May 27, 2020 4:08 PM ET
iCrowd Newswire – May 27, 2020
The Global Situation Awareness System Market is estimated to grow at a CAGR of 6.8% during the forecast period 2019-2026. The market research study presents that the situation awareness system industry accounted $21,610 million in the year 2018 and is estimated to reach $36,190 million by the end of the year 2026.
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The situation awareness system industry is driven by various growth factors such as increasing government investments, high adoption of smart appliances, increasing per capita income, increasing public safety concerns due to increase in incidences of terrorism and cyber-attack, increasing application of situation awareness system in military & defence, cyber security and industrial areas. Infrastructural development in the form of smart infrastructure also plays a major role in the growth of the global situation awareness system industry. Whereas, high cost of advanced situation awareness system hampers the market growth for the mid-term. On contrary, increasing focus on military modernization and growth in demand for space situational awareness systems will offer lucrative growth opportunities for the market.
Segmentation Overview of the Global Situation Awareness System Market
The global situation awareness system market is segmented on the basis of component type, product type and vertical. These major market segments are further categorized into various sub-segments to study the market in detail while considering various market factors.
The Component Type Segment of the Global Situation Awareness System Market is Sub-Segmented into:
- Network Video Recorders (NVRs)
- Global Positioning System (GPS)
The Product Type Segment of the Global Situation Awareness System Market is Sub-Segmented into:
- Command and Control System
- Fire and Flood Alarm System
- Radio Frequency Identification (RFID)
- Chemical, Biological, Radiological, and Nuclear (CBRN) Systems
- Active Sonar
- Passive Sonar
- Physical Security Information Management (PSIM)/Access Control (including HMI)
The Vertical Type Segment of the Global Situation Awareness System Market is Sub-Segmented into:
- Military & Defence
- Marine Security
- Mining and Oil & Gas
- Cyber Security
Geographical Overview of the Global Situation Awareness System Market
The global situation awareness system market is segmented on the basis of various geographical regions, such as:
- North America (Canada and U.S.)
- Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
- Asia Pacific (Japan, India, China, South Korea, Australia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the North America Situation Awareness System Market dominated the global marketplace and estimated to follow the same trend during the forecast period. Also, the Asia-Pacific situation awareness system market is estimated to grow at fastest growth rate with highest CAGR during the forecast period. The regional growth is attributed to growth in demand for security and surveillance in countries such as Japan, China and India and presence of several key players related to situation awareness system.
Market Competition Insights
L-3 Communications Holdings Inc., CNL Software Ltd., Harris Corporation, Lockheed Martin Corporation, D3 Security Management Systems, Inc., Denso Corporation, Microsoft Corporation, BAE Systems, Inc., Rockwell Collins, Inc. and Honeywell International Inc. among others. The market players are adopting various competitive strategies to withhold the large market share in the global situation awareness system market.
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Keywords: Situation Awareness System Market