08202017Headline:

Infrared Search & Track (IRST) System Market Worth 5.95 Billion USD by 2022

May 29, 2017 - (Newswire)

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The report "Infrared Search & Track (IRST) System Market by End User (Civil & Defense), Component (Scanning Head, Processing & Control Electronics, Display), Platform (Airborne, Naval, Land & Others) and Region - Global Forecast to 2022", published by MarketsandMarkets™, 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. Military modernization programs, enhanced situational awareness, increasing defense budgets worldwide, and enhanced security and immunity over radars are expected to drive the IRST system market during the forecast period.

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Among end users, the defense segment is expected to be the largest segment of the IRST system market and projected to grow at the highest CAGR during the forecast period

Based on end user, the defense segment is projected to lead the IRST system market. The increasing use of passive situational awareness system for search and tracking enemy by defense forces is growing at a rapid pace across the globe. The 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.

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Based on platform, the airborne segment is projected to be the largest segment of the IRST system market and is projected to grow at the highest CAGR during the forecast period

On the basis of platform, the airborne segment of the IRST system market is expected to grow at the highest CAGR during the forecast period, primarily driven by the increasing focus on enhanced situational awareness and immunity over radar, and the increasing use of stealth technology by enemy aircraft has led to an increase in demand for the IRST system.

Based on component, the processing & control electronics segment of the IRST system market is projected to grow at the highest CAGR during the forecast period

On the basis of component, the processing & control electronics segment of the IRST system market is expected to grow at the highest CAGR during the forecast period. There has been an increasing demand for infrared based devices for aircraft, therefore superior processing electronics are required to sense and get better feedback from each and every IR signature emitted from aircraft.

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Europe is estimated to be the largest market for the IRST system in 2017

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. Significant investments in research and development in the IRST system for the defense forces, defense aircraft modernization programs, and increasing demand for situational awareness are some of the factors expected to boost the growth of the IRST system market in this region. Russia is expected to contribute majorly to the growth of the European IRST system market due to the ongoing technological advancements in the country.

Major players in the IRST system market are Lockheed Martin Corporation (U.S.), Thales Group (France), Safran S.A. (France), Rheinmetall AG. (Germany), Aselsan A.S. (Turkey), Leonardo S.p.A. (Italy), Northrop Grumman Corporation (U.S.), and HGH Systemes Infrarouges SAS (France), among others.

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Original Source: https://www.newswire.com/news/infrared-search-track-irst-system-market-worth-5-95-billion-usd-by-2022

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