Military and Aerospace Sensors Market Overview:
Military and Aerospace Sensors Market Size was estimate at USD 5.5 Billion in 2022. The Military and Aerospace Sensors Market industry is projected to grow from USD 7.0466 Billion in 2023 to USD 51.15 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 39.20% during the forecast period (2023 - 2032).
The increasing air passenger traffic, along with the increase in demand for new aircraft, is primarily driving the growth of the market. Furthermore, the ongoing advancements in sensor technology are driving the Military And Aerospace Sensors Market Growth.
This growth is attributed to the increasing demand for advanced sensor technology in the military and aerospace sectors. The military and aerospace sensors market is segmented based on type, application, and region. By type, the market is segmented into pressure sensors, temperature sensors, MEMS sensors, infrared sensors, radar sensors, LiDAR sensors, and others. By application, the market is segmented into aerospace, defense, and others.
In the defense sector, the need for advanced sensor technology is driven by the demand for more sophisticated surveillance, detection, and reconnaissance systems. Sensor technology is being increasingly used to provide enhanced situational awareness, improved accuracy and range in target acquisition, and increased safety and security of personnel and assets. In addition, the integration of sensor technology into defense systems is also expected to enable the development of advanced weapons systems and communication networks.
Key Players:
The key players Of military and aerospace sensors market are Honeywell International Inc. (US), Ametek, Inc. (US), Thales Group (France), TE Connectivity Ltd (Switzerland), Raytheon Company (US), Lockheed Martin Corporation (US), Safran Electronics & Defense (France), BAE Systems PLC (UK), General Electric Company (US), Ultra-Electronics (UK)
Market Segmentation:
The Pressure Sensors Segment Accounted for the Largest military and aerospace sensors market size Share in 2019: In 2019, the pressure sensors segment accounted for the largest market share due to the increasing use of pressure sensors for fuel supply control, air pressure control, and water pressure control. The radar sensors segment is expected to register the higher CAGR during the review period. This is due to the increasing use of radar sensors by the military forces for detecting enemy aircraft.
The Land Segment Is Expected to Register the Highest Growth in the Market: The land segment is likely to register the highest CAGR during the review period. The increasing use of military and aerospace sensors in military combat vehicles such as main battle tanks, armored fighting vehicles, amphibious armored vehicles, unmanned vehicles, and light tactical vehicles is driving the segment. The airborne segment accounted for the largest market share in 2019.
The Intelligence & Reconnaissance Segment Accounted for the Largest Market Share in 2019: The intelligence & reconnaissance segment is expected to record the highest CAGR during the forecast period from 2019 to 2026. This is due to the increasing use of military and aerospace systems for intelligence & reconnaissance operations. The combat operations segment is expected to record a steady CAGR during the forecast period.
Regional Analysis:
The Military and Aerospace Sensors Industry is dominated by North America. Due to the presence of notable companies like Honeywell International Inc., Ametek, Inc., and Raytheon Company and their major investments in the development of the military and aerospace sensors, this trend is expected to continue over the forecast period.
During the review era, it is anticipated that the military forces will increasingly use cutting-edge combat vehicles and aircraft for tactical missions.
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