Military Electro-Optical and Infrared Systems Market Expected to Attain a Growth Rate of 7% in the Coming Years.
Electro optical and infrared systems are one of the most important aspects of military operations. These systems are used for different military applications like naval, land-based, and airborne. Some of the airborne systems include night vision systems, observational systems, helmet mounted displays, and optic sights. Land-based electro optical and infrared systems includes laser rangefinders, weapon mounted sights, night vision goggles, thermal imagersand designators, and vehicle mounted optronics devices. Lastly, naval-based electro optical and infrared systems include optronics mast systems, infrared imaging and detectors, surveillance and tracking systems, and thermal imagery systems. These systems significantly help in the combat zone by providing improved visibility and ease of targeting, tracking enemy locations.
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The global military electro-optical and infrared systems market was extensively studied and analyzed by Market Research Future (MRFR) to grab precise projections of the same. The study revealed that the global market will garner a projected growth rate of 7% during the forecast period of 2017 to 2023.
The market is primarily driven by the constant progress made in sensor technology. This has given rise to the proficiency level of multi-sensor electro optical targeting pods, which includes compass thermo graphic sensors, target laser range finders, low-light television cameras and laser spot detectors. Add to this, the growing demand for vetronics and rising investments made in InGaAs detector systems is pushing the growth of the global market.
The global Military Electro Optical And Infrared Systems Market includes a host of key players. This includes names such as-
- Lockheed Martin Corporation (U.S.)
- BAE Systems Plc. (U.K)
- Airbus Group (France)
- FLIR Systems Inc. (U.S.)
- Elbit Systems Ltd (Israel)
- Northrop Grumman Corporation (U.S.)
- Excelitas Technologies (U.S.)
- Thales Group (France)
- Finmeccanica SpA (Italy)
- Raytheon Company (U.S.)
On 5th June, 2019, South Korea announced the completion of developing an all-new 30 mm self-propelled anti-aircraft gun (SPAAG). The turret mounted upon the military vehicle comes armed with a pair of stabilized and podded 30 mm cannons and also features an electro-optical/infrared system.
The global military electro-optical and infrared systems market is segmented on the basis of the following key components: sensor technology, type, and platform.
By type, the market includes laser, infrared, and image intensification.
By sensor technology, the market comprises hyperspectral, scanning, multispectral, and starring.
By platform, the market segments into land-based, naval, and airborne.
North American Region to Spearhead the Global Military Electro-Optical and Infrared Systems Market
The global military electro-optical and infrared systems market is regionally distributed into the following key areas: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
MRFR forecasts North America to be the leading region in the global military electro-optical and infrared systems market. This is due to the booming demand for electro-optics and infrared systems across different industries like military, public safety, commercial, and others in this region. The regional market is also witnessing considerable growth owing to the increasing investments that is being made in defense equipment and the growing use of electro-optics and infrared system in North America.
The growth of the North American region market can be majorly attributed to the US. The US is one of the key players in the global market landscape due to the massive investments it has made in the development and procurement of EO systems. Add to this, the increasing number of undergoing development and procurement projects in the country is aiding its growth. A majority of the research and development activities being made in EO and IR technologies is inclined towards producing lightweight, robust, and cost-effective systems that are critical for missions and operations. The airborne application is slated to generate the highest spending in this region over the forecast period.
Elsewhere, under the Rest of the World region, the Latin American regional market is projected to deliver more than 52 new combat ships and submarines in the coming years. Although the market faced a noticeable decline in 2014, it is expected to grow during the forecast period at a striking rate. The growth of the market will subsequently aid the Rest of the World region.
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List of Tables
Table 1 Global Military Electro-optical and Infrared Systems Market: by Region, 2017-2023
Table 2 North America Military Electro-optical and Infrared Systems Market: by Country, 2017-2023
Table 3 Europe Military Electro-optical and Infrared Systems Market: by Country, 2017-2023
Table 4 Asia Paland-basedfic Military Electro-optical and Infrared Systems Market: by Country, 2017-2023
Table 5 Row Military Electro-optical and Infrared Systems Market: by Country, 2017-2023
Table 6 Global Military Electro-optical and Infrared Systems Market, by Type by Regions, 2017-2023
Table 7 North America Military Electro-optical and Infrared Systems Market, by Type by Country, 2017-2023
Table 8 Europe Military Electro-optical and Infrared Systems Market, by Type by Country, 2017-2023
Table 9 Asia Paland-basedfic Military Electro-optical and Infrared Systems Market by Type by Country, 2017-2023
List of Figures
Figure 1 Research Process of Mrfr
Figure 2 Top Down & Bottom Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 7 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Military Electro-optical and Infrared Systems Market Share, by Type 2017 (%)
Figure 9 Global Military Electro-optical and Infrared Systems Market, by Type 2015-2023 (Usd Million)
Figure 10 Global Military Electro-optical and Infrared Systems Market Share, by Type 2017 (%)
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