Situation Awareness System Market Worth to Reach $67.27 Billion by 2030, Exclusive Report
The report focuses on growth prospects, restraints, and opportunities of the situation awareness system market analysis.
PORTLAND , PORTLAND, OR, UNITED STATE, August 4, 2022 /EINPresswire.com/ — Significant surge in the adoption of situation awareness systems by governments for the defence sector in various countries across the globe, increase in the use of displays among end-users to process real-time videos, remarkable perks of GPS systems such as detection, immediate and precise situation awareness even in the extreme weather conditions, and extensive use of control and command systems in the aerospace industries are expected to drive the growth of the global situation awareness system market.
On the other hand, stringent government restrictions and regulations on its application is expected to hinder the growth to some extent. However, increase in the use of innovative technologies such as internet of things (IoT) and artificial intelligence (AI) in these systems are expected to provide lucrative opportunities for the growth of the industry.
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According to the report published by Allied Market Research, the global situation awareness system market generated $27.74 billion in 2020, and is projected to reach $67.27 billion by 2030, registering a CAGR of 9.19%.
Based on component type, the display segment contributed to nearly two-fifths of the global SAS market share in 2018, and is expected to dominate by the end of 2026. Numerous advantages provided by displays such as real-time surveillance, accurate situation awareness, unusual activity detection, and visual representation of the current situation have spurred the growth. The global positioning system, on the other hand, would grow at the fastest CAGR of 10.4% throughout the forecast period. Features like easy-detection and exact situation awareness of the system have helped drive the growth of the segment.
Based on product type, the command & control system segment accounted for nearly one-third of the global situation awareness system (SAS) market revenue in 2018, and is anticipated to maintain the lion’s share till 2026. During critical safety and security operations, these systems ensure that the integrity of the mission is protected through complete operational visibility, effective monitoring, and quick response to threats from a single location which, in turn, has driven the growth of the segment.
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At the same time, the sonar segment would cite the fastest CAGR of 12.0% during the study period. Ongoing technological advancements have played an important role in increasing the adoption of sonar to provide improved marine security for military and navy. This factor has boosted the segment growth.
Based on geography, North America garnered the highest share in 2018, holding more than two-fifths of the global situation awareness system (SAS) market. High demand for space situational awareness activities from prominent organizations like the U.S. Department of Defense and NASA drives the growth. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 9.2% from 2019 to 2026. This is attributed to the major shift toward digital transformation which is anticipated to generate high requirement for adoption of SAS systems.
The key players of the market analyzed in the global situation awareness systems industry include BAE SYSTEMS, CNL Software Limited, D3 Security Management Systems, Inc, Denso Corporation, General Electric, Harris Corporation, Honeywell Iinternational Inc, Lockheed Martin Corporation, Microsoft Corporation, and Collins Aerospace.
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COVID-19 Scenario
• The outbreak of COVID-19 has had a positive impact on the growth of the global situational awareness systems market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns significantly increased the demand for situation awareness system (SAS) solutions as more and more end-users realized the importance and made effective use of IoT, digitalization, and artificial intelligence to appreciable integrate it with these systems.
Key Benefits For Stakeholders:
• The study provides an in-depth analysis of the situation awareness system market share along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the situation awareness system market size is provided.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the situation awareness system market.
• The quantitative analysis of the situation awareness system market share from 2020 to 2030 is provided to determine the situation awareness system market potential.
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