Military Electro Optical Infrared Systems Market to Touch USD 10.86 Million at 6% CAGR by 2030
Research Reports
Sep 18, 2023
Military Electro-Optical Infrared (EOIR) Systems Market Overview
The global Military Electro-Optical Infrared Systems Market will touch USD 10.86 million at a 6% CAGR by 2030, as per the recent Market Research Future report.
Drivers
Burgeoning Need for Drone-Powered EO/IR Systems to Boost Market Growth
The growing demand for EO/IR systems driven by drones will boost market growth over the forecast period. Drone-powered EO/IR or EO/IR cameras have seen substantial expansion in the military electro-optics infrared system due to its potential to give excellent visibility in open spaces like borders.
Opportunities
Technological Advances to offer Robust Opportunities
Other growth-promoting technology developments include the creation of ground-breaking long wave infrared (LWIR) & EO laser navigation systems. They offer increased target detection and thermal imaging capabilities, as well as trustworthy information for crew safety in combat situations.
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Restraints and Challenges
High Equipment Cost to act as Market Restraint
The high equipment cost and inefficient performance during extreme weather conditions may act as market restraints over the forecast period.
Market Segmentation
The global military electro optical infrared systems market is bifurcated based on platform, sensor technology, and type.
By type, image intensification will lead the market over the forecast period.
By sensor technology, hyperspectral will dominate the market over the forecast period.
By platform, airborne will spearhead the market over the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic possessed a significant impact on the world economy, and the market for military electro-optical and infrared systems was not immune. In many countries throughout the world, the rapid COVID-19 pandemic breakout prompted strict lockdown laws, which caused delays in import & export of military electro-optical and infrared systems & equipment. Additionally, it had an immediate effect on the production process, clogging the supply chain and lowering global market revenue. However, to discover a way to recover from Covid-19 impact, the market’s top significant players are putting novel marketing techniques into practice. The pandemic situation is being gradually brought under control, which portends well for the global market in the future.
Regional Analysis
North America to Head Military Electro Optical Infrared Systems Market
The US armed services had a significant need for EO/IR equipment, which helped North America hold the greatest share. The United States had to expand its expenditure in cutting-edge weapon system owing to the increased capabilities of its enemies on the battlefield. Furthermore, the increased purchase of advanced ISR & other equipment that improved the military’s situational awareness was heavily influenced by the US armed forces’ expanding engagement in several international wars.
APAC to Have Admirable Growth in Military Electro Optical Infrared Systems Market
Because of the existence of rising economies and military modernization that stimulates the employment of cutting-edge technology, the military electro-optical systems market is anticipated to grow steadily within the Asia Pacific region.
Key Players
Key players profiled in the global military electro optical infrared systems market report include Raytheon, Lockheed Martin, L-3 Communications Holdings, Inc. BAE Systems Plc. Thales group, DRS Technologies, Northrop Grumman, Elbit Systems Ltd., Harris Corporation, Rheinmetall Defence AG, Textron, Rockwell Collins, II-VI, Inc., and Ultra Electronics Holdings.
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