Military Electro-Optics/Infrared Systems Market - Growth Opportunities
Posted by Akshata Sharma on November 6th, 2019
San Francisco, CA, USA, Nov-06, 2019 /(Aerospace NEWS)-- The report "Military Electro-Optics/Infrared Systems Market by Platform, System (Targeting, Imaging), Technology (Uncooled, Cooled), Sensor Technology (Staring, Scanning), Imaging Technology (Hyperspectral, Multispectral), and Region - Global Forecast to 2022", published by MarketsandMarkets, the global market is estimated to be USD 10.15 Billion in 2016 and is projected to reach USD 14.20 Billion by 2022, at a CAGR of 5.75% from 2016 to 2022.
Increased demand for battle space awareness by defense forces and technological advancements resulting in improved efficiency of EO/IR systems are the major factors driving the military electro-optics/infrared systems market. The growing demand for border surveillance and situational awareness have resulted in increased use of UAVs. Increase in R&D activities in the aerospace & defense sector has contributed to the development of miniaturized and lightweight components and defense equipment, especially for airborne applications.
Based on sensor technology, the staring sensor segment is projected to lead the military electro-optics/infrared systems market during the forecast period
On the basis of sensor technology, the staring sensor segment is estimated to lead the military electro-optics/infrared systems market during the forecast period the due to an upsurge in demand for sensors, as they gather more radiation and are able to handle complex moving parts of sensors and cameras, which are required in the battlefield. Staring sensors are widely used in missile warning receivers and electronic warfare systems. They are preferred over scanning sensors, as they are cost efficient and have varied technological applications.
Based on system, the imaging system segment is estimated to grow at the highest CAGR during the forecast period
On the basis of system, the imaging system segment of the military electro-optics/infrared systems market is anticipated to grow at the highest CAGR during the forecast period, due to developments in advanced laser and infrared technologies. Imaging technologies can provide high-resolution 3D images to locate and identify a target at much longer ranges than is possible with existing optical systems. Several prototype optical surveillance and observation systems are expected to be developed that will demonstrate probabilities of recognition and identification at distances sufficient to allow standoff engagement and overcome atmospheric turbulence, which limit the ability of high-resolution optics.
North America is estimated to be the largest market for military electro-optics/infrared systems
North America is estimated to lead the military electro-optics/infrared systems market during the forecast period due to the increasing demand for electro-optics/infrared systems across various sectors, such as military, public safety, and commercial in the region. The region is witnessing growth due to increased investments in defense equipment and use of electro-optics/infrared system across the region. North America is estimated to account for the largest share in 2016 of the global military EO/IR systems market due to the increasing demand for imaging technologies, laser rangefinders, and infrared systems.
Major players in the military electro-optics/infrared systems market are Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), BAE Systems Plc. (U.K.), Raytheon Company (U.S.), and Thales Group (France), among others.
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About the AuthorAkshata Sharma
Joined: July 22nd, 2019
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