The Airborne Optronics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Airborne Optronics Global Market Report 2024, The airborne optronics market size has grown rapidly in recent years. It will grow from $1.8 billion in 2023 to $2.1 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to economic growth, military modernization, rise in defense budgets, increased demand from the commercial sector, extensive r&d activities.
The airborne optronics market size is expected to see rapid growth in the next few years. It will grow to $3.8 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to geopolitical tensions, rising civilian uavs, rising space exploration, rise in counterterrorism. Major trends in the forecast period include advanced image stabilization, electro-optical (eo) and infrared (ir) fusion, laser technology advancements, ai and machine learning integration, hyperspectral imaging.
The rapidly increasing need to expand commercial and military aircraft fleets is expected to propel the growth of the airborne optronics market going forward. An aircraft fleet refers to a group or collection of aircraft under an organization or a country. Countries are increasing their aircraft fleet size to counter threats from neighboring countries. Airborne optronic is designed and developed to control and support the airborne sensors and systems for manned and unmanned aircraft that are used in commercial and military aircraft fleets. For instance, according to Ch Aviation, a Switzerland-based airline intelligence provider, there was a 13% increase in the global aircraft fleet when compared with 2021. Also, as of January 2022, there are 28,289 aircraft, of which 22,799 are active and 5,490 are grounded. North America and Oceania had the highest aircraft fleets with 86% and 85% active respectively. Therefore, the increasing need to expand commercial and military aircraft fleets is driving the growth of the airborne optronics market.
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The airborne optronics market covered in this report is segmented –
1) By Aircraft Type: Fixed Wing, Rotary Wing, Urban Air Mobility, Unmanned Aerial Vehicles
2) By Technology: Multispectral, Hyperspectral
3) By System: Reconnaissance System, Targeting System, Search and Track System, Surveillance System, Warning and Detection System, Countermeasure System, Navigation and Guidance System, Special Mission System
4) By Application: Commercial, Military, Space
5) By End User: Original Equipment Manufacturer (OEM), Aftermarket
Top Major Players
Leonardo S.p.A
Thales Group
Teledyne Technologies Incorporated
Safran S.A
Elbit Systems Ltd.
Technological innovations are the key trends gaining popularity in the airborne optronics market. Major companies operating in the market are introducing new technologies to sustain their position in the market. For instance, in April 2022, Northrop Grumman Corporation, a Germany-based manufacturer of aerospace, and defense intelligence devices launched RQ-4D Phoenix Global Hawk, which is manufactured using advanced sensor technologies. This comprised of five aircraft and ground support systems that help to collect vital information to enable allied commanders to make informed and rapid decisions to preserve global security at the time of war. The specially designed alliance ground surveillance system provides critical Joint ISR (Intelligence, surveillance and reconnaissance) situational awareness to the 30 NATO (North Atlantic Treaty Organization) member countries.
The airborne optronics market report table of contents includes:
1. Executive Summary
2. Airborne Optronics Market Characteristics
3. Airborne Optronics Market Trends And Strategies
4. Airborne Optronics Market – Macro Economic Scenario
5. Global Airborne Optronics Market Size and Growth
…………………….
31. Global Airborne Optronics Market Competitive Benchmarking
32. Global Airborne Optronics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Airborne Optronics Market
34. Airborne Optronics Market Future Outlook and Potential Analysis
35. Appendix
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