New York, USA, Aug. 23, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global airborne sensor market is projected to register a revenue of $12,086.9 million by 2027 at a CAGR of 4.6% during the forecast period (2019-2027), increasing from $8,500.0 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: The rising application of airborne sensors in the defense sector is expected to boost the market growth during the forecast period. Airborne sensors are used in surveillance, intelligence, and reconnaissance collection operations in defense activities for efficiency. This is one of the major driving factors boosting the growth of the market.
Restraint: The major restraining factor behind the growth of the market is higher costs associated with infrastructure and R&D of airborne sensor.
Opportunity: Airborne sensors are being implemented in public domain for security of the general people which is expected to create many opportunities for the market in the upcoming years.
Check out How COVID-19 impacts the Global Airborne Sensor Market: https://www.researchdive.com/connect-to-analyst/8351
Key Segments of the Market
The report has divided the market into different segments based on type, application, and regional outlook.
Type: Non-Scanning Sub-Segment Predicted to be the Most Lucrative
Non-scanning sub-segment is anticipated to register a revenue of $7,392.3 million by the end of 2027. The main reason behind this growth is that the non-scanning airborne sensors are passive sensors which quite beneficial for monitoring and surveying for any alarming situation. Moreover, non-scanning airborne sensors also comes with in-built properties such as gathering target data with the help of environmental signals such as vibration, heat, or radiation.
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Application: Defense Sub-Segment Expected to be the Most Profitable
The defense sub-segment is expected to garner a dominating market share surpassing $5,555.2 million by the end of 2027 at a CAGR of 4.9% over the forecast period, increasing from $3,804.8 million in 2019. Many companies are inventing customized airborne sensors specifically for the defense sector which is expected to enhance the growth of the market segment.
Region: North America Expected to Lead the Market
The extensive application of airborne sensors for security purposes by the American military sector is expected to boost the market during the forecast period. In addition, the key players located in the region are opting for effective strategies such as strategic collaborations, product launches and others, which will drive the regional market growth by 2027.
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Key Players of the Market
• HEXAGON,
• Thales Group,
• Raytheon Technologies,
• Lockheed Martin Corporation,
• Information Systems Laboratories (ISL),
• Teledyne Optech,
• General Dynamics Corporation,
• Honeywell International Inc.,
• ITT INC.
• AVT Airborne Sensing GmbH
Recent Development
In April 2020, Raytheon Technologies Corporation, an American multinational aerospace and defense conglomerate successfully completed of the acquisition of United Technologies Corporation, an American multinational conglomerate. Headquartered in Waltham, Mass., Raytheon Technologies is one of the largest aerospace and defense companies in the world with approximately $74 billion in pro forma 2019 net sales and a global team of 195,000 employees, including 60,000 engineers and scientists.
Covid-19 Impact on the Market
The global airborne sensor market experienced slight decline in the growth rate during the pandemic. As the governments across the world imposed restrictions on movement to curb the spread of the novel virus, many industries had to face a tough time. Supply chain, manufacturing companies, and travel industries came into a sudden halt. These factors are affecting the airborne sensor industry during the pandemic. However, as the restrictions are being lifted and life is getting back to normal, the industries will regain their growth track in the near future.
The report also provides an overview of the different techniques uses as well as the products, facilities, business performance, and a SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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