Military and Defense Sensor Market Expected to Reach $14.4 Billion by 2031

The global market for military and defense sensors is forecast to reach $14.4 billion by 2031, a significant increase from its valuation of $8.3 billion in 2021. The market is expected to grow at a compound annual growth rate (CAGR) of 5.8% between 2022 and 2031.

This market expansion is attributed to the rising global procurement of defense systems. Military and defense sensors are crucial subsystems that gather environmental data for applications including missiles, aircraft, and radar systems, supporting functions such as navigation, weapon control, and target tracking.

Segment analysis shows that the land platform category held the largest market share in 2021 and is anticipated to maintain its lead. The hardware component segment is more substantial than the software segment. Among applications, target recognition is expected to capture the largest market share.

Geographically, North America is projected to hold the highest market share, influenced by the defense needs of its armed forces and the presence of major market players in the region.