Market Forecast
Global Infrared Search & Track (IRST) System Market is projected to reach USD 7.03 Billion and register a CAGR of 5.6% between 2019 and 2026. The increasing need for enhanced situational awareness and enhanced security and immunity over radars are primarily driving the growth of the market. Additionally, rising defense expenditure is driving the growth of the market.
Market USP
Increasing need to upgrade situational awareness systems
Growth Opportunities in the Market
The scanning head segment is expected to grow at the highest rate: The scanning head segment is also expected to register the highest CAGR during the forecast period, 2019 to 2026. The growth can be attributed to the high utilization of scanning head in the IRST systems.
The defense segment is expected to witness the highest growth in the market: The defense segment accounted for the largest market share in 2019 and is expected to register the highest CAGR during the review period. This is due to the increasing demand for IRST systems to improve military situational awareness.
The airborne segment accounted for the largest share in 2019: The airborne segment accounted for the largest share in 2019. This is due to the increasing use of airborne solutions for many defense applications such as intelligence, tracking, surveillance, and missiles and fire control.
The land segment is expected to register the highest CAGR during the forecast period.
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Key Players
- 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)
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