Global Military Sensors Market Size 2024, Forecast To 2033
6 Mar, 2024
The military sensors market size has exhibited robust growth, rising from $10.23 billion in 2023 to $10.96 billion in 2024, with a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period is linked to regulatory changes and standards, adoption of unmanned platforms, industrial partnerships and collaborations, focus on situational awareness, and government initiatives and contracts. Forecasts anticipate continued strong growth, reaching $14.04 billion in 2028, with a compound annual growth rate (CAGR) of 6.4%. This growth is driven by miniaturization and low-power designs, global geopolitical instabilities, expansion of unmanned systems, integration of AI and machine learning, and 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, and interoperability and sensor networking.
Global Military Sensors Market Key Driver
The expansion of defense spending by emerging economies significantly contributes to the growth of the military sensors market. Military spending encompasses the financial resources a country allocates to build and sustain its armed forces or engage in defense-related activities, including operations, maintenance, procurement of weaponry and armored vehicles, and military research and development. These expenditures encompass the purchase of goods and services such as arms, sensors, and military research and development, thereby bolstering demand for military sensors. For example, according to the April 2022 report from SIPRI, global military spending increased by 0.7% from $1,981 billion in 2020 to $2,113 billion in 2021. Additionally, China increased its military spending by 4.7% in 2021, reaching an estimated $293 billion. Hence, the growth in defense spending by emerging economies propels the military sensors market forward. In 2023, the military sensors market size was A, while in 2024, it reached B, with a projected market size for 2028 at C.
Get A Free Sample Of The Global Military Sensors Market ReportGlobal Military Sensors Market Segments
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
By Geography:The regions covered in the military sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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
Major Military Sensors Industry Players
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.S., RADA Electronic Industries Ltd., Israel Aerospace Industries Ltd., Rafael Advanced Defense Systems Ltd., Bharat Electronics Limited, Hindustan Aeronautics Limited
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Military Sensors Market Overview
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.
Military Sensors Global Market Report 2023 provides data on the global military sensors market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The military sensors market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.