According to a recent report published by Allied Market Research, titled, "Situation awareness system market by Component Type, Product Type, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2019-2026," the situation awareness system market size was valued at $21,610 Million in 2018, and is projected to reach $ 36,190 Million by 2026, growing at a CAGR of 6.8% from 2019 to 2026.
Factors such as rise in the demand for security and surveillance systems for timely detection of problems, surge in concern over public safety, and development of smart infrastructure are expected to fuel the situation awareness system market growth. In addition, growing dependency on situational awareness systems (SASs) for cybersecurity is expected to drive the growth of the situation awareness system industry. However, high implementation cost and lack of awareness of situation awareness systems (SAS) are expected to impact negatively on the growth of the market. On the contrary, increase in need for space situational awareness systems and surge in focus on military modernization are expected to provide lucrative opportunities for the market growth in the coming years.
Based on component type, the display segment dominated the overall situation awareness system market in 2018, and is expected to continue this trend during the forecast period. This is attributed to growth in the adoption of displays among end users as it can process real-time videos and can connect with up to 20 cameras and 4 visual displays to present full 360° panoramic display to operators. However, the global positioning system (GPS) segment is expected to witness highest growth, owing to its increasing adoption in wide military applications. Moreover, it is used by warfighters to enhance situational awareness on battlefields, with the help of systems such as land warrior, falcon view, various electronic and blue force trackers, and mission planning tools loaded on computers.
The command & control system segment dominated the situation awareness system market share in 2018, and is expected to continue this trend during the forecast period. During critical safety and security operations, misalignment of technology can cause dire consequences, however, these systems ensure that the integrity of the mission is saved by enabling complete operational visibility, effective monitoring, and quick response to threats from a single location. These benefits support increased demand for command and control systems in various industries to create effective situation awareness. However, the sonar segment is expected to witness highest CAGR during the situation awareness system market forecast period owing to ongoing technological advancements which has played an important role in increasing the adoption of sonar to provide improved marine security for military and navy.
Key Findings of the Study:
- By component type, the display segment dominated the situation awareness system market. However, the global positioning system segment is expected to exhibit significant growth during the forecast period.
- Based on product type, the command & control system segment accounted for the highest revenue in 2018.
- Depending on industry vertical, military and defense industry generated the highest revenue in 2018. However, healthcare industry is expected to witness highest growth rate in the near future.
- Region wise, North America is expected to witness significant growth in the upcoming years. However, Asia-Pacific is expected to witness highest growth rate in the near future.
Some of the key Situation Awareness System (SAS) market players profiled in the report include Honeywell International Inc., Rockwell Collins, Inc., BAE Systems, Inc., Microsoft Corporation, Denso Corporation, General Electric, Lockheed Martin Corporation, Harris Corporation, D3 Security Management Systems, Inc., and CNL Software Ltd. This study includes situation awareness system market trends, analysis, and future estimations to determine the imminent investment pockets.