Surge in demand for security & surveillance systems, rise in concerns over public safety, development of smart infrastructure, and increase in dependency on SASs for cyber security drive the growth of the global situation awareness system market.
PORTLAND, Ore., Oct. 21, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Situation Awareness System Market by Component Type (Network video recorders, Sensors, Global positioning system, Displays, and Others), Product Type (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), Industry Vertical (Military and Defense, Healthcare, Aerospace, Marine security, Automotive, Mining and oil & gas, Industrial, Cyber security, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global situation awareness system (SAS) industry was estimated at $21.61 billion in 2018, and is expected to hit $36.19 billion by 2026, registering a CAGR of 6.8% from 2019 to 2026.
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Drivers, restraints, and opportunities-
Surge in demand for security & surveillance systems, rise in concerns over public safety, development of smart infrastructure, and increase in dependency on SASs for cyber security fuel the growth of the global situation awareness system (SAS) market. On the other hand, high cost of advanced situational awareness systems (SAS) impedes the growth to some extent. Nevertheless, growing need for space situational awareness systems and increased focus on military modernization are expected to create multiple opportunities in the near future.
The display segment to retain its dominance by 2026-
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.
The command & control system segment to rule the roost-
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. 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,
North America to lead the trail-
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.
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Frontrunners in the industry-
- Microsoft Corporation
- Rockwell Collins Inc.
- BAE Systems Inc.
- Denso Corporation
- CNL Software Ltd.
- General Electric
- Lockheed Martin Corporation
- Honeywell International Inc.
- Harris Corporation
- D3 Security Management Systems Inc.
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