(MENAFN- America News Hour) The Infrared Search & Track (IRST) system market is projected to grow at a CAGR of 5.88% during the forecast period.
The
irst system market
is projected to grow from an estimated USD 4.47 billion in 2023 to USD 5.95 billion by 2033, at a CAGR of 5.88% from 2023-2033. Increasing need for enhanced situational awareness and enhanced security and immunity over radars is expected to drive the market in the coming years.
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Based on platform, the airborne segment is estimated to be the largest segment of the market in 2023
Based on platform, the airborne segment is estimated to be the largest segment of the IRST system market in 2023. The growth is attributed to the increased modernization of defense aircraft and requirement of systems which can go beyond stealth technology to enable detection of stealth aircraft, has led to an increase in the demand for the IRST system.
Based on end user, the defense segment is estimated to be the largest segment of the market in 2023
Based on systems, the defense segment is estimated to be the largest segment of the IRST system market in 2023. An increasing number of aircraft modernization programs, increasing procurement of military equipment, and rise in defense budgets globally are the key factors anticipated to propel the demand for IRST system
Based on components, the scanning head segment is estimated to be the largest segment of the market in 2023
Based on components, the scanning head segment is estimated to be the largest segment of the IRST system market in 2023. The growth is attributed to the importance of infrared search and tracking as well as the modernization of systems used in warfare. The defense industry is undergoing major transformations, and numerous technological advancements have been undertaken by market players in order to cater to the needs of the defense forces. The rise in terrorism and cross-border disputes are some of the major factors fueling the demand for IRST systems.
Europe is estimated to be the largest market for IRST system in 2023 Europe is estimated to lead the IRST system market in 2023, and Russia leads the market in Europe. Factors responsible for this leading position of Europe are the defense aircraft modernization programs, and increasing demand for situational awareness. Russia is expected to drive the European IRST system market.
Break-up of profile of primary participants for this report:
. By Company Type: Tier 1 – 35%, Tier 2 – 45%, Tier 3 – 20%
. By Designation: C level – 35%, Director level – 25%, Others – 40%
. By Region: North America – 45%, Europe – 20%, Asia-Pacific – 30%, RoW – 5%
Some of the key players operating in the IRST system market include Thales Group (France), Safran S.A. (France), Rheinmetall AG. (Germany), Aselsan A.S. (Turkey), Leonardo S.p.A. (Italy), Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), and HGH Systemes Infrarouges SAS (France), among others.
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Research Coverage
The study segments the IRST system market on the basis of platform (airborne, naval, land and others), end user (civil, defense), and component (scanning head, processing unit, control & display unit) and map these segments and subsegments across major regions worldwide, namely, North America, Europe, Asia-Pacific, and RoW (Rest of the World). The report provides in-depth market intelligence regarding market dynamics and major factors that influence the growth of the IRST system market (drivers, restraints, opportunities, and industry-specific challenges), along with analyzing micromarkets with respect to individual growth trends, future prospects, and their contribution to the IRST system market.
Reasons to buy the report:
From an insight perspective, the IRST system market report focuses on various levels of analyses - industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss basic views on the competitive landscape, high-growth regions, and countries, and their respective regulatory policies, drivers, restraints, and opportunities.
The IRST system market report provides insights on the following pointers:
. Market Penetration: Comprehensive information regarding the competitive landscape in the IRST system market
. Market Sizing: Market size in the financial year 2023-2033 and projection of the market size between 2023-2033
. Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the IRST system market
. Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities prevailing in the IRST system market
. Market Development: Comprehensive information about lucrative markets by analyzing markets for the IRST system across various regions
. Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the IRST system market
. Regional Analysis: Factors influencing the market shares of North America, Europe, Asia-Pacific, and the Rest of the World
. Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading market players.
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