Northbrook, IL 60062 -- (SBWIRE) -- 04/20/2023 -- The Aerospace and Defense Telemetry Market is estimated to be USD 1,400 million in 2022 and is projected to reach USD 2,000 million by 2027, at a CAGR of 6.9% from 2022 to 2027. The market is driven by factors such as increase in airspace modernization programs, increasing demand for military UAVs, development of compact telemetry systems for UAVs, etc.
Players in the Aerospace and Defense Telemetry market such as L3harris Technologies (US), Honeywell International Inc (US), General Dynamics Corporation (US), Lockheed Martin (US), Maxar Technologies (US) are some of the leading companies in this market.
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UAV segment of the aerospace and defense telemetry market by platform, to grow at highest CAGR during the forecast period
Based on platform, the UAV segment is projected to grow from USD 187 million in 2022 to USD 320 million by 2027, at a CAGR of 11.4% during the forecast period. The growth can be attributed to the increasing use of UAVs across various industries, as well as increasing demand of UAVs for both military and commercial application.
Wireless telemetry segment to command the aerospace and defense telemetry market by technology, during the forecast period
The wireless telemetry segment is expected to lead the aerospace and defense telemetry market during the forecast period. This segment accounted for a share of 62.3% of the market in 2022. The growth can be attributed to the higher adoption of wireless telemetry technology owing to the ease of operation and maintenance.
Receiver segment to command the aerospace and defense telemetry market by component, during the forecast period
The receiver telemetry segment is expected to lead the aerospace and defense telemetry market during the forecast period. The market is projected to grow from USD 477 million in 2022 to USD 685 million in 2027, growing at a CAGR of 7.5% from 2022 to 2027.
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Opportunity : Development of low cost miniaturized telemetry systems
The cost of electronic components has reduced significantly due to large-scale manufacturing and integration of circuits into single PCBs. This has made it possible to manufacture telemetry systems and components at low rates. The antennas, a telemetry component is being widely used across various industries due to their efficiency, reliability, and affordability. The large scale miniaturization of electronic comonents are being used in order to reduce the overall size of antennas, as a result, they can be easily accommodated in small spaces. It also further results in limited fuel and power consumption. In addition, it also helps manufacturers in reducing the size of UAVs and other satellites. As a result, the development of small-sized antennas at low costs offers lucrative growth opportunities for various players operating in the aerospace & defense telemetry market.
Challenges : Lack of skilled workforce
Critical land, marine, airborne, and space operations rely on well-qualified personnel for various tasks such as R&D, patent development, and software development & application. Thus, the recruitment of a technical workforce forms a crucial part of ensuring innovation in business processes and products in the defense industry. Countries such as Morocco, South Africa, Nigeria, Somalia, Kenya, Bangladesh, Nepal, and Bhutan lack a skilled technical workforce in the defense industry. Potential workforce issues affect the safety and effectiveness of operations, which further limits the number of missions that the systems can handle. Thus, this acts as a challenge to the growth of the aerospace & defense telemetry market.