Airborne Sensors Market Estimated to Generate $14,473.7 Million and Grow at a 5.3% CAGR in the 2022-2030 Forecast Timeframe [200-Pages] | Research Dive
Airborne sensors market is expected to grow by 2030 due to their growing use in defense sector. Non-scanning airborne sensors sub-segment is expected to be highly lucrative. Market in the Europe region is expected to flourish immensely by 2030.
NEW YORK, June 22, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Airborne Sensors Market by Type (Non-scanning and Scanning), Application (Defense Aircraft, Commercial Aircraft, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".
According to the report, the global airborne sensors market is estimated to generate a revenue of $14,473.7 million by 2030, growing at a CAGR of 5.3% during the forecast period 2022-2030.
Covid-19 Impact on the Airborne Sensors Market
The onset of the covid-19 pandemic has had a moderate impact on the global airborne sensors market due to disruptions in supply chains and shutdowns of several electronic components manufacturing units. Governments imposed strict lockdowns and travel bans across the world to curb the virus spread which led to a shortage of workforce and delayed production of airborne sensors. However, multiple companies stayed completely operational during the pandemic chaos to combat this global issue. For instance, in November 2020, the US military announced its launch of new airborne sensors to detect viruses and pathogens in minutes.
Dynamics of the Airborne Sensors Market
Drivers: Rising terrorists attacks in several countries and the consequent use of airborne sensors in the defense sector for intelligence and surveillance are some factors estimated to drive the growth of the global airborne sensors market by 2030. Moreover, the growing penetration of airborne sensors in multiple commercial sectors like mining, power supply, construction, etc. is yet another factor anticipated to boost the market growth.
Opportunities: The significant use of airborne sensors in the public safety and security sector in law enforcement and firefighting operations is one of the prime factors expected to create ample growth opportunities for the global airborne sensors market by 2030. Additionally, increasing R&D activities and technological advancements in airborne sensors is yet another factor predicted to offer abundant market growth opportunities.
Restraints: Sky-rocketing cost of deployment of airborne sensors is the prime factor projected to impede the market growth.
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Segments of the Airborne Sensors Market
The report has segmented the airborne sensors market into multiple segments based on type, application, and regional analysis.
- By type, the non-scanning airborne sensors sub-segment is expected to have a dominant market share and generate a revenue of $8,845.9 million during the forecast period. Non-scanning airborne sensors are unmanned and can be remotely controlled and have a huge utilization in emerging economies due to the increasing number of air passengers there. Moreover, several technological advancements and the availability of different classes of airborne sensors are some factors predicted to bolster the sub-segment's growth by 2030.
- By application, the defense aircraft sub-segment of the global airborne sensors market is projected to have the largest market value and register a revenue of $6,672.0 million by 2030 due to several new strategies implemented by the aviation industry to manufacture airborne sensors for defense use. Furthermore, the government's increased defense and military budget is also anticipated to propel the sub-segment's growth by 2030.
- By region, the airborne sensors market in the Europe region is estimated to hold a noteworthy market share and garner a revenue of $4,110.5 million during the analysis timeframe due to their growing importance in countries like Spain, United Kingdom, Denmark, etc. Moreover, the increasing use of fixed-wing aircraft for air travel and the growing implementation of strategic alliances by market players are also some factors expected to uplift the market growth in the Europe region by 2030.
Significant Airborne Sensors Market Players
Some significant market players are
- AVT Airborne Sensing GmbH
- Honeywell International Inc.
- Thales Group
- HEXAGON
- General Dynamics Corporation
- Information Systems Laboratories (ISL)
- Raytheon Technologies
- Teledyne Optech
- ITT INC.
- Lockheed Martin Corporation, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships, and collaborations to sustain the market growth. – Inquire here to grab access to get more Insights into the Airborne Sensors market Report
For example, in August 2020, Thales Group, a French multinational organization that designs and provides electrical systems and solutions for aerospace and defense sectors, launched an airborne surveillance radar I-Master that has a ground and maritime moving target indication mode for tracking the movement from land to sea.
The report also summarizes many important facets including the financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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