The Global Airborne Sensors Market Anticipated to Generate a Revenue of $14,473.7 Million Growing at a CAGR of 5.3% from 2022 to 2030Download Sample Reports Overview
The global airborne sensors market is estimated to be valued at $14,473.7 million by 2030, surging from $9,200.0 million in 2021, at a noteworthy CAGR of 5.3%.
Impact Analysis of COVID-19 on the Airborne Sensors Market
During the pandemic, the global market for airborne sensors is expected to grow slowly. The Covid-19 pandemic had a wide-ranging impact on all industries, affecting supplies, production, demand, and ongoing projects. Several industry players are working to introduce new products and implement innovative strategies to mitigate the impact of the pandemic on their operations. On the other hand, some of the major airborne sensor providers, such as Honeywell International Inc., an American conglomerate, are pursuing various strategies, such as remaining fully operational during the COVID-19 apocalypse. For example, Honeywell announced in June 2020 that they will begin flight testing of sensors that can guide urban air mobility (UAM) vehicles with a human pilot. Aircrafts participating in the testing are outfitted with Honeywell sensors, which include cameras for analyzing QR codes, visual markings, and the ability to guide the vehicle to its designated landing spot. During the forecast period, these types of product launches and other elements may provide investors with lucrative opportunities. All such factors are predicted to positively impact the global airborne sensors market amid the pandemic.
Global Airborne Sensors Market Analysis
The enormous growth of the global airborne sensors market is mainly attributed to growing threats of international terrorism. Moreover, increasing budget of defense and military operations to ensure national safety in the developing as well as developed countries is projected to accelerate the demand for advanced airborne sensor solutions, which may further boost the market growth in the coming years. Military forces are planning to invest in the next sensors in order to update established defense systems and airplanes. For example, in December 2019, Lockheed Martin and the Pentagon, signed a 99,000,000 USD service agreement with Raytheon to incorporate Raytheon's next generation electrical dispersed aperture structure (DAS) through all variants of the F-35 (an American stealth multirole combat aircraft) over next 2 years. DAS is a consciousness system that, among other things, offers 360-degree protection for missile detection, aircraft monitoring, fire suppression capability, and night vision. Large investments in sensor improvements to modernize the military are expected to dominate the growth airborne sensors market. These types of aspects and elements are fueling the airborne sensors market growth.
The high cost of research and development, initial higher investments in infrastructure, and certain aviation safety standards in many countries across the globe may obstruct the growth of the market.
The global airborne sensor industry is growing rapidly due to technological expansion and higher investment in R&D. For instance, Thales Group, in August 2020, announced that they launched I-Master, an airborne surveillance radar. The radar has ground and maritime moving target indication mode that can seamlessly track the movement of vehicles from land to sea. Therefore, it is the perfect type of surveillance in coastal areas. These types of product development and innovations may provide lucrative opportunities for the global airborne sensors market in the coming years. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Airborne Sensors Market, Segmentation
The global airborne sensors market is segmented based on type, application, and region.
The type segment is further classified into non-scanning and scanning airborne sensor. Among these, the scanning sub-segment is anticipated to have the fastest growth and surpass $5,627.8 million by 2030, with an increase from $3,515.3 million in 2021.
Scanning airborne sensors include imaging and image plane scanning sensors such as television cameras and solid-state sensors. Object plane scanning sensors, such as scanning microwave radiometers and optical-mechanical scanners are also available. Furthermore, they are mostly active sensors that can produce high resolution at night and day, even on cloudy days. The extensive market growth of the sub-segment is primarily attributed to its features such as high resolution imaginary, hover, which makes it suitable for some types of rescue operations, flies at no additional cost, and requires less space to operate because most do not require a runway. Furthermore, certain market leaders are focusing primarily on technological innovations to meet the needs of organizations. All such factors will drive the growth of sub-segment in review period.
The application segment is further classified into defense aircraft, commercial aircraft, and others. Among these, the defense aircraft sub-segment is anticipated to have the fastest growth and surpass $6,672.0 million by 2030, with an increase from $4,116.4 million in 2021.
In defense, different types of aircrafts are used according to their missions. They are either non-combat or combat. Combat aircrafts are designed to destroy the equipment, of enemies on the other hand, non-combat aircrafts are used in self-defense for their own support. Examples of combat aircrafts are fighters, bombers, attacks, warfare, maritime petrol, and multirole. Non-combat aircrafts are military transport, airborne early warning & control, reconnaissance & surveillance, and many more. Therefore, airborne sensors are used in non-combat defense aircrafts.
The airborne sensors market in the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $2,247.6 million in 2021 and is further projected to reach up to $3,731.3 million by 2030.
The region is considered as the most lucrative market for the airborne sensors’ development, owing to modernization of military programs in Asian countries such as Japan, India, and China. This is one of the main factors that is expected to propel the growth of the airborne sensors market in the Asia-Pacific region. For instance, in Oct 2020, Elbit Systems Ltd, an Israel-based defense & space company, announced that they have received a contract of $153 million for the delivery of 1,000 drones and other UAVs to a Southeast Asian country. Such type of developments and initiatives will exponentially increase the market growth, which is eventually expected to foster the Asia-Pacific airborne sensors market, in the upcoming years. All such factors are anticipated to boost the market in the Asia-Pacific airborne sensors market.
Key Players in the Global Airborne Sensors Market
Some of the leading global airborne sensors market players are
- Thales Group
- Raytheon Technologies
- Lockheed Martin Corporation
- Information Systems Laboratories (ISL)
- Teledyne Optech
- General Dynamics Corporation
- Honeywell International Inc.
- ITT INC.
- AVT Airborne Sensing GmbH.