The objective of this study is to analyze, define, describe, and forecast the IRST system market based on end user, platform, component, and region.
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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.
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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.
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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.
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