Positive Impact of Covid-19 on Global Military Sensors Market: Key Players Is Expected Massive Growth by Forecast

Posted by Amrut Mahajani on February 15th, 2023

Military Sensors Market is estimated at USD 9.9 Billion in 2021 and is projected to reach USD 13.2 Billion by 2026, at a CAGR of 5.9% from 2021 to 2026. The military sensors market is growing at a significant rate across the world, and a similar trend is expected to be observed during the forecast period. Increasing demand for battlespace awareness among defense forces, ongoing advancements in MEMS technology, increasing use of UAVs in modern warfare, and increasing focus on weapon system reliability are fueling the growth of the military sensors market.

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Major manufacturers in this market are based in North America and Europe. Honeywell International (US), Raytheon Technologies (US), Lockheed Martin (US), and Thales (France) are among the key manufacturers that secured military sensor contracts in the last few years. A major focus was given to the development of new products due to the changing requirements of sensor customers across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the military sensors market.

Honeywell International Inc. is at the forefront of designing military sensors. The company is focused on investing in R&D activities to innovate new products. The core competencies of the company include quality customer service, product innovations, and product recognition. The strong brand identity of Honeywell and its services to customers are essential factors that have contributed to its growth. The company focuses on expanding its presence in high-growth regions such as Latin America and the Middle East. Over 50% of the revenue of the company is generated from outside the US, which implies that Honeywell has a strong position in the international market. In September 2019, Honeywell International was awarded a USD 7.7 million contract for Inertial Navigation Kits for the US Army, which uses motion and rotation sensors to continuously calculate by dead reckoning the position, the orientation, and the velocity of a moving object without the need for external references.

Raytheon has its main focus on the aerospace & defense industry. It faces competition from a number of small and large enterprises in the North American region. The company designs and manufactures defense electronics and space systems including sensors for military applications and platforms. It also offers information technology solutions and technical services. Raytheon has adopted the strategies of mergers & acquisitions and joint ventures to strengthen its position in the global defense sector. Increasing defense spending across the globe is expected to provide several opportunities for the company to increase its revenue and profitability. For instance, in November 2019, Raytheon designed Pit Boss, an autonomous mission management sensor system for DARPA's Blackjack satellite constellation. It will network sensors together with the goal to provide persistent global coverage for many applications, including missile warnings.

Lockheed Martin is a global aerospace and security company. It continuously carries out R&D activities for developing various cutting-edge technologies related to the defense sector. The company is a major contractor for the upgrade and purchase of maritime systems for the US Navy. It faces major challenges in terms of overpricing its products as compared to its competitors. A major portion of the revenue of Lockheed Martin is generated from defense contracts received from the US, and hence, defense budget cuts of the country have a direct impact on the growth of the company. Moreover, changing government policies and federal regulations also have an impact on the revenue of the company. In May 2020, Lockheed Martin was awarded a ceiling USD 485 million contract for the Department of Defense and Foreign Military Sales (FMS) Sniper, Infrared Search, and Track (IRST); and Low Altitude Navigation and Targeting Infrared for Night (LANTIRN) navigation pod (fixed wing) hardware production.

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Amrut Mahajani

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Amrut Mahajani
Joined: January 30th, 2023
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