Infrared Search & Track (IRST) System Market worth 5.95 Billion USD by 2022
Added: (Thu Jun 13 2019)
Pressbox (Press Release) -
The report "Infrared Search & Track (IRST) System Market by End User (Civil & Defense), Component (Scanning Head, Processing & Control Electronics, Display), Platform (Airborne, Naval, Land & Others) and Region - Global Forecast to 2022", The IRST system market is estimated to be USD 4.47 Billion in 2017 and is projected to reach USD 5.95 Billion by 2022, at a CAGR of 5.88% during the forecast period. Military modernization programs, enhanced situational awareness, increasing defense budgets worldwide, and enhanced security and immunity over radars are expected to drive the IRST system market during the forecast period.
Speak To Analyst:-
Based on end user, the defense segment is projected to lead the IRST system market. The increasing use of passive situational awareness system for search and tracking enemy by defense forces is growing at a rapid pace across the globe. The Growth of the defense segment is mainly attributed to the rising number of aircraft modernization programs, increasing procurement of military equipment, and rise in defense budgets globally.
On the basis of platform, the airborne segment of the IRST system market is expected to grow at the highest CAGR during the forecast period, primarily driven by the increasing focus on enhanced situational awareness and immunity over radar, and the increasing use of stealth technology by enemy aircraft has led to an increase in demand for the IRST system.
On the basis of component, the processing & control electronics segment of the IRST system market is expected to grow at the highest CAGR during the forecast period. There has been an increasing demand for infrared based devices for aircraft, therefore superior processing electronics are required to sense and get better feedback from each and every IR signature emitted from aircraft.
Europe is estimated to lead the IRST system market in 2017. Countries in this region include the U.K., France, Germany, Russia, Sweden, and Rest of Europe. Significant investments in research and development in the IRST system for the defense forces, defense aircraft modernization programs, and increasing demand for situational awareness are some of the factors expected to boost the growth of the IRST system market in this region. Russia is expected to contribute majorly to the growth of the European IRST system market due to the ongoing technological advancements in the country.
Major players in the IRST system market are Lockheed Martin Corporation (U.S.), Thales Group (France), Safran S.A. (France), Rheinmetall AG. (Germany), Aselsan A.S. (Turkey), Leonardo S.p.A. (Italy), Northrop Grumman Corporation (U.S.), and HGH Systemes Infrarouges SAS (France), among others.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062