Global Electro-Optical/Infrared (EO/IR) Systems are anticipated to make inroads in the global industry at a value CAGR of 2.98% over 2019-2028.It is expected to grow from US$ 10.7 billion to US$ 14.3 billion during the forecast period. The growing threats worldwide have compelled militaries to focus on installation of newly evolved sensor-based systems timely for necessary actions.
Geopolitical factors and growing terrorism all over the world have forced governments to protect national integrity and to protect the nationals from these activities. The importance of defending the land and sea boundaries has fueled the need of investment in technology to equip the forces for better awareness and for taking protective measures.
Top Driver: Robust Demand for superior situational awareness, countermeasures and investigation due to evolving war techniques
Increasing demand for high-resolution, high output sensors to obtain comparatively better situational awareness, countermeasures, and the investigation is the main growth contributing factor for the military EO/IR systems sector globally. Many defense spenders are nowadays spending wholeheartedly in the research and formation of equipment as infrared vision systems, thermal sights, and laser target designators as the modern war techniques are getting complex day by day, which has high lightened the need for ISR.
Furthermore, the advancement in technology, such as Active electro-optical sensing that has many applications in intelligence, military, and commercial areas. Interest in its development and application can positively influence the Global Electro-Optical/Infrared (EO/IR) Systems market.
Air-borne segment to Make Crucial Contribution to Growth of Global Electro-Optical/Infrared (EO/IR) Market
This is anticipated that the market in future will be dominated by air-borne segments, which hopefully are valued for 72.2% of the whole market, after this will be ground based and navel-based segments. Air-borne segment is the part of platform-based segmentation of military electro-optics/infrared (EO/IR) systems market whose other segments are ground based and navel segments. The reason for this growth could be the increase in use of UAV applications such as safety, mapping, rescue and others all of these need cameras a necessary tool for collecting data and transferring video information to ground control system (GCS).
Other segments are By Platform is Naval and Land, Air, By System are Targeting System, Electronic Support Measure and Imaging System.
Rising Investments in Electro-Optical/Infrared (EO/IR) systems and Research to Benefit Asia Pacific Market
In regions, Asia Pacific is leading this sector with a share of 33.9%, followed by North America and Europe. The military electro-optics/infrared (EO/IR) systems show spike in growth in Asia-Pacific market in the forecast period. It is relied upon to develop at the most elevated CAGR during the gauge time frame. Major driver for the military electro-optics/infrared (EO/IR) systems market in Asia-Pacific is soldier’s modernization programs. China, India, Japan, and Australia are the significant nations that offer development potential for EO/IR frameworks in the Asia-Pacific area. This market has tremendous development potential given the expanding interest for refreshed and mechanically progressed optronic systems. The development of electro-optics/infrared (EO/IR) systems market is likewise determined by the rising interest for systems furnished with laser innovation.
Players to Focus on Expanding Applications of Electro-Optical/Infrared (EO/IR) systems
The global electro-optics/infrared (EO/IR) systems market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Leonardo DRS and Lockheed Martin among others could be at the forefront of the competition in the global electro-optics/infrared (EO/IR) systems market. Below are some key players:
Leonardo DRS is contributing a major share in the market of electro-optical/infrared system due to their contributions in military through 1st Generation (1st Gen) Common Module, 2nd Gen and now 3rd Gen Forward Looking Infrared (FLIR) nodes and thermal weapons sights. In the staff they have the founders of infrared imaging technology. They produce sensors to support aviation and other military markets.
They are one of the major contributors of the market. They are expected to contribute more in future. The Target Sight System (TSS) a multi-sensor electro-optical/infrared (EO/IR) fire control system (AN/AAQ-30A) installed in U.S. Marine Corps helicopter. Their unique sensor helps pilots with enhanced abilities to track and targets at maximum weapon range, fundamentally upgrading stage survivability and lethality.
Scope of the Report
By Imaging Technology
Key Reasons to Purchase this Report
Table of Content
Please fill out the form to receive sample pages of the report