2024 Military Sensors Market Challenges, Industry Statistics And Future Demand

Posted February 12, 2024 by sushmithatbrc

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 Military Sensors Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).

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In accordance with The Business Research Company’s Military Sensors Global Market Report for 2024, the military sensors market has experienced robust growth in recent years, expanding from $10.23 billion in 2024 to $10.96 billion in 2024, representing a compound annual growth rate (CAGR) of 7.2%. This growth trajectory in the historical period can be attributed to pivotal factors such as regulatory shifts, the adoption of unmanned platforms, strategic industrial partnerships, heightened emphasis on situational awareness, and government-driven initiatives and contracts.

Projections indicate a continued upward trajectory for the military sensors market, with expectations to reach $14.04 billion by 2028, reflecting a CAGR of 6.4%. Anticipated growth in the forecast period stems from trends including miniaturization and low-power designs, geopolitical uncertainties on a global scale, the proliferation of unmanned systems, integration of artificial intelligence (AI) and machine learning, and escalating demand for intelligence, surveillance, and reconnaissance (ISR) capabilities.

Key themes in the forecast period include a heightened focus on cybersecurity, the development of multi-functional sensors, advancements in miniaturization and lightweight designs, prioritization of hyperspectral and multi-spectral sensors, and the promotion of interoperability and sensor networking.

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.

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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

Technological advancements emerge as a prominent trend driving innovation within the military sensors market. Leading companies within this sector are dedicated to pioneering technologically sophisticated sensors to fortify their market presence. For instance, in October 2021, Armaments Research Company Inc., a US-based provider of firearm accessories and analytics to professional security forces, unveiled a predictive maintenance platform for crew-served weapons for the U.S. Marine Corps. This initiative aligns with ARC’s recently secured 5-year, $60-million Small Business Innovative Research (SBIR) Phase III contract, in collaboration with the U.S. Department of Defense (DoD) and General Services Administration (GSA), as they actively collaborate on systems development for the 'Joint All-Domain Command and Control' (JADC2) project portfolio. The overarching goal of JADC2 is to integrate sensors from diverse military services into a unified, cohesive network, thereby enhancing operational effectiveness and strategic decision-making capabilities.

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


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

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Last Updated February 12, 2024