.7% from $1,981 billion in 2020 to $2,113 billion in 2021. Further, China increased its military spending by 4.7% in 2021 to an anticipated $293 billion. Therefore, growth in defense spending by emerging economies drives the military sensors market going forward.

Key Industry Players
Major companies operating in the military sensors market report are BAE Systems PLC, Curtiss-Wright Corporation, Esterline Technologies Corporation, Honeywell International Inc., Kongsberg Gruppen, Lockheed Martin Corporation, Raytheon Technologies Corporation, TE Connectivity Ltd., Thales Group, Ultra Electronics 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.Ş., RADA Electronic Industries Ltd., Israel Aerospace Industries Ltd., Rafael Advanced Defense Systems Ltd., Bharat Electronics Limited, Hindustan Aeronautics Limited

The military sensors market report table of contents includes:

1. Executive Summary
2. Military Sensors Market Characteristics
3. Military Sensors Market Trends And Strategies
4. Military Sensors Market - Macro Economic Scenario
5. Global Military Sensors Market Size and Growth
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31. Global Military Sensors Market Competitive Benchmarking
32. Global Military Sensors Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Military Sensors Market
34. Military Sensors Market Future Outlook and Potential Analysis
35. Appendix