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Aerospace Helmet Mounted Display Market Growth & Analysis 2024-2033
Aerospace Helmet Mounted Display Market Growth
According to The Business Research Company's, The aerospace helmet mounted display market size has grown rapidly in recent years. It will grow from $2.73 billion in 2023 to $3.11 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to military modernization programs, rise in defense budgets, focus on pilot safety, increasing demand for simulation and training, integration of advanced sensors.
The aerospace helmet mounted display market size is expected to see rapid growth in the next few years. It will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to continued military modernization, emergence of next-generation aircraft, increasing focus on unmanned systems, expanding applications in civil aviation, international collaborations. Major trends in the forecast period include integration of augmented reality (ar) technology, lightweight and ergonomic design, advancements in night vision capabilities, wireless connectivity and data sharing, rapid adoption of military applications.
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Market Drivers and Trends:
Increasing military expenditure is expected to boost the growth of the aerospace helmet-mounted display market going forward. Military expenditure refers to the amount of money allotted to sustaining an armed force or other types of defenses and is included in a country's defense budget. The aerospace helmet-mounted display is utilized for visor-projected night vision in the military, and it is fully integrated to provide pilots with unprecedented capability in the fighter cockpit. For instance, in April 2022, according to the World Bank, a US-based international financial institution that provides loans and grants, total global military spending climbed to $2.08 trillion in 2021, up from $1.95 trillion in 2020. Therefore, the increasing military expenditure is driving the growth of the aerospace helmet-mounted display market.
Technological advancements have emerged as the key trend gaining popularity in the aerospace helmet-mounted display market. Major companies operating in the aerospace helmet-mounted display market are developing innovative technologies to strengthen their position in the market. For instance, in July 2022, Elbit Systems Ltd., an Israel-based international aerospace and defense electronics company, launched the X-Sight New Helmet Mounted Display for military helicopters. The unique features of the X-Sight New Helmet Mounted Display involve its being designed with fifth-generation aircraft technology, which enables helicopter pilots to see through the aircraft's body and provides them with a real-time, clear, and wide field of view, day and night, in poor weather and visibility conditions. The X-Sight New Helmet Mounted Display was created using an open architecture and in full conformity with US military requirements for both hardware and software, providing additional flexibility to both users and partners.
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Major Key Players of the Market:
BAE Systems Electronic Systems Inc.; Elbit Systems Ltd.; Thales Group; L3Harris Technologies Inc.; Raytheon Technologies Corporation; Kopin Corporation; Aselsan Elektronik Sanayi ve Ticaret A.S.; Collins Aerospace.; Gentex Corporation; Teledyne Technologies Inc.; Excelitas Tecnologies Corporation; FLIR Systems Inc.; Safran S.A.; Honeywell International Inc.; Cobham plc.; Vuzix Corporation; Rheinmetall AG; Esterline Technologies Corporation; Leonardo S.p.A.; AeroVironment Inc.; Dassault Systèmes SE; Aveo Engineering Group LLC; Saab Group AB; Curtiss-Wright Corporation; Rochester Precision Optics LLC; 3m company; MKU Limited; ArmorSource LLC; Ballistic Armor Co.; Safariland LLC
Aerospace Helmet Mounted Display Market 2024 Key Insights:
• The aerospace helmet mounted display market size will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
• Elevated Defense Investments Propel Growth In The Aerospace Helmet-Mounted Display Market
• Revolutionizing Aerospace Technology Propel The Aerospace Helmet-Mounted Display Market
• North America was the largest region in the aerospace helmet mounted display market in 2023
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