Military Wearable Sensors Market
Military Wearable Sensors Market is expected to reach USD 147.29 million by 2030 at a CAGR of 6% during the forecast period of 2020 to 2030. Market Research Future (MRFR) in its report offers an in-depth look into the market during the review period. The increased need for improved military performance, integration of high-performance miniaturized electronic systems, and rising demand for lightweight textiles are driving the growth of the market.
However, the risk of operational failures and stringent government regulations are expected to restrain market growth during the forecast period.
Competitive Analysis
Global Military Wearable Sensors Market Players are Arralis (Ireland), Honeywell International Inc. (US), Safran Electronics & Defense (France), BeBop Sensors (US), DuPont (US), Panasonic Corporation (Japan), NXP Semiconductors (Netherlands), Leidos (US), TT Electronics (UK), and Xsens (Netherlands). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.
Segmental Analysis
Extensive research has been conducted on the global Military Wearable Sensors Market Share, which has been segmented by product type, sensor type, and application.
Based on product type, the global military wearable sensors market has been divided into device-based sensors and clothing-based sensors. The device-based sensors segment accounted for the larger market share of 60.39% in 2017 while the clothing-based sensors segment expected to register the higher CAGR during the forecast period.
Based on sensor type, the global military wearable sensors market has been divided into gyroscopes, motion sensors, temperature sensors, inertial sensors, pressure sensors, accelerometers, microphones, force sensors, and others. An accelerometer is an electromechanical device used to measure forces that affect acceleration. Accelerometers are used in wrist and body wearables to track the health and physical activity of soldiers. This type of sensor is incorporated into wearable devices to aid soldiers during combat and training missions. Therefore, the accelerometers segment of the global military wearable sensors market is estimated to exhibit a CAGR of 20.53% during the forecast period.
By application, the global military wearable sensors market has been classified as wristwear, bodywear, footwear, eyewear, and neckwear. The wristwear segment is expected to be the largest and exhibit a CAGR of 19.76% during the forecast period.
Regional Analysis
The global Military Wearable Sensors Market has been studied for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
The increasing demand for wearable sensors to enhance military modernization efforts will be a major factor fueling market growth in North America. Market players in the region are developing innovative wearable technologies to monitor soldier health and enhance the data security of military platforms that collect and transmit data remotely. The governments in the region have also partnered with developers to manufacture devices to record the brain and muscle activity of soldiers on the battlefield. Therefore, the North American market is projected to register a CAGR of 20.09% during the forecast period.
Asia-Pacific is an emerging market for military wearable sensors due to the adoption of IoT technologies for the advancement of the defense industry. Significant investments in the development of technologies to monitor soldier health and the improvement of data security for military platforms are expected to drive market growth in the region. Hence, the Asia-Pacific market is projected to exhibit a CAGR of 23.40% during the forecast period.
Europe is expected to be a key market for military wearable sensors owing to the significant number of investments in the regional defense industry. Germany and France are likely to occupy substantial shares of the European Military Wearable Sensors Market Trends during the forecast period. The European segment is projected to register a CAGR of 16.12% during the forecast period.
The market in the Middle East & Africa comprises all the major military powers in the region—Saudi Arabia, the UAE, and Israel. The region is an emerging defense market, with Saudi Arabia leading in military expenses. According to the Stockholm International Peace Research Institute, Saudi Arabia and the UAE collectively accounted for approximately 5.1% of the global military expenditure in 2016 and it is expected that the defense expenditure in these nations will rise fourfold in the coming years. The changing nature of warfare over the years in the Middle East is also driving market growth. Thus, the market in the Middle East & Africa is expected to register a CAGR of 13.32% during the forecast period.
In Latin America, companies are investing in designing and developing wearable sensors. This is expected to drive the growth of the regional market in Latin America at a CAGR of 18.45% during the forecast period.
Key Developments
In May 2020, Honeywell International Inc. partnered with the Israeli Defence Contractor IAI to develop a turnkey GPS anti-jam navigation system.
In April 2020, Honeywell International Inc. signed a contract with Northrop Grumman Corporation to provide global positioning navigation system technology support to the US Air Force.
Military Wearable Sensors Market Research Report: Information by Product Type (Device-Based Sensors and Clothing-Based Sensors), Sensor Type (Accelerometers, Inertial Sensors, Pressure Sensors, Force Sensors, Motion Sensors, Gyroscopes, Temperature Sensors, Microphones and others), Application (Wristwear, Footwear, Eyewear, Bodywear and Neckwear) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
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