Airborne Surveillance Market to Hit USD 7.70 Billion by 2028; Increased Adoption by Intelligence Agencies to Augment Industry Growth, Says Fortune Business Insights™
Companies covered in airborne surveillance market are Lockheed Martin Corporation (U.S.), L3Harris Technologies Inc. (U.S.), Northrop Grumman Corporation (U.S.), Teledyne FLIR LLC (U.S.), Reutech Radar Systems (South Africa), Thales Group (France), Saab AB (Sweden), Cobham PLC (U.K.), Leica Geosystems (Switzerland), and more players profiled
Pune, India, Oct. 14, 2021 (GLOBE NEWSWIRE) — The global airborne surveillance market size is expected to gain momentum by reaching USD 7.70 billion by 2028 from USD 5.07 billion in 2021, while exhibiting a CAGR of 6.14% between 2021 to 2028. In its report titled, “Airborne Surveillance Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 4.74 billion in 2020.
Airborne surveillance is used for monitoring activities and behavior in the surrounding. The surveillance is carried out from airborne vehicles such as unmanned aerial vehicles (UAVs), helicopters, and airborne early warning & control (AEW&C) aircraft. Rapid advances in aerial surveillance hardware such as forward-looking infrared (FLIR), high-resolution imagery, and micro aerial vehicles (MAVs) that are capable of identifying objects at very long range are driving the market growth.
List of Key Players Profiled in Airborne Surveillance Industry Report
- Lockheed Martin Corporation (U.S.)
- L3Harris Technologies Inc. (U.S.)
- Northrop Grumman Corporation (U.S.)
- Teledyne FLIR LLC (U.S.)
- Reutech Radar Systems (South Africa)
- Thales Group (France)
- Saab AB (Sweden)
- Cobham PLC (U.K.)
- Leica Geosystems (Switzerland)
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COVID-19 Impact
The spread of the COVID-19 virus crippled the global economy. Most countries implanted strict lockdowns to curb the spread of the virus. However, few people did not follow restrictions. This led law and enforcement authorities to come up with a drone surveillance solution. For instance, the U.S. Police Department monitored people’s movement. This is expected to drive the market for airborne surveillance during the forecast period.
Market Segmentation:
By component, the market is divided into radars, sensors, imaging systems, and others. By technology, the market is bifurcated into unmanned systems and manned systems. By application, it is bifurcated into commercial, military & government.
Based on technology, the manned system segment held the largest market share in 2020 owing to the increasing requirement of AEW&C aircraft by the defense sector of various countries. For instance, in April 2021, the U.S. Navy made a contract with the Boeing Company worth USD 1.6 billion for the manufacturing of 11 P-8A Poseidon AEW&C aircraft. As per reports, nine aircraft are expected to join the U.S. Navy fleet, and two aircraft will go to the Royal Australian Air Force (RAAF). These factors are expected to contribute to market growth.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.
What does the Report Provide?
The market research report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of this market.
Driving Factors
Availability of Low-cost Drones is Expected to Fuel the Market
Earlier, the traditional aerial surveillance system used fixed-wing and rotary-wing aircraft. These were costly as well as time-consuming. However, the cost of drones is much cheaper than these aircraft. Thus, there has been a rise in the use of drones for surveillance applications. The low cost of drones can be attributed to rapid industrialization and automation in the manufacturing industry. Thus, drones are available in abundance at a low price, which is expected to augment the airborne surveillance market growth.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/airborne-surveillance-market-102590
Regional Insights
North America to Dominate Backed by Presence of Key Manufactures in the Region
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the presence of key manufacturers of the aircraft. For instance, manufacturers such as Lockheed Martin Corporation, Raytheon Technologies, Boeing Company, and others in the region contribute major shares to air surveillance globally. The region stood at USD 1.69 billion in 2020.
Asia Pacific is expected to showcase significant airborne surveillance market share during the forecast period owing to the rising awareness and various advantages offered by UAV surveillance. Moreover, the increasing demand for aerial surveillance from the military and defense sectors of countries such as China and India is expected to drive the regional market.
Competitive Landscape
Key Players to Focus on Partnerships & Agreements to Strengthen Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on agreements and partnerships. For instance, in October 2020, Israel Aerospace Industries (IAI) and Airbus Defense and Space Airborne Solutions (ADAS), a subsidiary of Airbus Defense and Space, got a contract to operate a Medium Altitude Long Endurance (MALE) for maritime aerial surveillance services.
Key Industry Development
March 2021 – Department of National Defense’s Innovation for Defense Excellence and Security (IDEaS) program contracted with TerraSense Analytics worth USD 977,439 for development of Multimodal Input Surveillance & Tracking (MIST) advanced airborne surveillance system.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Airborne Surveillance Market
- Impact of COVID-19 Pandemic on Global Airborne Surveillance Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential opportunities due to COVID-19 Pandemic
- Global Airborne Surveillance Market Analysis, Insights and Forecast, 2017-2028
- Segment Definitions
- Market Analysis, Insights and Forecast – By Component
- Radars
- Sensors
- Imaging System
- Others
- Market Analysis, Insights and Forecast – By Technology
- Unmanned System
- Manned System
- Market Analysis, Insights and Forecast – By Platform
- Fixed-Wing Aircraft
- Rotary-Wing Aircraft
- UAV
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Agriculture and Forestry
- Inspection and Monitoring
- Engineering, Surveying, and Mapping
- Others
- Military & Government
- Search & Rescue
- Law Enforcement
- Border Surveillance
- ISR Targeting
- Commercial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
TOC Continued…!
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