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Airborne Sensors Market 2024 - By Size, Share, Industry Growth Analysis Report By 2033
Airborne Sensors Market
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According to The Business Research Company's, The airborne sensors market size has grown strongly in recent years. It will grow from $10.04 billion in 2023 to $10.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to autonomous vehicles integration, air traffic management improvements, commercial uav integration, enhancements in hyperspectral imaging, military and defense demand.
The airborne sensors market size is expected to see strong growth in the next few years. It will grow to $14.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to commercial aviation safety upgrades, infrastructure monitoring needs, autonomous vehicles advancements, healthcare and medical transport, rise in space exploration. Major trends in the forecast period include growing demand for remote sensing, integration of iot and ai, miniaturization of sensors, demand in defense and security, precision agriculture.
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Market Drivers and Trends:
The increase in defense expenditure is expected to propel the growth of the airborne sensors market going forward. Military expenditure refers to the financial resources allocated by a country or a government for its military forces and related activities. Defense expenditure enables governments to procure cutting-edge airborne sensor systems to enhance military capabilities for surveillance, reconnaissance, and threat detection. For instance, in December 2022, according to the Ministry of Defense (MOD) departmental resources: 2022, published by the gov.UK, a UK-based public information website, defense spending for 2021-2022 was $76.25 (71.4 Euros) billion, which was a $46.88 (43.9 euros) billion increase from the previous year. Therefore, the increase in defense expenditure is driving the growth of the airborne sensors market.
Product innovations are the key trend gaining popularity in the airborne sensors market. Major companies operating in the market are developing advanced products to sustain their position in the market. For instance, in September 2022, Leica Geosystems, a Switzerland-based company that produces products and systems for surveying and geographical measurement launched Leica DMC-4, an airborne imaging sensor for complex mapping environments. The sensor provides unsurpassed image quality by leveraging the complementary metal oxide semiconductor (CMOS) technology-based MFC150 camera module with mechanical forward-motion-compensation (FMC).
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Major Key Players of the Market:
Hexagon AB, Thales Group, Raytheon Technologies Corp., Lockheed Martin Corporation, information systems laboratories, Teledyne Geospatial, General Dynamics Corporation, Honeywell International Inc., ITT Inc., AVT Airborne Sensing GmbH, Northrop Grumman Corporation, L3Harris Technologies Inc., Conax Technologies, Meggitt plc, Curtiss-Wright Corporation, Ametek Inc., Safran SA, General Electric Co., Airbus SE, BAE Systems plc, Optasense, Waterfall Security Solutions, Rolta India Ltd., SCADAfence, Confluera, Erkios Systems, McAfee Corp., Kaspersky Lab Inc., Ericsson AB, Fortinet Inc., Cisco Systems, Symantec Corporation, IBM Corp., Microsoft Corporation
Airborne Sensors Market 2024 Key Insights:
• The airborne sensors market size is expected to see strong growth in the next few years. It will grow to $14.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Surging Terrorist Threats Propel Growth In Airborne Sensors Market
• Leica Geosystems Elevates Airborne Sensors Market With The Launch Of Leica Dmc-4 For Superior Imaging
• Europe was the largest region in the airborne sensors market in 2023
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