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Telemetry Takes Flight: The Future of Aerospace & Defense
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According to The Business Research Company's, The aerospace and defense telemetry market size has grown strongly in recent years. It will grow from $7.52 billion in 2023 to $8.17 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to geopolitical tensions, military modernization, rise in budget allocations, aircraft fleet expansion, rise in space exploration.
The aerospace and defense telemetry market size is expected to see strong growth in the next few years. It will grow to $11.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to global security threats, aerospace and defense telemetry, increasing demand for military uavs, rising research and development activities. Major trends in the forecast period include satellite-based telemetry, ai and data analytics integration, miniaturization of telemetry devices, integration of internet of things (iot) technologies, telemetry in hypersonic systems.
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Market Drivers and Trends:
The increasing defense budget of countries is significantly contributing to the growth of the aerospace and defense telemetry market going forward. The defense budget refers to the amount spent by governments on upgrading their defense mechanisms. The increase in defense budgets will increase the purchasing and upgrading of aerospace and defense telemetry, which play a prominent role in the transformation of information in defense. For instance, according to the 2021 Stockholm International Peace Research Institute (SIPRI) report, a Sweden-based non-profit organization that provides data for armament and arms control, in 2020 world military expenditure reached USD 1,981 billion, which was 2.6% higher when compared to previous year. Therefore, the increasing defense budget is driving the growth of the aerospace and defense market.
Technological advancements have emerged as a key trend gaining popularity in the aerospace and defense telemetry markets. Major companies operating in the aerospace and defense telemetry sectors are focused on developing new technologies to sustain their position in the market. For instance, in February 2021, Dynatrace, a US-based technology company, launched v1.0 of the OpenTelemetry specification based on Dynatrace's distributed tracing technology, which helps in supporting traces and metrics. This helps in ensuring a smooth transition from OpenTracing and OpenCensus.
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Major Key Players of the Market:
BAE Systems, Lockheed Martin Corporation, L3 Technologies, Safran Spa, Cobham Limited, Honeywell Corporation, Thales Group, Orbit Communications Systems Ltd., Dassault Aviation SA, Curtiss-Wright Corporation, RTX Corporation, AstroNova Inc., Leonardo Corporation, General Dynamics Corp, Northrop Grumman Corporation, Maxar Technologies Inc., Teledyne Technologies Incorporated, Moog Inc., Ultra Electronics Holdings plc, Kongsberg Gruppen, Kratos Defense & Security Solutions Inc., Mercury Systems Inc., QinetiQ Group plc, RADA Electronic Industries Ltd., Sierra Nevada Corporation, Textron Systems Corporation, Transdigm Group Incorporated, ViaSat Inc., Z Microsystems Inc., DRS Technologies Inc., Esterline Technologies Corporation
Aerospace And Defense Telemetry Market 2024 Key Insights:
• The aerospace and defense telemetry market size is expected to see strong growth in the next few years. It will grow to $11.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Elevated Defense Budgets Fueling Growth In Aerospace And Defense Telemetry Market
• Technological Advancements Pave The Way For Innovation In The Aerospace And Defense Telemetry Market
• North America was the largest region in the aerospace and defense telemetry market in 2023
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