Infrared Search & Track (IRST) System Market is projected to reach USD 7.03 Billion, with a CAGR of 5.6% between 2020 and 2030.
The advancement in technology has gone far beyond any limitations. The improvement and search of new technological development are still finding their way in different fields, and the upgradation of technology is growing day by day at great speed. The IRST system is one of the advanced solutions used worldwide in various fields. It is a method of detecting and tracking objects that give off infrared radiation.
The rise of this advanced solution is boosting the Infrared Search & Track (IRST) System Market Growth. IRST system is used to detect which emits electromagnetic radiation. It is helpful to detect jet aircraft, UAVs, helicopters, and space-based objects. Military operations and missions largely drive the Infrared Search & Track (IRST) System Market. The IRST systems can easily detect any electromagnetic radiation emitted from the rival side; therefore, the military organizations use the IRST system. The rise of terrorist attacks from different regions worldwide lets the Infrared Search & Track (IRST) System Market grow at the global level.
These advanced systems can detect any radiating object from the terrorist side and help the military prevent attacks. The investment for defence activities worldwide to protect the public is driving the market’s growth. The rise in need of aircraft, jets, private choppers, and helicopters is even accelerating the demand for IRST systems.
Different developing and developed countries adopt the IRST systems, especially in the military and defence sectors. The key players are playing prominent roles in upgrading the features of the IRST systems to meet its demand in the market. The advanced form of terrorist attacks demands the development of more improved firm of IRST solutions to detect suspicious attacks and objects. To meet the demand, the players are innovating the features of their services. The major growth factors of the market, for example, the high demand for enhanced security and immunity systems over radars, are accelerating the Infrared Search & Track (IRST) System Market Growth.
The IRST systems have been noticed to have various advantages in defence and the military. Therefore, the government is even supporting the development of IRST solutions. The Infrared Search & Track (IRST) System Market Forecast is estimated to reach a value worth USD 7.03 Billion with a CAGR of 5.6% during the evaluation period.
COVID-19 Analysis
The coronavirus outbreak has been a tough period for almost every industrial sector throughout the world. The Infrared Search & Track (IRST) System Market Forecast has even faced revenue loss and other financial crises during the pandemic period. The strict lockdown rules have negatively impacted the market because the supply chain and other operational processes were hampered. But the government's support for adopting the IRST system and solutions in the defence field has stabilized the market’s growth. Amid the COVID-19 pandemic, the Infrared Search & Track (IRST) System Market Value reached its projected CAGR during the forecast period.
Key Market Drivers
There are many chief drivers of the Infrared Search & Track (IRST) System Market driving the market at the global level. The increase in defence expenditures boosts the demand for advanced IRST systems and solutions. There are even other major drivers of the market, such as enhanced situational awareness among the public and advanced security and immunity over radars. These factors are promoting the growth of the market.
Market Challenges
The Infrared Search & Track (IRST) System Market faces marketing challenges during the growth period. The lack of availability of advanced materials is challenging the market at the global level. The market players are trying their best to face these challenges and overcome them.
Market Opportunities
The Infrared Search & Track (IRST) System Market is receiving worldwide opportunities; the usage of ISRT systems in various fields is helping the market to get huge demand. The increase in the need to upgrade situational awareness systems sets huge opportunities for the market.
Restraints
The Infrared Search & Track (IRST) System Market Outlook is affected by some restraining factors, slowing down the market's growth rate. One of the major restraining factors of the market is the limited operational range of the IRST system, limiting the market's growth range.
Cumulative Evaluation Of The Market
The cumulative evaluation of the Infrared Search & Track (IRST) System Market Value shows that the market will reach its value and estimated CAGR by continuing its significant growth. The major drivers of the market are helping to boost up the market’s growth. The market is facing challenging and restraining factors affecting the growth rate, but the key players are implementing various strategies to overcome these factors. The various Market opportunities from different regions will allow the market to compete globally.
The Infrared Search & Track (IRST) System Market Size is segmented into major segments: platform, component, and end-user.
By Platform
The Infrared Search & Track (IRST) System Market is sub-segmented into Land, maritime, airborne, and space-based on the platform segment. The land segment to project highest CAGR during the evaluation period because of land-based ISRT systems in the military organizations and surveillance agencies to search and track suspected objects.
The maritime segment will witness the highest growth rate because of the higher demand for the IRST system globally in various countries. In 2019, the airborne segment dominated the Infrared Search & Track (IRST) System Market Share due to unmanned aerial vehicles, UAVs, and helicopters. The space segment is estimated to project a steady growth rate during the forecast period because of the rise in demand for space-based IRST systems in military organizations.
By Component
The Infrared Search & Track (IRST) System Market is sub-segmented into Scanning Head, Processing & Control Electronics, and Display in the component segment.
By End-User
In the End-User segment, the Infrared Search & Track (IRST) System Market Size is categorized into civil and Defense segments. The civil segment is projected to reach the highest CAGR due to the high demand for IRST solutions for civil aircraft worldwide. In recent years, the defence segment accounted for the largest share in the Industry Share due to the need for IRST solutions for tracking and detecting suspected objects by military missions.
The Infrared Search & Track (IRST) System Market Analysis is geographically distributed into various regions worldwide, such as North America, Europe, Asia Pacific, Middle East, East & Africa, and Latin Africa. Among all the above geographical regions, North American dominates the Market due to prominent players in the region.
The demand for the IRST system to boost high in the European region due to the increase in adoption of advanced systems in the military field. The Asia Pacific is even expected to reach a high CAGR in the evaluation period due to increase in defence expenditure and the rise in terrorist attacks in the regions such as India, China, Indonesia, and Australia, which is largely driving the Market. An increase in defence expenditures in the Middle East & Africa regions is boosting the market. The rise in the need for UAVs for intelligence gathering for drug trafficking and rebel groups is driving the Infrared Search & Track (IRST) System Market in the Latin America region.
The chief players of the Infrared Search & Track (IRST) System Market are responsible for driving the market at the global level. They play prominent role help the market to reach the estimated CAGR in the review period. The chief players of the market are listed below:
Swedish Defense and Aerospace Company (Saab) will release the new E-Series Gripen Fighter Jets to the Czech Air Force as a lease for the C/D Series is expiring soon.
India’s new super fighter Tejas Mk-2 has become one of the top 4 Light Combat Aircraft worldwide along with ‘IDOL’ Saab Gripen.
According to recent reports, the Air Force is demanding up to 400 advanced fighter trainers aircraft to train the pilots.
The overview of the Infrared Search & Track (IRST) System Market Analysis report states that the market has shown a consistent growth rate since recent years, and it will continue its growth consistency in the upcoming years to reach a good CAGR. The various segments of the market are accelerating the growth of the Market through its services worldwide. The key drivers in different geographical regions are boosting the regional market, helping the Industry Outlook emerge in the global competition.
By Component
By Platform
By End-User
| Report Attribute/Metric | Details |
|---|---|
| Market Size | USD 7.03 Billion |
| CAGR | 5.6% (2020-2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Platform and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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) and Tonbo Imaging Private Limited (India) |
| Key Market Opportunities | Increasing need to upgrade situational awareness systems |
| Key Market Drivers |
|
Infrared Search Track System Market Highlights:
Frequently Asked Questions (FAQ) :
Global IRST Market is expected to record a substantial market valuation of USD 7.03 billion by 2030.
Global IRST Market is projected to register a moderate 5.6% CAGR in the forecast period.
A few eminent market players operating in the global IRST market are Rheinmetall AG (Germany), Safran SA (France), Thales Group (France), among others.
The civil segment is slated to expand as the fastest-growing segment.
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