The Military Electro-Optics/Infrared (EO/IR) Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Military Electro-Optics/Infrared (EO/IR) Systems Global Market Report 2024, The military electro-optics/infrared (eo/ir) systems market size has grown strongly in recent years. It will grow from $9.75 billion in 2023 to $10.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased threats and conflicts, modernization of military platforms, counterinsurgency operations, border surveillance requirements, search and rescue missions.
The military electro-optics/infrared (eo/ir) systems market size is expected to see strong growth in the next few years. It will grow to $13.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to geopolitical instabilities, growing emphasis on unmanned systems, counter-drone capabilities, enhanced targeting and fire control, natural disaster response. Major trends in the forecast period include integration with command and control (c2) systems, development of 3d imaging technologies, advances in image processing algorithms, focus on cybersecurity for eo/ir systems, application in urban warfare and asymmetric threat environments.
The growing need for intelligence, surveillance, and reconnaissance (ISR) is expected to propel the growth of the military electro-optics and infrared (EO/IR) systems market going forward. ISR, also known as intelligence, surveillance, and reconnaissance, is a military term that refers to the coordinated gathering, management, and dissemination of precise, timely information and intelligence to aid a commander's decision-making. Electro-Optical Infra-Red (EO/IR) system sensor technology supports distributed intelligence, surveillance, and reconnaissance (ISR) for military airborne, land-based, and naval platforms. For instance, in March 2022, according to the Defense Intelligence Agency, a US-based intelligence and combat support agency, for the year 2022, there were 550 ISR (intelligence, surveillance, and reconnaissance) satellites that will support military activities. A decade ago, there were almost 100 ISR (intelligence, surveillance, and reconnaissance) satellites. Furthermore, in December 2022, according to Skykam Technical Inspection, a UK-based company that provides UAV building inspection services, the FAA registered 855,860 drones in the United States as of 2023, with 37% of registrations (316,075) for commercial operations used for ISR operations. Therefore, the growing need for intelligence, surveillance, and reconnaissance (ISR) drives the military's electro-optics and infrared (EO/IR) systems market.
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The military electro-optics/infrared (eo/ir) systems market covered in this report is segmented –
1) By Product Type: Handheld System, EO/IR Payload.
2) By Component: Human Machine Interfaces, Stabilization Units, Control Systems, Optics, Sensors, Processor.
3) By Imaging Technology: Scanning, Starring, Hyperspectral, Multispectral.
4) By Platform: Land, Airborne, Naval.
5) By Application: Military Intelligence, Surveillance, Reconnaissance.
Integration of artificial intelligence is a key trend gaining popularity in the military electro-optics/infrared (EO/IR) systems market. Companies operating in the military electro-optics/infrared (EO/IR) systems market are focused on integrating artificial intelligence to sustain their position in the market. For instance, in April 2023, Raytheon Technologies Corporation, a US-based aerospace and defense company, launched RAIVEN, an electro-optical intelligent-sensing capability for electro-optics and infrared (EO/IR) systems. RAIVEN promotes platform durability and protects warfighters by providing precise, persistent target surveillance and rapid information dissemination. The 'intelligent-sensing' capacity of RAIVEN enables operators to see up to five times farther and more precisely than conventional optical imaging. It combines artificial intelligence, hyperspectral imaging, and light detection and ranging, or LiDAR. This improves platform survival and gives the warfighter a strategic edge against adversaries.
The military electro-optics/infrared (eo/ir) systems market report table of contents includes:
- Executive Summary
- Military Electro-Optics/Infrared (EO/IR) Systems Market Characteristics
- Military Electro-Optics/Infrared (EO/IR) Systems Market Trends And Strategies
- Military Electro-Optics/Infrared (EO/IR) Systems Market - Macro Economic Scenario
- Global Military Electro-Optics/Infrared (EO/IR) Systems Market Size and Growth
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- Global Military Electro-Optics/Infrared (EO/IR) Systems Market Competitive Benchmarking
- Global Military Electro-Optics/Infrared (EO/IR) Systems Market Competitive Dashboard
- Key Mergers And Acquisitions In The Military Electro-Optics/Infrared (EO/IR) Systems Market
- Military Electro-Optics/Infrared (EO/IR) Systems Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Raytheon Technologies Corporation
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Thales Group
- L3Harris Technologies Inc
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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.
