Military Electro-Optical and Infrared (EOIR) Systems Market to Reach USD 10. 86 MN by 2030, at 6% CAGR from 2022 to 2030
Research Reports
Nov 17, 2023
Military Electro-Optical and Infrared (EOIR) Systems Market Overview
The Military Electro-Optical and Infrared Systems Market will likely continue to rise. Increasing defense expenditures and growing adoption of advanced image intensification solutions would drive market growth. Market Research Future (MRFR) confirms that the global military electro-optical and infrared systems market is projected to reach USD 10. 86 MN by 2030, registering a 6% CAGR during the review period (2022-2030).
Besides, the increases in government funding for R&D to develop advanced EO/IR systems boost the market size. The availability of advanced technologies stimulates market expansion, creating significant growth opportunities for the players operating in the electro-optical and infrared systems market.
On the other hand, the high investment required for the initial setup of equipment & devices is impeding the market growth of the military image intensifier tube. Nevertheless, the increasing usage of military image intensification technologies and the emergence of new technologies would support the market growth during the review period.
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Military Electro-Optical and Infrared Systems Market – Segmentations
The analysis is segmented into types, platforms, sensor technologies, and regions. The type segment is sub-segmented into image intensification, laser, and infrared. The platform segment is sub-segmented into airborne, land-based, and naval. The sensor technology segment is sub-segmented into scanning, starring, multispectral, and hyperspectral. By region, the military EOIR systems market is segmented into Europe, Americas, Asia-Pacific, Middle East & Africa, and the rest of the world.
Global Military (EOIR) Systems Market – Geographical Analysis
North America dominates the global military electro-optical and infrared systems market. The rising demand for EO/IR systems in different sectors for safety and security drives the military EOIR systems market. Besides, growing defense budgets and government initiatives to develop robust, lightweight, and cost-effective EO/IR systems boost the military EOIR systems market size.
The growing adoption of military image intensification technology by government and defense bodies, alongside the presence of prominent EO/IR systems providers such as Lockheed Martin, Northrop Grumman, and FLIR Systems, impact the regional market growth positively.
Additionally, factors like the increasing research initiatives, technological advancements, and adoption of image-intensifying technologies substantiate the military EO/IR systems market growth. The US drives the regional market growth predominantly, holding the largest share. The North American military EOIR systems market will remain dominant throughout the review period.
Military Electro-Optical and Infrared Systems Market – Competitive Analysis
The market for military EOIR systems appears competitive & fragmented, with the presence of many giant players forming a competitive landscape. Strategic partnerships, expansion, acquisitions, product & technology launches, and collaborations remain the key strategies of market players to achieve competitive advantage. Manufacturers strive to offer a comprehensive range of next-generation image intensification technologies that improve mobility, targeting, and maneuverability for ground forces.
Major Players:
Leading military electro-optical and infrared systems market players include Excelitas Technologies (US), FLIR Systems Inc. (US), Airbus SAS (Netherlands), FLIP Systems Inc. (US), BAE Systems PLC (UK), Elbit Systems Ltd (Israel), Thales Group (France), Raytheon Company (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), and Leonardo SpA (Italy), among others.
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Industry/Innovation/Related News
April 24, 2023 — Raytheon Technologies launched its RAIVEN electro-optical intelligent-sensing capability for military pilots. RAIVEN is an AI-assisted EO/IR system enabling military pilots to gain faster and more precise threat identification. This RAIVEN’s intelligent-sensing capability is the first of its kind, a single electro-optical/infrared (EO/IR) that can identify objects optically and spectrally simultaneously in real-time.
Alongside artificial intelligence (AI), this capability uses hyperspectral imaging & light detection and ranging (LiDAR), enabling up to five times farther and clearer view. All these helps increase platform survivability and boost the war fighter’s decision advantage over peer threats.
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