Portland, OR, Oct. 15, 2020 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global situation awareness systems market was pegged at $21.61 billion in 2018, and is projected to reach $36.19 billion by 2026, growing at a CAGR of 6.8% from 2019 to 2026.
Surge in concerns over public safety and security, development of smart infrastructure, and growth in dependency on SASs for cybersecurity drive the growth of the global situation awareness systems market. However, high cost of advanced situational awareness systems hampers the market. On the contrary, increase in need for space situational awareness systems and focus on military modernization are expected to create lucrative opportunities for the market players in the future.
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Impact of Covid-19 on Situation Awareness Systems Market:
- The demand for situation awareness systems has increased during the Covid-19 pandemic as governments need to determine number of people infected and monitor hotspots.
- However, the prolonged lockdown has affected the manufacturing of CCTV cameras and developed a gap in supply-demand chain.
Get detailed COVID-19 impact analysis on the Situation Awareness System Market
The global situation awareness systems market is segmented on the basis of component type, product type, industry vertical, and region. Based on component type, the market is categorized into network video recorders, sensors, global positioning system, displays, and others. The displays segment held the largest share in 2018, accounting for nearly two-fifths of the market. However, the GPS segment is expected to manifest the highest CAGR of 10.4% during the forecast period.
On the basis of product type, the market is classified into command & control system, fire & flood alarm system, radio frequency identification (RFID), radar, chemical biological radiological and nuclear (CBRN) systems, sonar, physical security information management (PSIM), and others. The command & control system segment dominated in 2018, contributing to nearly one-third of the market. However, the sonar segment is projected to portray the highest CAGR of 12.0% during the forecast period.
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Based on industry vertical, the market is segmented into military and defense, healthcare, aerospace, marine security, automotive, mining and oil & gas, industrial, cybersecurity, and others. The military & defense segment held the largest share in 2018, accounting for more than one-fourth of the market. However, the healthcare segment is expected to manifest the highest CAGR of 13.0% from 2019 to 2026.
The global situation awareness systems market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2018, contributing to more than two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 9.2% during the forecast period.
The global situation awareness systems market report includes an in-depth analysis of the major market players such as Honeywell International Inc., BAE Systems, Inc., Rockwell Collins, Inc., Denso Corporation, Microsoft Corporation, Lockheed Martin Corporation, General Electric, D3 Security Management Systems, Inc., Harris Corporation, and CNL Software Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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