The global airborne sensors market is expected to generate a
New York, USA, August 23, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global airborne sensors market should register an income of $ 12,086.9 million by 2027 To 4.6% CAGR during the forecast period (2019-2027), passing $ 8,500.0 million in 2019. The inclusive report provides a brief overview of the current market scenario including significant market aspects such as growth drivers, challenges, restraints, and various opportunities over the forecast period. The report also provides all the market figures which makes it easier and easier for new entrants to understand the market.
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Conductors: The increasing application of airborne sensors in the defense industry is expected to drive the market growth during the forecast period. Airborne sensors are used in surveillance, intelligence and reconnaissance gathering operations in defense activities for efficiency. It is one of the main drivers of market growth.
Detention: The main restraining factor behind the growth of the market is the increasing costs associated with the infrastructure and R&D of airborne sensors.
Opportunity: Airborne sensors are being implemented in the public domain for the safety of the general public, which should create many opportunities for the market in the years to come.
Discover the impact of COVID-19 on the global airborne sensor market: https://www.researchdive.com/connect-to-analyst/8351
Key market segments
The report has divided the market into different segments based on type, application, and regional outlook.
Type: non-digitization sub-segment which is expected to be the most lucrative
The non-scanning sub-segment is expected to have revenue of $ 7,392.3 million by the end of 2027. The main reason for this growth is that airborne sensors without scanning are very useful passive sensors for surveillance and surveying of any alarming situation. In addition, airborne sensors without scanning also have built-in properties such as collecting target data using environmental signals such as vibration, heat or radiation.
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Application: Defense sub-segment expected to be the most profitable
The defense sub-segment is expected to hold a dominant market share exceeding $ 5,555.2 million by the end of 2027, with a CAGR of 4.9% over the forecast period, from 3,804.8 million dollars in 2019. Many companies are inventing custom airborne sensors specifically for defense. sector that is expected to drive the growth of the market segment.
Region: North America is expected to dominate the market
The North American market is expected to generate sales of $ 3,442.3 million during the analysis period.
The extensive application of airborne sensors for security purposes by the US military industry is expected to drive the market during the forecast period. Moreover, the major players located in the region are opting for effective strategies such as strategic collaborations, product launches and others which will drive the growth of the regional market by 2027.
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Key market players
• Thales Group,
• Raytheon Technologies,
• Lockheed Martin Company,
• Information Systems Laboratories (ISL),
• Teledyne Optech,
• Societe Generale Dynamique,
• Honeywell International Inc.,
• ITT INC.
• AVT Airborne Sensing GmbH
In April 2020, Raytheon Technologies Corporation, a US multinational aerospace and defense conglomerate successfully completed the acquisition of United Technologies Corporation, a US multinational conglomerate. Based in Waltham, Mass., Raytheon Technologies is one of the world’s largest aerospace and defense companies with approximately $ 74 billion in 2019 pro forma net sales and a global team of 195,000 employees, including 60,000 engineers and scientists.
Impact of Covid-19 on the market
The global airborne sensors market has seen a slight decline in growth rate during the pandemic. As governments around the world imposed movement restrictions to curb the spread of the new virus, many industries have faced difficult times. The supply chain, manufacturing companies and travel industries suddenly came to a halt. These factors are affecting the airborne sensors industry during the pandemic. However, as restrictions are lifted and life returns to normal, industries will resume growth in the near future.
The report also provides an overview of the different uses of the techniques along with the products, facilities, business performance, and SWOT analysis. Click here for a summary report on Top Business Development Strategies.
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