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Development: High Demand with better future in the Global Airborne Sensors Market

The enormous growth of the global airborne sensor 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 are projected to accelerate the demand for advanced airborne sensor solutions, which may further boost the market growth in the coming years.

The global airborne sensor market was valued at $8,500.0 million in 2019 and is predicted to surge to $12,086.9 million by 2027 at noteworthy CAGR of 4.6%.

Impact Analysis of COVID-19 on the Airborne Sensor Market

The global market for airborne sensor is expected to experience a slow growth during the pandemic. The Covid-19 pandemic affected all the industries in different ways such as affecting supplies, production, demands and ongoing projects in the industry. Several industry players are working towards introduction of new products and adopting innovative strategies to minimize the effect of the pandemic on their business. On the other hand, some of the key airborne sensor providers like Honeywell International Inc., America based conglomerate industry are following various strategies such as fully operational during the COVID-19 apocalypse. For instance, Honeywell in June 2020, announced that they are going to start flight testing of sensors that can guide the urban air mobility (UAM) vehicles with a human pilot. Aircrafts that are involved in the testing are fitted with Honeywell sensors that have cameras for analyzing QR codes, visual markings, and ability to guide the vehicle in landing on its designated spot. These types of product launches and other elements may lead to lucrative opportunities for the investors during the forecast period.

Check out How COVID-19 impacts the Airborne Sensor Market. Click here to Connect with Analyst @ https://www.researchdive.com/connect-to-analyst/8351

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 sensor market in the coming years.

The scanning airborne sub-segment of the airborne sensor market will have the fastest growth and it is projected to surpass $4,695.0 million by 2027, with an increase from $3,243.1 million in 2019. Scanning airborne sensors are active sensors and market growth of sub-segment is mainly attributed to its features like high resolution imaginary, hovering ability, usage in rescue operations, operating from grass, and other unprepared surfaces more easily than fixed wing aircrafts, and requiring less space to operate because most don’t need a runway. Such elements will ultimately surge the growth of the sub-segment during the projected period.

The defense sub-segment of the airborne sensor market is predicted to have a significant growth and surpass $5,555.2 million by 2027, with an increase from $3,804.8 million in 2019. Rising terrorism across the world especially in countries such as China, India, and the U.S. is further proliferating the investment on the defense budget by multiple governments. For instance, in 2019 according to the estimations of the Stockholm International Peace Research Institute (SIPRI), the U.S. increased their investment on defense sector by approximately 6.6% as compared to 2018. Such factors are expected to increase the demand for innovative solutions such as airborne sensors. All these factors will positively affect the sub-segment growth during the forecast period.

The airborne sensor market for the North American region will be a dominating market. This market has generated a revenue of $2,573.8 million in 2019 and is further projected to reach up to $3,442.3 million by 2027. The usage of airborne sensors in the North America region has increased specifically due to key vendors and R&D investments in the region. For instance, in February 2020, Kellstrom Defense Aerospace (KDA), in the U.S. announced that they are in agreement with Sensors and Fluid Management Systems (SFMS) business unit of AMETEK Aerospace & Defense. The main aim of the Kellstrom Defense Aerospace (KDA) is to provide AMETEK SFMS products for government and military aftermarket. Also, their main offer is OEM repair management support and solutions of aftermarket for military aircrafts. All such factors in North America region are predicted to stimulate the overall forecast of airborne sensor market share.

The Asia Pacific airborne sensor market is expected to be the fastest growing market and predicted to reach up to $3,035.0 million by the end of 2027 owing to presence of key players across the Asia-Pacific region and their focus on the product development and technological advancement. For instance, HENSOLDT, pioneer of sensor solutions, on October 2019, announced that they are going to expand their sensor solutions and radar solutions and services to Asia Pacific region in terms of manufacturing, supply and production. Such initiatives may further surge the growth of the market, during the analysis timeframe. Furthermore, technological advancement leading to discovery of new sensor technologies for military and defense in the region will accelerate the market growth for airborne sensors market.

Key Players

  • HEXAGON, 
  • 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

Porter’s Five Forces Analysis for Airborne Sensor Market:

  • Bargaining Power of Suppliers: The companies involved in the airborne sensor business are extensively high in number. Thus, the bargaining power of the supplier is low.
  • Bargaining Power of Buyer: Buyers will have high bargaining power significantly because of multiple players operating in the airborne sensor services. Therefore, bargaining power of the buyer is high. 
  • Threat of New Entrants: The companies that are already in the airborne sensor market are globalized and also they are supported by government in some countries. Thus, the threat of the new entrants is high.
  • Threat of Substitutes: There are different modes of sensors substitutes available in this market. However, they are not offering the features that airborne sensor offers. Therefore, the threat of substitute is Low.
  • Competitive Rivalry in the Market: The ventures operating in the global airborne sensor industry are opting for various businesses development strategies to stronghold position in the market such as Thales Group, Raytheon Technologies are investing heavily to provide integrated services to the customers. Therefore, competitive rivalry in the market is high.

Reference: https://www.researchdive.com/press-release/airborne-sensors-market.html 

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