Military Sensors Market

Raytheon Company (US) and Honeywell International Inc. (US) are Leading Company in the Military Sensors Market

The military sensors market is projected to grow from USD 24.7 billion in 2019 to USD 33.2 billion by 2025, at a CAGR of 5.1% from 2019 to 2025. Some of the factors that are expected to fuel the growth of the military sensors market are ongoing military modernization programs and rising demand for unmanned vehicles from defense forces of different countries across the globe.

Honeywell International Inc. (US), TE Connectivity Ltd. (US), Thales Group (France), Curtiss-Wright Corporation (US), Raytheon Company (US), Esterline Technologies Corporation (US), Kongsberg Gruppen ASA (Norway), and BAE Systems plc (UK) are some of the leading players operating in the military sensors market. These players have adopted various growth strategies such as contracts, acquisitions, expansions, new product launches, and partnerships & agreements to further expand their presence in the military sensors market.

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Raytheon Company (US) focuses 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. It also offers information technology solutions and technical services. Raytheon Company 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 growth opportunities for the company to increase its revenue and profitability.

In February 2019, Raytheon Company received a contract worth USD 88 million from US Department of Defense (DoD) for the modification and upgradation of sensors software for F/A-18 and F/A-18G aircraft.

Thales Group (France) is focusing on expanding its global presence and broadening its delivery capabilities, products, and services in the military sensors market by leveraging its core position in air surveillance and reconnaissance systems business segments. It offers installation, upgradation, and maintenance services for electronic and surveillance systems. Apart from the North Atlantic Treaty Organization (NATO), the company plans to acquire supply contracts from defense forces of different countries to strengthen its position in the military sensors market.

In January 2019, Thales received a contract for the development of new connected sensors of Rafale F4 standard. This is expected to enhance Rafale fighter jet sensors and improve their connectivity, thus resulting in their increased capabilities and operational functioning.

Honeywell International Inc. (US) is at the forefront of designing military sensors. The safety and productivity solutions segment of the company offers products, software, and solutions that improve productivity, workplace safety, and asset performance of systems. It 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 services offered by it to customers are essential factors that have contributed to the growth of the company. It focuses on expanding its presence in high growth regions such as Latin America and the Middle East. It also excels in cash flow conversions through its efficient working capital. 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. The asset investment strategy of the company focuses on maintaining a diversified portfolio using various assets to achieve long-term investment objectives.

Related Reports:

Military Sensors Market by Application (Intelligence & Reconnaissance, Communication & Navigation, Combat Operations, Electronic Warfare, Target Recognition, Command and Control, Surveillance), Platform, Component, Region - Global Forecast to 2025

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