Military Sensor Market will be Growing at a CAGR of 4.5% during the forecast period from 2019 to 2027
November 26, 2019 by Johnson Paul
According to a new market research report published by Credence Research “Global Military Sensor Market – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the military sensor market is set to grow with a CAGR of 4.5% during the forecast period.
The global military sensor market is driven by the development of the wearable sensor for the military application. The wearable sensors are integrated into the wearable devices to keep track of soldier’s health, fitness, and location data. These sensors are gaining a lot of traction and deployment, as the sensors reduces the cost of maintenance for the system. Furthermore, the wireless technology offers replacement of the connected devices without any additional cost. In addition, the integration of IoT devices into the military application is also serving as a major factor driving the growth of the market.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/military-sensor-market
Based on application, the military sensors market was dominated by intelligence & reconnaissance application which accounted for more than 35% share in the global market. The growth of the market is attributed to the large scale adoption of the UAVs for the intelligence and reconnaissance application. On the other hand, electronic warfare is estimated to grow substantially during the forecast period. The growth of the market is attributed to the integration of advance MEMS and IoT sensor for the defense application.
Based on region, North America held 38% market share of the overall revenue generated in 2018. The growth of the market is attributed to the fact that U.S. has the highest defense budget worldwide. The Asia Pacific is projected to grow at a CAGR of over 5.5% during the forecast period. The growth of the market is driven by the increasing focus of the government to enhance their defensive capabilities across the globe. Furthermore, the growing semiconductor industry in the region is also serving as a major force driving the growth of the market.
Prominent vendors in the military sensor market are BAE Systems PLC, Curtiss-Wright Corporation, Esterline Technologies Corporation, Honeywell International Inc, Kongsberg Gruppen ASA, Raytheon Company, TE Connectivity Ltd, and Thales Group.
You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/60013
Report Scope by Segments
By Type Segment
By Platform Segment
By Application Segment
By Geography Segment Type