Situation Awareness System Market Projected to Reach $36.19 Billion by 2026, Claims Allied Market Research
Pune, Maharashtra, India, September 15 2020 (Wiredrelease) Allied Analytics :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. The surgein demand for security surveillance systems, rise in concerns over public safety, development of smart infrastructure, and increase in dependency on SASs for cybersecurity fuel the growth of the global situation awareness system (SAS) market. On the other hand, high cost of advanced situational awareness systems (SAS) impedes growth to some extent. Nevertheless, the growing need for space situational awareness systems and increased focus on military modernization is expected to create multiple opportunities in the near future.
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Based on component type, the display segment contributed to nearly two-fifths of the global situation awareness system (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.
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 lions 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.
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 a high requirements for the adoption of SAS systems.
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Frontrunners in the industry-
Rockwell Collins Inc.
BAE Systems Inc.
CNL Software Ltd.
Lockheed Martin Corporation
Honeywell International Inc.
Harris Corporation D3
Security Management Systems Inc.
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