Global Military Electro Optics Or Infrared Eo Or Ir Systems Market Size 2024, Forecast To 2033
6 Mar, 2024
The military electro-optics/infrared (EO/IR) systems market has experienced robust growth, expanding from $9.75 billion in 2023 to $10.47 billion in 2024, with a compound annual growth rate (CAGR) of 7.3%. This growth in the historic period is attributed to increased threats and conflicts, modernization of military platforms, counterinsurgency operations, border surveillance requirements, and search and rescue missions. Looking ahead, the market is poised for strong growth, reaching $13.54 billion in 2028 with a CAGR of 6.7%. The forecasted growth can be attributed to geopolitical instabilities, growing emphasis on unmanned systems, counter-drone capabilities, enhanced targeting and fire control, and 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, and application in urban warfare and asymmetric threat environments.
Global Military Electro Optics or Infrared EO or IR Systems Market Key Driver
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.
Get A Free Sample Of The Global Military Electro Optics or Infrared EO or IR Systems Market ReportGlobal Military Electro Optics or Infrared EO or IR Systems Market Segments
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.
By Geography:The regions covered in the military electro-optics/infrared (eo/ir) systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the military electro-Optics/Infrared (EO/IR) Systems market in 2023. The regions covered in the military electro-optics/infrared (eo/ir) systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Military Electro Optics or Infrared EO or IR Systems Industry Players
Raytheon Technologies Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Thales Group, L3Harris Technologies Inc., BAE Systems PLC, Leonardo SpA, Elbit Systems Ltd., Rheinmetall AG, Ultra Electronics Holdings, Theon Sensors SA, Safran SA, Excelitas Technologies Corp., General Dynamics Corporation, PVP Advanced EO Inc., Textron Inc, Teledyne FLIR, Leidos Holdings Inc., Logos Technologies, Moog Inc., Apie Group, The Boeing Co., CONTROP Precision Technologies, Alpha Design Technologies, SPI Corp, Tonbo Imaging, UTC Aerospace Systems, Zhejiang Dali Technology Co. Ltd., Luminator Technology Group, Curtiss-Wright Corporation
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Military Electro Optics or Infrared EO or IR Systems Market Overview
A military electro-optics/infrared (EO/IR) system refers to a technological system that combines both electro-optics and infrared capabilities to gather and process information from the electromagnetic spectrum. It integrates various devices and components to enable the detection, imaging, tracking, and analysis of targets or objects using both visible light and infrared radiation.
Military Electro Optics or Infrared EO or IR Systems Global Market Report 2023 provides data on the global military electro optics or infrared eo or ir systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The military electro optics or infrared eo or ir systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.