Military and Aerospace Sensors Market
Military and Aerospace Sensors Market is driven primarily by advancements in sensor technology & increasing defense budgets worldwide. AUSTIN, TX, UNITED STATES, October 24, 2024 /EINPresswire.com/ -- The Military and Aerospace Sensors Market size was USD 7.04 billion in 2023 and is expected to reach USD 51.05 billion by 2032 and grow at a CAGR of 24.18% over the forecast period of 2024-2032.
Enhancing Operational Effectiveness: The Growing Importance of Advanced Sensors in Military and Aerospace Sectors
Advanced sensor technology is crucial to the military and aerospace sectors as both are high-usage industries that increasingly rely on them for operations and decisions. Defence ISR systems are needed to monitor national borders and remote areas where data from thousands of sensors are required to be delivered in real time through wireless networks. These systems usually comprise several sensors: pressure sensors, temperature sensors, speed sensors and accelerometers, level sensors, flow sensors, gyroscopes, as well as radar sensors, to provide maximum performance and safety in aircraft operations. With the fast growth of military operations and an increasing demand for timely precise information with it, more attention is likely to be paid to advanced sensors. Furthermore, the improvement in sensor technology is propelling key benefits such as improving reliability and performance along with low-cost ownership that can enable multifunctionality into a whole range of military & aerospace platforms to upgrade the capability offering critical behind for this lucrative market.
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Key Factors Fueling Growth in the Military and Aerospace Sensors Market: Rising Demand and Strategic Opportunities
Key factors driving the military and aerospace sensors market include; The advance of the sensor technology: On one hand, it is still progressing further and thus creating more application fields over different platforms. Innovative materials and technologies are combined that have been integrated to improve the accuracy, sensitivity as well as cost of sensor systems. On another note, the worldwide market for new aircraft is on a substantial upward trajectory due to global modernization and more capable cross-section military/civil-sector requirements.
opportunity, the market has significant growth prospects in terms of the surging popularity of the Internet of Things (IoT) within aviation. The incorporation of IoT technologies in sensors to enable a better real-time output will help the further step Goonhilly process further and carry out more informed decisions. Developing countries also require increased numbers of military ships and warships due to national defense considerations which are being influenced by new threats against naval targets.
Key Players: • Lockheed Martin Corporation • Safran Electronics & Defense • BAE Systems PLC • Ametek, Inc. • Thales Group • Honeywell International Inc. • TE Connectivity Ltd • Raytheon Company • General Electric Company • Ultra-Electronics
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Segment Analysis Based on Platform, the market is segmented as an airborne platform, land platform, naval & space platform. The highest share of revenue is held by the airborne segment, which benefits from the growing demand for state-of-the-art sensor systems in contemporary military aircraft used during combat operations or surveillance and reconnaissance. Continued development of unmanned aerial vehicles (UAVs) and advanced fighter aircraft is underpinning growth in this segment.
By Type, Pressure Sensors and Temperature Sensors are some of its largest solenoid-consuming products as they are employed for monitoring environmental conditions across a wide range of military and aerospace applications. The expansion of aircraft systems with stringent safety and performance requirements is a prime factor boosting the demand for these sensors. Multiple segments exist within the military and aerospace sensors market, along with specific operational requirements of each segment type which drive variety in new technological innovation.
By End-Use • OEM • Aftermarket
By Platform • Airborne • Land • Naval • Space
By Application • Intelligence & Reconnaissance • Communication & Navigation • Combat Operations • Electronic Warfare • Target Recognition • Command and Control • Surveillance & Monitoring
By Type • Pressure Sensors • Temperature Sensors • Torque Sensors • Speed Sensors • Accelerometer • Level Sensors • Flow Sensors • Proximity Sensors • Gyroscopes • Radar Sensors • Magnetic Sensors • Others
Key Regional Development North America currently leads in military and aerospace sensors, and this trend is expected to continue during the forecast period. This is due to major players such as Honeywell International Inc., Ametek, Inc., and Raytheon Company, along with important investments made by them in the field of research and development, driving market growth in the region. Europe: The trend to accept modern combat vehicles and aircraft among the armed forces for tactical operations will enhance regional market growth. Asia-Pacific: In this region, sales are expected to gain pace with growth in defense expenditures of Indian and Chinese armies and a growing demand for new aircraft. The Middle East and Africa region will also see growth with a rise in defense budgets by countries such as Saudi Arabia, the United Arab Emirates, and Israel. Lastly, in South America, the expansion of combat vehicles and aircraft for drug trafficking surveillance and observation-related surveillance will fuel market growth.
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Recent Developments In July 2024, The Defence Research and Development Organisation sanctioned seven new projects that are to be undertaken under collaboration with the private sector and are aimed at boosting key military assets. It's one of the approaches India has taken to boost the defense sector while utilizing advanced technologies and indigenous manufacturing processes. Missiles and electronic warfare are going to figure among other areas the focus of such projects, enhancing the country's self-reliance in the production of the country's entire defense arsenal. In May 2024, Raytheon Technologies announced that its low-tier air and missile defense sensor successfully detected and engaged multiple threats during recent testing. This advanced sensor system is meant to enhance the effectiveness of air defense systems with strong air defenses pushing into aerial threats. Military readiness and operational capability will surely take a big leap forward with these tests.
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October 24, 2024, 12:45 GMT
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