Surge in threats from international terrorists and increase in defense & military budgets for consolidating the national security in developing and developed nations drive the global airborne sensors market growth.
PORTLAND, Ore., July 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Airborne Sensors Market by Type (Non-Scanning, Scanning), by Application (Defence Aircraft, Commercial Aircraft, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global airborne sensors industry generated $9.2 billion in 2021, and is estimated to generate $14.5 billion by 2030, witnessing a CAGR of 5.3% from 2022 to 2030.
Drivers and Opportunities
Increase in international terrorism threats and surge in defense & military budgets to strengthen national security in developing and developed countries drive the growth of the global airborne sensors market. In addition, product development & innovations, technological advancements, and rise in R&D investments present new opportunities in the coming years.
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Covid-19 Scenario
- Owing to lockdown restrictions and ban on import-export activities during the pandemic, production, R&D activities, and investments were stopped. Moreover, supply chain was disrupted. These factors led to impact on the revenue of the airborne sensors market.
- Many countries reduced their budgets for military and defense equipment to shift resources toward tackling the pandemic. Moreover, the economic uncertainty led to reduction in budgets for the defense sector. This, in turn, impacted the airborne sensors market growth negatively.
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The non-scanning segment to maintain its lead position throughout the forecast period
Based on type, the non-scanning segment contributed the highest share in 2021, accounting for more than three-fifths of the global airborne sensors market, and is expected to maintain its lead position throughout the forecast period. This is due to technological advancements and the availability of different classes of airborne sensors such as gliders, seaplanes, and kites. However, the scanning segment is projected to witness the largest CAGR of 5.5% from 2022 to 2030. This is due to benefits such as high resolution imagery, its suitability in rescue operations, and the need of small area for operation.
The defence aircraft segment to maintain its lead position throughout the forecast period
Based on application, the defence aircraft segment contributed the highest market share in 2021, accounting for more than two-fifths of the global airborne sensors market, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 5.7% from 2022 to 2030. This is due to increase in R&D activities and rise in budgets by defense and military organizations. The report also analyzes the segments including commercial aircraft and others.
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North America to maintain its dominance in terms of revenue by 2030
Based on region, North America accounted for the highest market share in terms of revenue in 2021, holding more than one-fourth of the global airborne sensors market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to rise in public spending on imaging software and integration of smart sensing technologies by leading tech companies such as Uber and Tesla for development of self-driving cars. However, Asia-Pacific is estimated to register the fastest CAGR of 5.9% during the forecast period, owing to surge in demand for improved technologies in radars, electro-optics/infrared (EO/IR) sensors, and others. In addition, the development of next-generation aircrafts and increase in defense contracts supplement the market growth.
Leading Market Players
- Hexagon
- Thales Group
- Raytheon Technologies
- Lockheed Martin Corporation
- information systems laboratories
- teledyne optech
- General Dynamics Corporation
- Honeywell International Inc.
- ITT Inc.
- AVT Airborne Sensing GmbH
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