According to Stratistics MRC, the Global Infrared Search & Track (IRST) System Market is accounted for $5.62 billion in 2020 and is expected to reach $10.32 billion by 2028 growing at a CAGR of 7.9% during the forecast period. Some of the key factors propelling the market growth include rise in the enhanced security and immunity over radars, increase in the research and development activities, increase in the need to upgrade situational awareness systems, and increase in the defense expenditures. Some of the key players in Infrared Search & Track (IRST) System Market include Lockheed Martin Corporation, Aselsan A.S., Thales Group, Hughes Network Systems LLC., HGH Systmes Infrarouges SAS, Raytheon Company, Leonardo S.p.A, TTP plc., Safran S.A., Tonbo Imaging Private Limited, Northrop Grumman Corporation, and Rheinmetall AG.
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The Global Infrared Search & Track (IRST) System Market is majorly driven by the increase in the defense expenditures, rise in the enhanced security and immunity over radars, increase in the focus on military modernization, and rise in the research and development activities. The aerospace and defense segment is growing at a highest CAGR owing to growing number of aircraft modernization programs, rising use of passive situational awareness system for search and tracking enemy by defense forces, and increasing procurement of military equipment. Europe dominated with a significant market share due to the increase in the defense expenditures, rise in the need to upgrade situational awareness systems, and increase in the need for enhanced situational awareness in this region. Asia Pacific market is growing at a highest CAGR owing to growing defense expenditure and rising terrorist activities in countries such as India, China, Indonesia, and Australia.
Platforms Covered:• Airborne• Land• Space• Maritime/Naval
Components Covered:• Processing & Control Electronics• Scanning Head• Display Unit
Types Covered:• Military Grade IRST• Civil Grade IRSTSales
Channels Covered:• Distributor• Direct Sales
End Users Covered:• Homeland Security• Law Enforcement• Aerospace and Defense
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