NY, USA, September-13, 2019 /Aerospace --
Market NEWS:
Military Electro-Optics/Infrared (EO/IR) Systems Market is projected to reach $14.20 Billion by 2022
The military electro-optics/infrared systems 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. The objectives of this study are to analyze the military electro-optics/infrared (EO/IR) systems market, along with statistics from 2016 to 2022 as well as to define, describe, and forecast the military electro-optics/infrared (EO/IR) systems market on the basis of platform, system, technology, sensor technology, imaging technology, and region. 2015 is considered to be the base year, whereas, 2016 to 2022 is considered as the forecast period for this study.
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Military Electro-Optics/Infrared (EO/IR) Systems Market |
The military electro-optics/infrared (EO/IR) systems ecosystem comprises electro-optics equipment providers such as Lockheed Martin Corporation (U.S.), Northrop Grumman Corporation (U.S.), BAE Systems Plc. (U.K.), The Raytheon Company (U.S.), and Thales Group (France), among others. Component manufacturers in this market include L-3 Communications Holdings, Inc. (U.S.), Saab AB (Sweden), Rockwell Collins, Inc. (U.S.), Rheinmetall AG (Germany), Textron Inc. (U.S.), and Israel Aerospace Industries (Israel), among others. These companies offer advanced technology systems and a broad range of management, engineering, technical, electro-optics, sensors, and information services.
Based on platform, the military electro-optics/infrared (EO/IR) systems market has been segmented into airborne, naval, and land. The airborne segment is projected to lead the military electro-optics/infrared (EO/IR) systems market during the forecast period. This growth can be attributed to their increasing use for UAV applications such as mapping, surveillance, reconnaissance, and search & rescue, among others, which require cameras as necessary payloads to collect data and transmit video information to the ground control station (GCS).
Based on system, the military electro-optics/infrared (EO/IR) systems market has been segmented into targeting system, electronic support measure, and imaging system. The imaging system segment is projected to grow at the highest CAGR during the forecast period. Multispectral sensors are broadly used in military applications for terrain classification, camouflage detection, change detection, among others. Many electro-optic/infrared (EO/IR) multispectral systems for intelligence, and surveillance and reconnaissance (ISR) applications are a combination of, at least, one thermal-band infrared sensor and one reflective-band electro-optic sensor.
Based on technology, the military electro-optics/infrared (EO/IR) systems market has been segmented into uncooled and cooled. The cooled segment is projected to grow at the highest CAGR during the forecast period.
The military electro-optics/infrared (EO/IR) systems market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Soldier modernization programs are a major driver for the military electro-optics/infrared (EO/IR) systems market in Asia-Pacific. Asia-Pacific is estimated to lead the military electro-optics/infrared (EO/IR) systems market. China, India, Japan, and Australia are the major countries that offer growth potential for EO/IR systems in the Asia-Pacific region. This market has huge growth potential given the increasing demand for updated and technologically advanced optronics systems. The growth of electro-optics/infrared (EO/IR) systems market is also driven by the rising demand for systems equipped with laser technology.
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