New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global airborne sensor market is anticipated to garner $12,086.9 million in revenue and grow at a CAGR of 4.6% throughout the analysis period from 2019-2021.
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As per our analysts, the global airborne sensor market is expected to experience striking growth over the forecast period, owing to the increasing demand for airborne sensors in the defense sector worldwide. Moreover, the growing terrorist attacks across many countries in the world are the major factor expected to fuel the growth of the market over the estimated timeframe. Besides, the increasing presence of airborne sensors in the public domain such as in construction, mining, commercial sectors, agriculture, and many more are anticipated to bolster the growth of the airborne sensor market during the forecast period. However, various regulations by aviation safety agencies and high-cost investment in infrastructure and research and development of airborne sensors may hamper the growth of the market over the estimated timeframe.
Covid-19 Impact on the Airborne Sensor Market
Due to the rise of the Covid-19 pandemic, the market has witnessed a slow growth as compared to the previous years. This is mainly because of the disruption caused in the supply chain due to stringent lockdowns and the shutdown of many factories. However, the innovative initiatives taken by the government as well as companies to detect pathogens and viruses in minutes or seconds have helped the airborne sensor market to see vertical growth during the crisis.
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Segments of the Airborne Sensor Market
The report has divided the market into different segments based on product, application, and region.
Product: Non-Scanning Airborne Sensor sub-Segment to be Most Profitable
The non-scanning airborne sensor sub-segment is expected to generate $7,392.3 million in revenue and is predicted to continue a steady growth during the estimated time period. This is mainly because non-scanning airborne sensors are passive sensors and have aerial survey cameras to perform the work similar to that of a satellite. Moreover, the capability of airborne sensors in complex environments such as giving signals on battlefields, and possessing an advanced multi-sensor network to perform tracking and sensor tasking are the main factors expected to fortify the growth of the airborne sensor market’s sub-segment over the analysis timeframe.
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Application: Defense Sub-Segment to be Most Lucrative
The defense sub-segment is anticipated to garner a revenue of $5,555.2 million and is expected to hold the largest share of the market during the analysis time period. This is mainly because of the presence of the key market players in this region and the innovative initiatives and new strategies taken by them. In addition, the increasing budget of the defense and military sector by the government is further expected to boost the growth of the market’s sub-segment during the forecast period.
Region: North American Region to Have Extensive Growth Opportunities
The North American region is projected to generate $3,442.3 million in revenue over the estimated time period and is expected to hold the maximum share of the market. This is mainly due to the heavy investment by the key market players in the development of next-generation airborne sensors in the defense sector in this region. Moreover, the existence of multinational manufacturing companies in providing high-performance components in defense, aerospace, and other energy markets is further expected to amplify the regional growth of the airborne sensor market throughout the estimated timeframe.
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The Key Players of the Airborne Sensor 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
These players are mainly working on the development of new strategies and tactics such as merger and acquisition, partnerships and collaboration, to attain a leading position in the global industry.
For instance, in May 2020, Teledyne Optech, a leading global leader in the development and manufacture of advanced lidar and airborne sensors, has announced an agreement with Aerial Surveys International (ASI), a renowned project management company. With this acquisition, Teledyne has aimed to upgrade its Galaxy Prime to a Galaxy T2000. In addition, it has planned to install both lidar sensors in the “G2 Sensor System.”
The report also presents other important aspects like product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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