NEW YORK, May 18, 2021 /PRNewswire/ — The global market for airborne optronics grew at a promising CAGR of 11% until 2020, and latest research by consulting firm Fact.MR projects the market to grow at an impressive pace of 13% CAGR through 2031. Demand for airborne optronics will rise owing to the growing need in military and defense sector. Also, increasing terrorist activities & attacks are increasing the demand of airborne optronics. Surge in demand for advanced and accurate surveillance systems across the globe is anticipated to improve the demand of airborne optronics in the market.
Advanced technologies such as multispectral technology used in airborne optronics such with track & search system, surveillance system and others will fuel the demand from diverse end-use industries such as aerospace sector. Adoption of technologically advanced airborne industries in aerospace, defense and military sector, especially in United States, is accelerating the market growth. According to the study, North America accounts for 38.2% of global market share attributing to the rising adoption of airborne optronics in automotive industry. As per the analysis, the global airborne optronics market is expected to surpass the value of US$ 1.5 Bn by 2021-end.
“Leading players are incorporating advanced technology such as artificial intelligence to increase the sales of commercial airborne optronics within aerospace and defense sector. This also is facilitating the demand for drones” says a Fact.MR analyst.
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- Surveillance system segment is expected to be dominant through 2021, accounting for 22% of total market share
- In terms of technology, multispectral technology will hold the largest share of global airborne optronics market
- Commercial aircraft is expected to remain the most lucrative segment over the forecast period
- United States will lead the North American airborne optronics market backed the rising adoption of technologically advanced airborne optronics
- India will emerge as the most lucrative market of South Asia backed by the growing demand of airborne optronics in military & defense sector
- China is anticipated to register highest growth in the East Asia airborne optronics market through 2031
Key companies profiled by Fact.MR for global airborne optronics market includes Northrop Grumman Corporation, Thales SA, Flir Systems Inc., Safran, Elbit Systems Ltd, Lockheed Martin Corporation, Leonardo SPA, L3Harris Technologies Inc., Hensoldt AG, Collins Aerospace, Israel Aerospace Industries, Rafael Advanced Defense Systems Ltd., Kappa Optronics GmbH, Stark Aerospace Inc., Excelitas Technologies Corporation, Osi Optoelectronics Inc., Leidos Holdings Inc., Ii-Vi Inc., Bae Systems PLC, Aselsan A.a., Intevac Inc., Ximea GmbH, Headwall Photonics Inc., Cubert GmbH, and Resonon Inc. among others. Leading players are focusing on product development to maintain their position in the industry.
For instance, in March 2021, Elbit Systems Ltd, announced the commencement of a project of US$ 300 million from Asia to provide HermesTM 900 Unmanned Aircraft Systems and the maintenance and services for the systems & sub-systems
Likewise, in January 2021, Teledyne Technologies announced its acquisition on Flir Systems Inc. for the transaction valued at US$ 8 billion.
Furthermore, on 7thApril 2021, Northrop Grumman Corporation successfully conducted the Integrated Baseline Review (IBR) for the ground based strategic deterrent (GBSD) manufacturing development program, a critical milestone that sets the performance measurement baseline and keeps the program on track for initial operational capability by 2029.
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More Valuable Insights on Airborne optronics market
Fact.MR has published a latest market research report on global airborne optronics market for the period 2021-2031. The study gives a detailed segmentation on the trends, challenges and opportunities that will impact the market during the forecast period. In order to gain a better perspective, the market is segmented on the basis of technology (multispectral and hyper spectral), system (reconnaissance systems, targeting systems, search & track systems, surveillance systems, warning/detection systems, countermeasure systems, navigation & guidance systems, and special mission systems), application (commercial aircraft, military aircraft, and space aircraft), aircraft type (fixed wing, rotary wing, urban air mobility, and unmanned aerial vehicles), end-use (OEM and aftermarket) and regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and MEA).
Key Questions Covered in the Report
- What type of technology for airborne optronics is preferred?
- How will the airborne optronics market expand through 2031?
- Which country is the most lucrative for airborne optronics market?
- Which is the most lucrative segment of the airborne optronics market?
- Which are the prominent players operating in the market?
- What is the impact of Covid-19 on airborne optronics market?
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