Sensors used in naval applications will increase sales 5% annually to 2029, study saysNews
April 28, 2021
AMSTERDAM. The global market for naval sensors -- which had a market value of roughly $5 billion as of 2020 -- is expected to increase at a 5% combined annual growth rate (CAGR) until at least 2029, according to a new market study from Market Forecast, "Global Naval Sensors -- Market and Technology Forecast to 2029."
According to the study authors, growth in munition technology and new antiship/antisubmarine warfare (ASW) systems will increase sales in the naval sensor market.
Sensors with enhanced sensitivity that are integrated onto the surface of technologies like RADAR, SONAR, LIDAR, and EW [electronic warfare] systems to optimize the combat abilities of a vessel will increase in sales over the study period, with SONAR systems accounting for roughly 21% of the product-based segment.
In terms of regional or by-country spending on naval sensors, countries like China account for a maximum market value owing to its ongoing fleet procurement programs. China is set to invest heavily, say the study authors, in the development and procurement of naval armament in order to enhance its combat abilities, due to China's strained relationships with the U.S. and India as well as disputed territorial areas.
For additional information visit the Market Forecast website.