Press release
Airborne Intelligence Surveillance & Reconnaissance Market to rake at 6.2% CAGR during 2017-2022
Even in an age of global uncertainty, economic recessions, and shrinking defense budgets, the threats faced by nations from terrorism or adversaries hardly reduces in direct proportion. That is why several of them are investing in airborne intelligence surveillance and reconnaissance equipment to always stay one step ahead and take a proactive rather than reactive approach to any situation.
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Countries such as the US, UK, Russia, India, and China are amongst the top defense spenders in the world and they are widely expected to either upgrade or replace their entire fleet of airborne intelligence surveillance and reconnaissance equipment. In addition to this, the airborne intelligence surveillance and reconnaissance market has been flooded with customization options, sensor upgrades, and diverse purchase models. The airborne intelligence surveillance and reconnaissance market is expected to record a robust CAGR of 6.2% for the period 2017 to 2022.
Gas-electric hybrids are projected to have a marginal revenue share in the airborne intelligence surveillance and reconnaissance market by fuel type segment in 2017 but should gain some share going forward. An absolute dollar opportunity of more than US$ 780 million can be attributed to gas-electric hybrids from 2017 to 2022. Solar powered airborne intelligence surveillance and reconnaissance equipment is a similar niche at present as the investment in solar energy is marginal at best, especially when compared to conventional airborne intelligence surveillance and reconnaissance equipment. Nonetheless, companies actively involved in the solar powered segment could seek to target North America as the region is predicted to near a value of US$ 1 billion by end 2022.
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A quarter of the revenue share by fuel type segment in the airborne intelligence surveillance and reconnaissance market is on account of alternative fuels. The alternative fuel segment is assessed to witness a robust CAGR in excess of 5.5% from 2017 to 2022, making it imperative for key stakeholders in the airborne intelligence surveillance and reconnaissance market to be present in this segment. Hydrogen fuel cell segment presents a slightly smaller market opportunity that the alternative fuel segment in the airborne intelligence surveillance and reconnaissance market. However, it can scarcely be ignored entirely as major players are investing heavily in tapping hydrogen as a fuel source because of its ubiquity.
The battery-operated segment is the largest in the airborne intelligence surveillance and reconnaissance market by fuel type. It is unlikely to cede its leadership position even if it loses market share. The North America battery-operated airborne intelligence surveillance and reconnaissance market is worth more than US$ 3.5 billion at the end of the forecast period.
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