Military Wearable Sensors Market size is set to grow by USD 160.7 million from 2022 to 2027 | Increased spending on military modernization programs drives the market – Technavio
NEW YORK, Sept. 4, 2023 /PRNewswire/ — The military wearable sensors market size is estimated to grow by USD 160.7 million from 2022 to 2027, according to Technavio. The market is estimated to decelerate at a CAGR of 6.72% during the forecast period. Increased spending on military modernization programs is notably driving market growth. Modernization of the military comprises transformations in technological capacities. Militaries of various nations aim to be well-trained and equipped with modern systems of armament and technique as well as modern and interoperable tools. In addition, the modernization of the military emphasises several areas, such as control and command systems, information systems, wearable devices, equipment, and armaments. Globally, countries are investing in such programs to intensify their military capabilities. For instance, the US Army has proposed a five-year Mission Training Complex Capabilities Support contract. Therefore, such initiatives will expand the demand for military wearable sensors, which, in turn, will fuel the growth of the market during the forecast period. Request a sample report
Military Wearable Sensors Market – Segmentation Assessment
Technavio has segmented the market based on type(Device-based sensors and Clothing-based sensors), application (Headwear, Eyewear, Bodywear, Wristwear, and Hearables), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The device-based sensors segment will account for a significant share of market growth during the forecast period. Many wearable devices have been developed for military applications such as goggles, keychains, watches, and activity and health-tracking wristbands. Generally, wearable devices include the global positioning system (GPS), which comprises a sensor for monitoring and tracking the position of personnel and physical structures. In addition, GPS provides precise details about the position and velocity of objects on the field. Incorporating wearable displays with GPS provides real-time data to soldiers. Such data include satellite /images that are crucial for military intelligence. Therefore, GPS helps with tactical and operational decisions in real-time. Such factors will boost the growth of the segment during the forecast period.
By geography, the global military wearable sensors market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global military wearable sensors market.
- North America is estimated to account for 37% of the global market. In North America, the US is a major revenue contributor to the market. The country is investing particularly in the R&D of wearable technology to improve its military modernization efforts. In the US, the aerospace and defense industry innovates technologically advanced aircraft and other systems. However, the country is a primary exporter and consumer of such machines and systems. The requirement to assure national security and achieve military dominance has driven the demand for military wearable sensors in the region. Such factors will fuel the growth of the market in the region during the forecast period.
Insights on the market contribution of various segments including country and region wise, historic market data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report
Military Wearable Sensors Market – Market Dynamics
Leading trends influencing the market
The use of IoT and big data in militaries is an emerging trend shaping the market growth. IoT devices exchange data through the internet without human intervention. Big data and analytics are increasingly important. IoT tech is used in wireless sensor networks and software, consisting of sensors, digital signal processors, radio-frequency devices, and big data. Sensor data is interpreted at a command center and integrated with other data sources to inform orders. Therefore, the use of IoT and big data in the military is a primary trend that will influence the growth of the market during the forecast period.
Insights on Market Drivers, trends, and challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Military Wearable Sensors Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the military wearable sensors market between 2023 and 2027
- Precise estimation of the military wearable sensors market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the military wearable sensors market across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of military wearable sensors market companies
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Military Wearable Sensors Market Scope
Growth momentum & CAGR
Decelerate at a CAGR of 6.72%
Market growth 2023-2027
USD 160.7 million
YoY growth 2022-2023 (%)
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 37%
US, China, Germany, France, and Russia, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
ASELSAN AS, BAE Systems Plc, Bionic Power Inc., Elbit Systems Ltd., Epsilor Electric Fuel Ltd., General Electric Co., Honeywell International Inc., Interactive Wear AG, L3Harris Technologies Inc., Leonardo Spa, Lockheed Martin Corp., Northrop Grumman Systems Corp., Rheinmetall AG, Saab AB, Safran SA, TE Connectivity Ltd., Teledyne Technologies Inc., Thales Group, TT Electronics Plc, and Viasat Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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