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Airborne Optronics Market Outlook 2024: Exclusive Report By The Business Research Company
Airborne Optronics Market
The Business Research Company offers in-depth market insights through Airborne Optronics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
The main aircraft types of airborne optronics markets are fixed wing, rotary wing, urban air mobility, and unmanned aerial vehicles. Fixed wing is an airplane with fixed wings that don't have wings that oscillate or move up and down. The fixed-wing aircraft uses airborne optronics in fixed-wing aircraft for capturing images, detecting threats, and countermeasure strikes. The different technologies include multispectral, and hyperspectral and involve various systems such as a reconnaissance system, a targeting system, a search and track system, a surveillance system, a warning and detection system, a countermeasure system, a navigation and guidance system, and a special mission system. The several applications include commercial, military, and space. The end users are original equipment manufacturer (OEM) and aftermarket.
Major Driver - Growing Demand To Expand Commercial And Military Aircraft Fleets Drives Airborne Optronics Market Growth
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.
Competitive Landscape:
Major companies operating in the airborne optronics market include Leonardo S.p.A, Thales Group, Teledyne Technologies Incorporated, Safran S.A, Elbit Systems Ltd., Lockheed Martin Corporation, Stark Aerospace Inc., L3Harris Technologies Inc., Hensoldt AG, Collins Aerospace, Israel Aerospace Industries, Rafael Advanced Defense Systems Ltd., Kappa Optronics GmbH, Bae Systems plc, Resonon Inc., Excelitas Technologies Corporation, Osi Optoelectronics Inc., Leidos Holdings Inc., Aselsan A.S, Intevac Inc., Ximea GmbH, Headwall Photonics Inc., Cubert GmbH., Maxar Technologies Inc., Northrop Grumman Corporation, RTX Corporation, General Dynamics Corporation, Honeywell Aerospace, Pratt & Whitney, Rolls-Royce Holdings plc, General Electric Aviation, Spirit AeroSystems Inc., GKN Aerospace Services Limited, Triumph Group Inc.
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Top Trend - Technological Innovations Driving Advancements In The Airborne Optronics Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Airborne Optronics Market Characteristics
3. Airborne Optronics Market Trends And Strategies
4. Airborne Optronics Market - Macro Economic Scenario
5. Airborne Optronics Market Size And Growth
…..
27. Airborne Optronics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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