Military Sensors Market to Reach $34.58 Billion by 2027; General Atomics Wins Contract Worth $93.3 Million to Develop AI-based Sensors for U.S. Army

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.”

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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:

• Honeywell International Inc. (The U.S.)
• Thales Group (France)
• Curtiss-Wright Corporation (The U.S.)
• TE Connectivity Ltd. (The U.S.)
• Raytheon Company (The U.S.)
• Kongsberg Gruppen ASA (Norway)
• BAE Systems PLC (The U.K.)
• Lockheed Martin Corporation (The U.S.)
• Imperx, Inc. (The U.S.)

A Noteworthy Industry Development-

• November 2020: General Atomics won a new contract worth USD 93.3 million from the U.S. Army to conduct the evaluation, test, development, and research of AI-based sensor technology for usage in unmanned aerial systems. The company will deliver AI RDT&E services and the work will begin in California through March 2023.

Further Report Findings-

• Based on the platform, the airborne segment generated 27.03% in terms of the military sensors market share in 2019. It is set to showcase the highest CAGR in the near future because of the rising integration of electro-optics infrared sensors (EOIR) and infrared sensors with surveillance & monitoring aircraft.
• North America held USD 10.05 billion in terms of revenue in 2019. The presence of many renowned military sensors manufacturers, such as Honeywell International Inc. and Raytheon Company, is set to propel growth. Also, the U.S. government is investing huge sums in developing its defense equipment.
• In the Middle East, territorial disputes between Syria, Iraq, and Iran would drive the demand for these sensors. Governments of these countries have also surged their defense spending.

The global market can be segmented in the following way: