Situational Awareness Systems Market: Growth Analysis By Revenue, Size, Share, Scenario on Latest Trends & Types, Applications to Forecast 2022-2031

Japan, Japan, Mon, 04 Apr 2022 00:45:04 / Comserve Inc. / -- The situational awareness systems market is projected to grow with a CAGR of more than 5% during the forecast period.

The situational awareness systems market is projected to grow with a CAGR of more than 5% during the forecast period.

- The market is primarily driven by factors such as increasing demand for situational awareness solutions in aviation and military, use of mobility solutions for military tactical operations and the requirement to enhance safety and security of military personnel.
- Major players in the industry are supported by the government bodies with high investments which enables them to spend more on their R&D which allows the companies to innovate continuously and come up with more efficient and advanced technologies.

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Key Market Trends

Display and Notification Systems was the Largest Segment in the Market in 2019

By component type, the display and notification segment was the largest segment in the market in 2019. The high revenue share of the segment is due to the factors such as the higher procurements costs of these systems and the advancements in terms of better-quality situational data, which requires similarly compatible, sophisticated display and notification systems. New technologies such as touchscreens and enhanced pointing devices, gesture support, biometric authentication, and voice recognition are ways to interact with data quickly and securely. The transition from cathode ray tube (CRT) displays to early thin-film transistor liquid crystal displays (LCD) occurred rapidly across industries and the military also adopted the system. Current advances in display technology have seen the mass availability of ultra-high-definition (UHD) and 4K displays, and their subsequent hardening for deployment in mobile military use. The defense department is also spending heavily on procuring display and visual systems. For instance, in may 2018, Leonardo DRS has received a potential 10-year, USD 841.5 million contracts to continue its hardware supply (including display and notification systems) and engineering services for an Army computing platform used to manage networked-battle command information in a common environment.

North America is expected to be the largest market during the forecast period

In terms of geography, North America is estimated to be the largest market in 2019. The region is also expected to be the fastest-growing market, during the forecast period. The North American situational awareness system market is mainly dominated by demand from the US. The market growth in this region can be attributed to the increased use of situational awareness in industries such as military & defense, aviation, maritime security, and homeland security applications. The heavy spending by the military in enhancing the military situational awareness system is responsible for driving demand in the market. Over the span of the next five years, the United States Army is planning to spend more than USD 8.5 billion to modernize the service's battlefield networks. Network modernization is one of the top six modernization priorities for the US Army, as this will facilitate rapid data sharing and improvements in situational awareness architecture. In tandem with the aforementioned plans, in February 2020, L3Harris had been awarded a 10-year USD 1.2 billion contracts by the U.S. Space Force's Space and Missile Systems Center to maintain and modernize the military's network of space surveillance sensors. Such developments will bolster the market prospects in the region during the forecast period.

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Competitive Landscape

The situational awareness systems market is fragmented, with many players accounting for significant amounts of shares in the market. Some of the prominent companies in the Situational Awareness System market are Honeywell International Inc., Raytheon Technologies Corporation, BAE Systems Plc, Lockheed Martin Corporation, General Dynamics Corporation among others. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies that may help with new technology. The major players are working to include the latest technologies like Machine learning to be incorporated with the situational awareness system for giving space operators the ability to identify abnormal activities and predict possible threats. For instance, In August 2019, BAE Systems announced that it had won U.S. Defense Advanced Research Projects Agency (DARPA) contract to develop machine learning capabilities for space-based situational awareness for the country's military.

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