The Airborne ISR market is estimated at USD 9.9 billion in 2021. It is projected to show momentous evolution with USD 12.8 billion by 2026, at a CAGR of 5.1% from 2021 to 2026.
The market is growing at a significant rate across the world, and a similar trend is expected to be observed during the forecast period. The rising demand of UAVs for airborne ISR applications, increasing procurement of Airborne ISR systems due to growing transnational and regional instability, increasing use airborne ISR based geological surveying for scientific research purposes, rapid advancement in artificial intelligence, big data analytics and robotics technologies are fueling the growth of the market.
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Major manufacturers in this market are based in North America and Europe. Honeywell International (US), Raytheon Technologies Corporation (US), Lockheed Martin (US), Thales Group (France), BAE Systems (UK), Northrop Grumman (US) are among the key manufacturers that secured airborne ISR contracts in the last few years. Major focus was given to the development of new products due to the changing requirements of ISR capabilities across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the airborne ISR market.
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Honeywell International Inc. is one of the leading companies that provide products for defense, civil government, and cybersecurity applications. Honeywell International Inc. has business partner networks across the US, Europe, Asia Pacific, and the Middle East. This allows it to provide sensor solutions across the world. The company operates through four business segments, namely, aerospace, home and building technologies, performance materials and technologies, and safety and productivity solutions. Through its safety and productivity solutions segment, the company provides electronic sensors for aircraft manufacturers, airlines, aircraft operators, military services, and defense and space contractors. The company has a strong distribution network across the globe. It has been investing in emerging markets such as China, India, Latin America, and the Middle East. In April 2020, Honeywell secured a four-year contract to help the US Air Force update the service branch’s Embedded Global Positioning System/Inertial Navigation System.
Raytheon is one of the largest defense contractors across the globe, serving both government and commercial clients. The company delivers solutions through 5 business segments, namely, missile systems; integrated defense systems; space & airborne systems; intelligence, information & services; and Forcepoint. The intelligence, information & services segment develops and supports a wide range of radar systems, radio frequency sensors, sonar systems, etc. Major subsidiaries of the company are Raytheon Systems Limited (RSL), Raytheon Australia (RA), Raytheon Company Chile Limited, Raytheon Exchange Holdings II, Inc., Raytheon Canada Limited (RCL), and Raytheon Marine Europe Limited. The company has a presence in Europe, North America, South America, Asia Pacific, the Middle East, and North Africa. For instance, in May 2021, Raytheon Intelligence & Space was awarded a USD 175 million contract to provide signals intelligence field services for the US Air Forces Distributed Common Ground System, which collects, processes and analyzes intelligence.
Lockheed Martin is a global aerospace and security company. It continuously carries out R&D activities for developing various cutting-edge technologies related to the defense sector. The company is a major contractor for the upgrade and purchase of maritime systems for the US Navy. It faces major challenges in terms of overpricing its products as compared to its competitors. A major portion of the revenue of Lockheed Martin is generated from defense contracts received from the US, and hence, defense budget cuts of the country have a direct impact on the growth of the company. Moreover, changing government policies and federal regulations also have an impact on the revenue of the company. In May 2020, Lockheed Martin was awarded a contract to provide the US Army and foreign military customers additional electronic warfare systems that enable faster detection and identification of threats. The Modernized Radar Frequency Interferometer system identifies intelligence, surveillance and reconnaissance (ISR) emitters and allows the pilot to detect and engage a threat long before the aircraft becomes vulnerable, increasing aircraft survivability and lethality.
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