New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global airborne sensors market is predicted to grow at a stable CAGR of 5.3%, thereby garnering a revenue of $14,473.7 million in the 2022-2030 timeframe. This holistic report provides an overarching overview of the nature of the airborne sensors market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2030 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
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Dynamics of the Airborne Sensors Market
Drivers: Growth in the use of airborne sensors in the defense sector is predicted to be the primary growth driver of the airborne sensors market in the forecast period. Along with this, increase in terrorist attacks in various countries, especially in the last few years, is anticipated to push the market forward.
Opportunities: Use of airborne sensors in various commercial sectors, including construction, mining, power supply, and agriculture for crop monitoring is estimated to offer numerous growth opportunities to the market in the forecast period. Moreover, increased R&D and technological expansion by leading market players is expected to help the market grow in the analysis timeframe.
Restraints: High cost of airborne sensor deployment, however, might prove to be a hindrance in the growth trajectory of the airborne sensors market.
Impact of Covid-19 on the Airborne Sensors Market
The Covid-19 pandemic has affected millions of lives and business, directly or indirectly. The airborne sensors market, too, has faced a negative impact of the pandemic. The lockdowns ordered by various government to curb the spread of the disease affected the manufacturing of airborne sensors by hampering both the supply-side and demand-side supply chains.
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Segments of the Airborne Sensors Market
The report has divided the airborne sensors market into certain segments based on type, application, and region.
Type: Non-Scanning Airborne Sensors Sub-Segment to Flourish Immensely
By type, the non-scanning airborne sensors sub-segment is predicted to grow rapidly and generate a revenue of $8,845.9 million by 2030. The increased number of air passengers in emerging economies is predicted to be the leading contributor to the growth of this sub-segment.
Application: Defense Aircraft Sub-segment to Witness Substantial Growth
By application, the defense aircraft sub-segment is predicted to flourish immensely and generate a revenue of $6,672.0 million by 2030. Key market players pursuing new strategies to manufacture airborne sensors for defense use is predicted to be the leading factor behind the growth of this sub-segment.
Region: Market in Europe Region to be Highly Lucrative
By regional analysis, the airborne sensors market in the Europe region is poised to be highly lucrative and is predicted to register a revenue of $4,110.5 million in the 2022-2030 timeframe. The growth in use of fixed-wing aircrafts for air travel is expected to be the primary growth driver of the market in this region.
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Prominent Airborne Sensors Market Players
Some prominent market players of the airborne sensors market are
- 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, among others.
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market. – Purchase Inquiry
For instance, in May 2022, BIRD Aerospace, a leading defense technology provider, announced the launch of two products- Hybrid-Eye, a state-of-the-art detection system for armored vehicles, and µMPR, a miniature airborne radar for border surveillance. These two products could prove to be revolutionary as far as airborne sensor market is considered and will help BIRD Aerospace to increase its footprint in the industry.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Airborne Sensors Market:
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