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The global military sensors market size is projected to reach USD 34.58 billion by 2027. Increasing advancements in the wireless sensor network (WSN) technology to enhance the efficiency of combat operations would affect growth positively. Fortune Business Insights™ published this information in a new study, titled, “Military Sensors Market Size, Share & COVID-19 Impact Analysis, By Platform (Ground, Airborne, Naval, Space), By Component (Hardware, Software), By Application (Navigation & Communication, Intelligence & Reconnaissance, Electronic Warfare, Command & Control, Monitoring & Surveillance, Target Recognition), and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 25.94 billion in 2019. But, it would exhibit a CAGR of 6.91% during the forecast period between 2020 to 2027.
Lockheed Martin Bags Contract to Sell Sniper ATP & Other Sensors to Air Force
In May 2020, Lockheed Martin, a security and aerospace company headquartered in the U.S., bagged a new contract worth USD 485 million from the U.S. Air Force. It will enable the company to sell its Sniper Advanced Targeting Pod (ATP) and two more military sensors to the U.S. military services and two dozen countries.
As per one of the company officials, “The implementation of more products on an IDIQ would allow us to deliver our customers with various capabilities they require faster. We are pleased to provide our three sensors for the first time in an IDIQ contract.”
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/military-sensors-market-104666
Rising Incorporation of Next-generation Armored Vehicles to Propel Growth
The increasing concerns of refining defense capabilities among several countries, such as India, China, and the U.S., are set to accelerate the military sensors market growth throughout the forthcoming years. Next-generation armored vehicles and military aircraft are nowadays incorporated with unique cyber systems and advanced military sensors because of the rapid transformation of warfighting methods. However, AI and IoT technologies can be unpredictable and vulnerable. It may hinder growth.
Key Players Aim to Gain a Competitive Edge by Winning New Contracts
The market contains various manufacturers that are mainly focusing on achieving new contracts from other organizations to provide innovative sensors. Lockheed Martin Corporation is considered one of the most prominent companies because of its possession of a wide range of products. It also invests more in research and development activities for innovations.
Fortune Business Insights™ presents a list of all the prominent providers operating in the global market. They are as follows:
A Noteworthy Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2016-2018 |
Unit | Value (USD billion) |
Segmentation | Platform; Component; Application and Geography |
By Platform
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By Component
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By Application
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By Geography
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