LONDON–(BUSINESS WIRE)–Oct 23, 2020–
The airborne ISR market is set to grow by USD 5.02 billion accelerating at a CAGR of over 4%, during the period spanning over 2020-2024. One of the key factors driving growth is the increased demand for UAVs in military applications. Though the adoption of UAVs is still in a nascent stage, technological advances are making them more adaptive for military applications. The increased focus on maritime security is a significant trend that will further stimulate market growth. Rise in the number of security threats and terrorist attacks has led many countries to increase their expenditure on defense.
Technavio has announced its latest market research report titled Global Airborne ISR Market 2020-2024 (Graphic: Business Wire).
Technavio categorizes the global airborne ISR market as a part of the global aerospace and defense market, within the global capital goods market. The parent, global aerospace & defense market covers products and companies engaged in the production of aerial platforms used under commercial and general aviation; defense platforms used under naval, land, and air domains; arms and ammunition; defense electronics; defense logistics equipment; and space platforms, equipment, and launch vehicles. The aerospace & defense market also encompasses maintenance, overhaul, and repair (MRO) activities related to commercial and general aviation, and defense sectors. Growth in the global aerospace and defense market will be driven by the increase in military spending, geopolitical instability due to inter-regional conflicts, and the growth of insurgent activities.
Airborne ISR Market: Geographic segmentation
The report segments the market by geography: North America, APAC, Europe, MEA, and South America. About 39% of the market’s growth will originate from North America during the forecast period. Technological advancements and rising government expenditure on the development and procurement of advanced combat equipment will fuel market growth. The US is the key market for airborne ISR in North America.
Airborne ISR Market: Segmentation by Platform
The unmanned airborne ISR segment was leading the segment in 2019. These are either controlled by onboard computers or a pilot at the ground station. The rising emphasis on improving the ISR technology used for conducting critical ISR missions in the defense sector is driving the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the airborne ISR market size.
Airborne ISR Market: Growth Drivers
The increasing demand for UAVs in military applications will drive market growth. UAVs are equipped with a wide range of components such as SAR, Laser, IMU (Inertial Measuring Unit), and a GPS. They are also small in size, cost-effective, and provide reliable solutions ideal for military applications. They are widely used in various military applications such as electronic attacks, communication transfer, suppression of enemy air defense, combat search and rescue, destruction of enemy air defense, ISR operations, and combat search and rescue operations. Many countries are focusing on strengthening their existing military capabilities due to the rising number of border disputes and increasing terror attacks. This is expected to increase the demand for UAVs in the defense sector during the forecast period.
Airborne ISR Market: Challenges to overcome
The military sector faces a major challenge in dealing with the large volume of unstructured data. Military networks need to support a wide variety of applications ranging from real-time data exchange to the reliable large-volume data dissemination. UAVs generate large volumes of data that cannot be processed with traditional data processing or management tools. Hence military agencies must incorporate tools that can analyze the large data in the real-time environment to maximize the efficiency of the data collected.
Airborne ISR Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading airborne ISR companies, including:
- Airbus SE
- BAE Systems Plc
- FLIR Systems Inc.
- General Atomics
- Kratos Defense & Security Solutions Inc.
- L3Harris Technologies Inc.
- Lockheed Martin Corp.
- Northrop Grumman Corp.
- Raytheon Technologies Corp.
- The Boeing Co.
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Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
- Customer Landscape
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of drivers and Challenges
- Vendor landscape
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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INDUSTRY KEYWORD: DEFENSE AEROSPACE MANUFACTURING OTHER DEFENSE
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 10/23/2020 04:30 PM/DISC: 10/23/2020 04:31 PM
Copyright Business Wire 2020.