Bharat Book Bureau Provides the Trending Market Research Report on “Global Electro-Optical/Infrared Systems Market Report and Forecast 2023-2028”under Defence Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
Global Electro-Optical/Infrared (EO/IR) Systems Market Report and Forecast 2023-2028
Market Outlook
The global electro-optical/infrared (EO/IR) systems market reached a value of USD 15.07 billion in 2022. Aided by the escalating demand for advanced surveillance systems and the expanding applications of EO/IR technologies across various sectors, the market is projected to further grow at a CAGR of 3.7% between 2023 and 2028 to reach a value of USD 18.88 billion by 2028.
Electro-optical/infrared systems are crucial components used in surveillance, reconnaissance, and targeting applications. They play an integral role in various sectors, including defence, homeland security, and commercial industries. These systems leverage thermal imaging and laser range-finding technologies to facilitate superior monitoring, detection, and tracking operations.
The escalating demand for advanced surveillance systems is a significant factor driving the global electro-optical/infrared (EO/IR) systems market growth. With the growing need for enhanced national security and surveillance in the face of geopolitical conflicts and increasing instances of cross-border disputes, there has been a substantial rise in the demand for EO/IR-based systems. These systems provide superior reconnaissance and target acquisition capabilities, bolstering their adoption in defence and security applications.
Moreover, the rising trend of modernising military equipment has further amplified the demand for EO/IR systems. These technologies offer enhanced situational awareness, precise target tracking, and high-resolution imagery, making them indispensable for modern warfare and military operations.
The burgeoning applications of EO/IR systems in various industries also contribute significantly to the electro-optical/infrared (EO/IR) systems market expansion. In the commercial sector, these systems find increasing usage in search and rescue operations, wildlife observation, and infrastructure monitoring. The burgeoning aerospace industry employs EO/IR systems for weather monitoring and aircraft navigation, further fuelling market growth.
Furthermore, advancements in EO/IR technologies, including the development of multispectral and hyperspectral imaging systems, are anticipated to propel the electro-optical/infrared (EO/IR) systems market growth. These advanced systems provide higher image resolution and improved target detection capabilities, expanding their application scope across diverse sectors.
The rise in the unmanned aerial vehicle (UAV) market is also a critical factor in promoting the electro-optical/infrared (EO/IR) systems market development. These systems are integral components of UAVs, providing surveillance, target tracking, and terrain classification capabilities. The growing use of UAVs for military, commercial, and recreational applications is expected to boost the demand for EO/IR systems.
Market Segmentation
The market can be divided based on technology, sensor technology, imaging technology, wavelength, platform, end use, and region.
Market Breakup by Technology
•Cooled
•Uncooled
Market Breakup by Sensor Technology
•Scanning Sensor
•Staring Sensor
Market Breakup by Imaging Technology
•Multispectral
•Hyperspectral
Market Breakup by Wavelength
•Ultraviolet
•Short Wavelength Infrared
•Medium Wavelength Infrared
•Long Wavelength Infrared
•Near Infrared
Market Breakup by Platform
•Land
•Airborne
•Marine/Naval
Market Breakup by End Use
•Military
•Commercial
Market Breakup by Region
•North America
•Europe
•Asia Pacific
•Latin America
•Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global electro-optical/infrared (EO/IR) systems companies. Some of the major key players explored in the report are as follows:
•Raytheon Technologies Corporation
•Lockheed Martin Corporation
•Thales Group
•Northrop Grumman Corporation
•BAE Systems PLC
•Rheinmetall AG
•L3Harris Technologies, Inc.
•Others
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Global Military Electro-Optical and Infrared Systems Market Report Information by Type (Image Intensification, Laser, and Infrared), by Sensor Technology (Scanning, Starring, Multispectral, and Hyperspectral), by Platform (Airborne, Land-based, and Naval), and by Region - Forecast To 2023.Market Scenario:In military industries, Electro-Optical and Infrared (EO/IR) systems play a vital role as they are mostly used in airborne, land-based, and naval sectors.
Airborne EO/IR systems consist of optic sights, inspection systems, helmet seated displays, and night vision systems.
Land-based systems consist of weapon mounted sights, night vision goggles, vehicle-mounted optronics devices, thermal imagers, laser range finders, and designators.
Laser range finders aid in day or night conditions and in nearly all battlefield conditions, including haze, smoke, fog, and rain.
Market players are upgrading to EO/laser guidance systems; this is trending towards special military missions, which provide imaging cameras that act both as sight and target seeker for small weapons and missile systems.For combat vehicles, military services are looking for cost effective electronics and electro-optics systems.
The growth is due to the rising demand, changing scenarios of warfare, and innovations in technology in vehicle electronics, which includes RF jamming devices and EO/IR sensors to locate warfare situation.
The Global Military Electro-Optical and Infrared (EOIR) Systems Market size is estimated to be USD 12.72 billion in 2019 and is predicted to reach USD 24.65 billion by 2030 with a CAGR of 6.2% from 2020-2030.Military Electro-Optical and Infrared (EOIR) Systems consist of visible and infrared sensors that help the user to work in the dark or low light conditions.
Other applications of EOIR system in the defence sector include night vision devices (NVDs), visible-light cameras, infrared (IR) sensors, lasers, distance measuring devices and many more.Access Full Description of this report at:- https://www.nextmsc.com/report/military-electro-optical-infrared-systems-market Top Companies: BAE Systems Ltd, DRS Technologies Inc, European Aeronautics Defence and Space (EADS), Elbit Systems Ltd, EOIR Technologies Inc, Excelitas Technologies, Exelis Inc, Finmeccanica SpA, FLIR Systems Inc, General Atomics Aeronautical Systems Inc., General Dynamics Corporation, Harris Corporation, Israel Aerospace Industries (IAI) Ltd, L-3 Communications, Leidos and others.The global military electro-optical and infrared systems market share is segmented based on type and geography.
On the basis of type, the market is divided into airborne EO/IR systems, naval EO/IR systems, and ground EO/IR systems.
Geographic bifurcation of military EOIR market includes regions comprising North America, Europe, Asia-Pacific, and RoW.Request sample copy of this report at:- https://www.nextmsc.com/military-electro-optical-infrared-systems-market/request-sample North America holds the lion share in the EOIR systems market owing to the increased adoption of military EOIR systems.
This is due to the presence of key players, technological innovations, developed economy and the greater defense expenditure by the U.S.
However, Asia Pacific is expected to show a steady rise in the adoption of military electro-optical systems market due to the presence of emerging economies, military modernization that encourages the use of modern technologies, along with the growing tensions between China and other Asian countries.About Next Move Strategy Consulting:Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share.
