Airborne Optronics Global Market Report 2023
Major players in the airborne optronics market are Leonardo S.p.A, Thales Group, Flir Systems Inc.(Teledyne Technologies Incorporated), Safran S.A, Elbit Systems Ltd., Lockheed Martin Corporation, Stark Aerospace Inc.
New York, March 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Airborne Optronics Global Market Report 2023" - https://www.reportlinker.com/p06433608/?utm_source=GNW
, L3Harris Technologies Inc., Hensoldt AG, Collins Aerospace(Raytheon Technologies Corporation), Israel Aerospace Industries, Rafael Advanced Defense Systems Ltd., Kappa Optronics GmbH, Bae Systems PLC, Resonon Inc., Excelitas Technologies Corporation, Osi Optoelectronics Inc., Leidos Holdings Inc., Ii-Vi Inc., Aselsan A.?, Intevac Inc., Ximea GmbH, Headwall Photonics Inc., and Cubert GmbH.
The global airborne optronics market grew from $1.51 billion in 2022 to $1.77 billion in 2023 at a compound annual growth rate (CAGR) of 16.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The airborne optronics market is expected to grow to $3.06 billion in 2027 at a CAGR of 14.7%.
The airborne optronics market consists of sales of laser warning receivers, laser countermeasures, laser range finders, sighting systems, AFV fire control and navigation systems.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Airborne optronics refers to hardware devices that interact with light to perform different functions such as converting electric energy to light energy, converting optical signals into electrical currents for sensing functions, and others.These devices are integrated with aircraft and other aerial platforms to ensure safety and increase the precision of the aircraft.
The airborne optronics are devices used to perform functions such as surveillance, identification, intelligence collection, and targeting in an aerial platform.
North America was the largest region in the airborne optronics market in 2022.North America is expected to be the fastest growing region in the forecast period.
The regions covered in the airborne optronic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main aircraft types of airborne optronics markets are fixed wing, rotary wing, urban air mobility, and unmanned aerial vehicles.Fixed wing is an airplane with fixed wings that don’t have wings that oscillate or move up and down.
The fixed-wing aircraft uses airborne optronics in fixed-wing aircraft for capturing images, detecting threats, and countermeasure strikes.The different technologies include multispectral, and hyperspectral and involve various systems such as reconnaissance system, targeting system, search and track system, surveillance system, warning and detection system, countermeasure system, navigation and guidance system, and special mission system.
The several applications include commercial, military, and space. The end users are original equipment manufacturer (OEM) and aftermarket.
The rapidly increasing need to expand commercial and military aircraft fleets is expected to propel the growth of the airborne optronic market going forward.An aircraft fleet refers to a group or collection of aircraft under an organization or a country.
Countries are increasing their aircraft fleet size to counter threats from neighboring countries.Airborne optronic is designed and developed to control and support the airborne sensors and systems for manned and unmanned aircraft that are used in commercial and military aircraft fleets.
For instance, according to Ch Aviation, a Switzerland-based airline intelligence provider, there was a 13% increase in the global aircraft fleet when compared with 2021.Also, as of January 2022, there are 28,289 aircraft, of which 22,799 are active and 5,490 are grounded.
North America and Oceania had the highest aircraft fleets with 86% and 85% active respectively. Therefore, the increasing need to expand commercial and military aircraft fleets is driving the growth of the airborne optronic market.
Technological innovations are the key trends gaining popularity in the airborne optronic market.Major companies operating in the market are introducing new technologies to sustain their position in the market.
For instance, in April 2022, Northrop Grumman Corporation, a Germany-based manufacturer of aerospace, and defense intelligence devices launched RQ-4D Phoenix Global Hawk, which is manufactured using advanced sensor technologies.This comprised of five aircraft and ground support systems that help to collect vital information to enable allied commanders to make informed and rapid decisions to preserve global security at the time of war.
The specially designed alliance ground surveillance system provides critical Joint ISR (Intelligence, surveillance and reconnaissance) situational awareness to the 30 NATO (North Atlantic Treaty Organization) member countries.
In December 2020, Veritas Capital, a US-based private-equity firm acquired Northrop Grumman’s federal IT and mission support services for a deal amount of $ 3.4 billion. With this acquisition, Veritas plans to combine the Northrop Grumman business with Peraton, a Veritas portfolio company that helps to provide mission-critical technology solutions to government customers. Northrop Grumman is a US-based manufacturer of aerospace, and defense intelligence devices and optronics.
The countries covered in the airborne optronic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The airborne optronics market research report is one of a series of new reports that provides airborne optronics market statistics, including airborne optronics industry global market size, regional shares, competitors with an airborne optronics market share, detailed airborne optronics market segments, market trends and opportunities, and any further data you may need to thrive in the airborne optronics industry. This airborne optronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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