News on U.S. government agencies, U.S. politics, companies doing business with U.S. federal government. Read U.S. national and local news. This site is not affiliated with United States Government.
(USGovernment-News.Com, August 04, 2017 ) 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. Increasing need for enhanced situational awareness and enhanced security and immunity over radars are the major factors expected to drive the market in the coming years.
On the basis of end user, the IRST system market has been segmented into civil and defense. The defense segment leads the market in terms of market size, and is expected to continue to lead over the next five years.
The use of passive situation awareness system by defense forces is growing at a rapid pace across the globe. 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 IRST system market has been segmented into airborne, naval, land, and others. The airborne segment leads the market in terms of market size, is expected to continue to lead over the next five years, and is projected to grow at the highest CAGR during the forecast period.
On the basis of component, the IRST system market has been segmented into scanning head, processing & control electronics, control & display. The scanning head segment leads the market in terms of market size, and is expected to continue to lead over the next five years. However, the processing & control electronics segment is projected to grow at the highest CAGR during the forecast period.
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. Factors contributing to the leading position are defense aircraft modernization programs and increasing demand for situational awareness.
About MarketsandMarkets™ 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.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including:
