Market Size of Situational Awareness Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 4.50 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Situational Awareness Systems Market Analysis
The situational awareness systems market is projected to register a CAGR of over 4.5% during the forecast period (2021 - 2030).
Since the demand for situational awareness systems is a direct proponent of the ongoing procurement and upgrade of the fielded armada of aerial, terrestrial, and naval platforms, it is significantly affected by the sanctioned annual defense budget of nations. Hence, the COVID-19 pandemic has had a moderate impact on the market in focus. The ongoing global economic slowdown is anticipated to result in a subsequent decline in defense spending on a short-term basis. Due to existing regulations and controls, major US-based manufacturers are less likely to bear the impact of the wider supply chain disruption caused by the pandemic. However, suppliers and service providers located in Asia-Pacific and South America are more vulnerable to supply chain disruptions and are envisioned to face operational constraints and high financial risk exposure due to supply chain bottlenecks.
The situational awareness systems market is anticipated to be driven by a consistent increase in demand for situational awareness solutions in aviation and the military, the use of mobility solutions for military tactical operations, and the requirement to enhance the safety and security of military personnel. Additionally, the major players in the industry are supported by government bodies that make substantial investments, which enables them to spend more on R&D, allowing the companies to innovate continuously and introduce more efficient and advanced technologies.
