Situational Awareness Market Worth $21.8 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 14, 2020 /PRNewswire/ -- According to the new market research report "Situational Awareness Market by Component (Sensors, GPS, Gyroscopes), Products (Fire & Flood Alarm Systems, HMI, RFID Solutions), Applications (Robots, Smart Infrastructure Management, CBRN Systems), Industry, and Geography - Global Forecast 2025", published by MarketsandMarkets™, the Situational Awareness Market is projected to reach USD 21.8 billion by 2025 from an estimated USD 17.2 billion in 2020, at a CAGR of 4.9% from 2020 to 2025.
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Growing demand for situational awareness solutions in aviation and military, use of mobility solutions transforming military tactical operations, and the increasing importance of situational awareness in cybersecurity to provide significant situational awarenessare the major factors driving the growth of the situational awareness market. Rising digitization in infrastructure to provide significant opportunities for situational awareness, the significance of situational awareness in the energy sector to provide opportunities, and the implementation of situational awareness in space projects are expected to provide growth opportunities to the situational awareness market.
By product, RFID solutions of the situational awareness market are projected to register the highest CAGR between 2020 and 2025
Radio frequency identification (RFID) solutions have given a new dimension to the tracking and tracing of goods by offering easy and cost-effective solutions to control theft and counterfeiting, and increase the efficiency of situational awareness solutions across all applications, which would further propel market growth.
By industry, the military & defense segment is expected to witness the highest CAGR during the forecast period
Situational awareness plays a key role in the military and defense industry for improved safety and security. The increased need for safety and security, as well as space situational awareness, is expected to drive the situational awareness market for the military and defense industry.
Among applications, the secrity and surveillance segment is projected to grow at the highest rate during the forecast period
Situational awareness for security & surveillance is important for homeland security, cybersecurity, maritime security, and network security. With increased terrorism, organized crime, hijacking, hostage-taking, refugee smuggling, narcotics trading, illegal underwater activities, the situational awareness market for security and surveillance is also expected to grow.
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By region, Asia Pacific is estimated to grow at the highest rate during the forecast period
This growth in the situational awareness market in APAC can be attributed to the increasing demand for situational awareness systems in the military & defense sector in this region. Situational awareness systems are used for safety and security purposes in the military, aviation, homeland security, cybersecurity, and industrial sectors.
General Electric (US), Lockheed Martin (US), Honeywell (US), DENSO (Japan), BAE Systems (UK), UTC (US), Microsoft (US), Barco (Belgium), AMD (US), L3Harris Technologies (US), General Dynamics (US), Xilinx (US), Qualcomm (US), Robert Bosch (Germany), Pleora Technologies (Canada), Nexvision (France), Bertin Instruments (France), Axis Communications (Sweden), Johnson Controls (Ireland), Boeing (US), Airbus (France), and Sensara (US) are some of the key players in the situational awareness market.
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