Trending: Generate Huge profit due to COVID-19 in Airborne Sensors Market
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Impact of COVID-19 on the Industry
The global airborne sensor market is anticipated to observe slow growth during the COVID-19 pandemic as compared to previous years. This can be majorly attributed to shutting down of factories and disturbance in supply chains owing to lockdown imposed in many parts of the world to prevent the spread of coronavirus. However, governments and companies undertook initiatives to minimize or beat the effect of the pandemic on the economy, which is expected to boost the growth of the global market and generate investment opportunities in the coming future. For instance, in November 2020, the U.S. military announced that they are working on airborne sensors project, namely SenSARS, that can detect pathogens and viruses such as COVID-19 in seconds or minutes.
Key Developments in the Industry
The companies operating in the industry are adopting several growth strategies & business tactics such as mergers & acquisitions, partnerships, collaborations, and product launches to acquire a leading position in the global market, which is predicted to consequently help the airborne sensor market to grow exponentially in upcoming years.
For instance, in January 2018, CyberOptics Corporation, a leading global developer & manufacturer of high precision 3D sensing technology solutions, announced the launch of its next generation Airborne Particle Sensor technology (APS3) 300 mm with new ‘ParticleSpectrum’ software at SEMICON Korea.
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In May 2020, Teledyne Optech, a global leader in advanced lidar sensors, entered into an agreement with Aerial Surveys International (ASI) in order to sell a Galaxy T2000. The company focuses on upgrading their existing Galaxy Prime to a Galaxy T2000 and install both lidar sensors in the productivity-doubling ‘G2 Sensor System.’ According to the company, the Galaxy T2000 when combined with the G2 system, is a major leap forward for the airborne survey industry.
In August 2020, Teledyne Optech, the Canada-based advanced Lidar sensors company, has extended its Galaxy line-up to include the ‘CM2000,’ which is a new airborne sensor specifically designed for corridor mapping. The Galaxy CM2000 delivers specific details of fine corridor elements such as conductors and electric wires, railway signs, distribution power poles, and cellular tower antennas. Also, the CM200 sensor has the ability to detect fine changes in the ground.
Forecast Analysis of Global Airborne Sensor Market
The global airborne sensor market is anticipated to observe a noteworthy growth over the forecast period, due to proliferating reach of airborne sensors in multiple application areas such as in defense and commercial sectors, power supply, mining, construction, and agriculture for monitoring the crops, power line mapping, and geographical survey. Conversely, the higher investment in R&D and infrastructure, stringent technical standards and certification by aviation safety agencies for airborne sensor manufacturing are some of the factors expected to restrict the global market growth during the forecast period.
The rise in number of terrorist attacks in various countries and the increasing adoption of airborne sensors in the defense sector are the significant factors estimated to propel the growth of the global airborne sensor market in the projected timeframe. According to a latest report published by Research Dive, the airborne sensor market is expected to garner $12,086.9 million over the forecast period from 2020 to 2027. Geographically, the North America region is estimated to be most profitable in the global industry, owing to increasing penetration of unmanned aerial vehicles (UAVs) and heavy investments by market players in next-generation airborne sensors. The key players functioning in the global market include HEXAGON, Raytheon Technologies, Thales Group, Lockheed Martin Corporation, Teledyne Optech, Information Systems Laboratories (ISL), General Dynamics Corporation, ITT INC. Honeywell International Inc., and AVT Airborne Sensing GmbH.
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