January 05, 2021
According to the research report titled ‘Global Infrared Search & Track (IRST) System Market Size study with COVID-19 impact, by End-user (Defense and Civil), by Component (Scanning head, Processing & control electronics and Display), by Platform (Airborne, Naval, Land and others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global infrared search & track (IRST) system market was remunerated at USD 5.01 billion in 2019 and is expected to record a CAGR of 5.88% during 2020-2027.
Investment in defense sector and rise in defense budget are primarily propelling the growth of global infrared search & track (IRST) system market. According to Government of India, defense expenditure in 2018 was USD 57 billion, which reached USD 65.86 billion in 2020. Also, in United States, Department of Defense discretionary budget rose to USD 721.5 billion in 2020, from USD 686.1 billion in 2019.
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For those unversed, infrared search & track system involves tracking and detecting objects that emit infrared radiation. It is widely used in military and protection areas for surveillance and security purposes. IRST can improve sensor suites for next generation fighter aircrafts, especially in terms of identifying stealth plane without using the radar.
Escalating demand for improved security and immunity over radars, in consort with preference for better situation assessment are stimulating the market growth.
On the downside, hefty cost of designing and manufacturing these sensors is anticipated to impede global infrared search & track (IRST) system industry expansion over the analysis period. Moreover, the outbreak of COVID-19 has adversely impacted the business scenario, due to slowdown of manufacturing activities and disrupted supply of essential raw materials.
Speaking of the geographical landscape, worldwide infrared search & track system market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, North America leads the overall market size currently, attributable to increasing defense budget of the country.
On the other hand, Asia Pacific infrared search & track (IRST) system industry is poised to amass notable returns by the year 2027, on account of growing investment in fighter jets.
Top companies in global infrared search & track (IRST) system market sphere are Rafael Advanced Defense Systems Ltd., Tonbo Imaging India Private Limited, HGH Systèmes Infrarouges, Northrop Grumman Corporation, Lockheed Martin Corporation, Safran S.A., Aselsan A.S., Rheinmetall AG, Thales Group, and Leonardo S.p.A.