Global Infrared Search & Track (IRST) System Market is projected to reach USD 7.03 Billion, with a CAGR of 5.6% between 2019 and 2026. The IRST system track threats at long ranges and is widely used by civil and military end-users. IRST systems track and detect jet aircraft, UAVs, and helicopters and are land, maritime, airborne, and space-based objects that emit electromagnetic radiation.
The global infrared search & track (IRST) system market has witnessed high growth in recent years owing to the increasing need for enhanced situational awareness, increasing defense expenditure, and enhanced security and immunity over radars. However, the limited operational range of the IRST system is expected to restrain the market growth to some extent.
Increasing need to upgrade situational awareness systems
- Increasing Defense Expenditures: Globally, military spending has increased significantly in recent years. According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure rose by 2.6% to approximately USD 1.82 trillion from 2017 to 2019. The increase in defense expenditure is expected to boost the demand for advanced infrared search & track (IRST) systems and solutions.
- Increasing Need for Enhanced Situational Awareness
- Enhanced Security and Immunity Over Radars
- Limited Operational Range of IRST System
- Land: The segment is expected to register the highest CAGR during the forecast period. The land-based ISRT systems are used to search and track suspected objects by military organizations and surveillance agencies.
- Maritime: The segment is expected to witness the highest growth during the forecast period, 2019 to 2026. This is due to the increasing adoption of the maritime IRST system by military agencies globally.
- Airborne: The segment dominated the IRST system market in 2019. The airborne IRST system makes use of unmanned aerial vehicles, UAVs, and helicopters. The sensors mounted on these platforms track and detect suspected objects.
- Space: The segment is expected to register steady growth during the forecast period, 2019 to 2026. A steady increase in demand for space-based ISRT systems by the military agencies globally is driving the segment.
- Civil: The segment is expected to register the highest CAGR during the forecast period. This is due to the increasing demand for ISRT systems and solutions for civil aircraft globally.
- Defense: The defense segment accounted for the largest market share in 2019. The increasing adoption of ISRT systems and solutions by the military agencies for the tracking and detection of suspicious objects is driving the growth of this segment.
- North America: North America dominates the infrared search & track (IRST) system market. This trend is projected to continue during the forecast period due to the presence of prominent players such as Lockheed Martin Corporation, Northrop Grumman Corporation, and Raytheon Company and high investments made by these companies in the development of advanced systems and solutions.
- Europe: The increasing adoption of advanced systems by the military organization in Europe for performing intelligence, surveillance, and reconnaissance missions is expected to boost the demand for the IRST system in the review period.
- Asia-Pacific: The market in this region is projected to expand at a high CAGR during the forecast period. Increasing defense expenditure and rising terrorist activities in countries such as India, China, Indonesia, and Australia are driving the growth of the market in the region.
- Middle East & Africa: The increase in defense expenditures by countries such as Saudi Arabia, the UAE, and Israel is driving the market growth in the Middle East & Africa.
- Latin America: In Latin America, there has been an increase in the use of UAVs for intelligence gathering on drug trafficking and rebel groups, deforestation monitoring, and control of illegal migration, which is expected to boost the demand for infrared search & track IRST system and solutions.
- Aselsan AS (Turkey)
- HGH Systèmes Infrarouges (France)
- Leonardo Spa (Italy)
- Lockheed Martin Corporation (US)
- Northrop Grumman Corporation (US)
- Raytheon Company (US)
- Rheinmetall AG (Germany)
- Safran SA (France)
- Thales Group (France)
- Tonbo Imaging Private Limited (India)
Frequently Asked Questions (FAQ) :
Global IRST Market is expected to record a substantial market valuation of USD 7.03 billion by 2026.
Global IRST Market is projected to register a moderate 5.6% CAGR in the forecast period.
The land segment is expected to observe substantial demand over the review period.
The civil segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global IRST market are Rheinmetall AG (Germany), Safran SA (France), Thales Group (France), among others.