Global Military Electro-Optics/Infrared (EO/IR) Systems Market Industrial Report Covering Key Factors And Competitive Analysis Till 2028

Military Electro-Optics/Infrared (EO/IR) Systems Market to witness an excellent growth till 2028

The military electro-optics infrared (EO-IR) system market is projected to reach USD 29.81 billion by 2028, at a CAGR of 5.1% during a forecast period. The high demand for advanced military equipment, weapons, and increasing investments in the defense sector are expected to drive the military electro-optics infrared (EO-IR) system market during the forecast period.

Market Overview

The increasing need for technologically advanced security, surveillance, and intelligence systems is one of the main factors responsible for the growth of the military electro-optics infrared (EO-IR) system market. However, increasing investments by the government in the defense sector is fueling the growth of the military electro-optics infrared (EO-IR) system market. This investment has led the defense equipment manufacturers to invest more in research and development of technologies or upgrade the existing technologies. However, rising insurgencies is also one of the major factors driving the military electro-optics infrared (EO-IR) system market. Another factor affecting market growth positively is the increasing demand for drone-powered EO/IR systems. Due to the ability to provide high visibility in wide-open areas like the borders, the drone-powered EO/IR or EO/IR cameras have witnessed significant growth in the military electro-optics infrared system.

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Based on the system, the imaging segment of the military electro-optics infrared (EO-IR) system market is expected to grow at the highest rate. This growth can be attributed to the increasing demand for surveillance equipment from the defense sector globally for identifying targets in places where human surveillance is not sufficient. Due to developments in advanced laser and infrared technologies, imaging systems can provide high-definition 3D images, which can locate and identify targets at much longer ranges and thus, are better than the existing optical systems. These advanced imaging surveillance systems can detect enemies with the help of infrared or thermal imaging systems even in the dark.
North America is expected to account for the largest share of the market.

The North American region is expected to account for the largest share of the market. The US defense has the highest expenditure in the world owing to the increasing investment figure of the government in defence sector. Thus, the region is expected to account for the largest share of the military electro-optics infrared (EO-IR) system market. The military in the region is also the main source of income.

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Key Factors Impacting Market Growth:
o The increasing need for technologically advanced security, surveillance, and intelligence systems, owing to the rise in insurgencies
o Increasing demand for drone-powered EO/IR systems for border control and night watch
o Advancements in imaging technologies
o High government investments in military and defense

Key Developments:
o In November 2017, Lockheed Martin (Canada), L3 Technologies (US), BAE Systems (UK), CAE (Canada), MDA (Canada), and Ultra Electronics (UK) collaborated as Canada's combat ship team for the Royal Canadian Navy's future fleet of surface combatants. Canada's combat ship team has designed one of the most advanced and latest warships, the type 26 global combat ship (GCS), along with high-tech platform innovations from prominent Canadian companies. This ship consists of electro-optics and infrared sensors, torpedo handling systems, integrated platform management systems, and integrated communications.
o In January 2018, Finland University developed a new optical solution for military security and inspection uses.

Reasons to Buy This Report:
o Market size estimation of the military electro-optics/infrared systems market on a regional and global basis
o The unique research design for market size estimation and forecast
o Profiling of major companies operating in the market with key developments
o Broad scope to cover all the possible segments helping every stakeholder in the market

Companies Covered: UTC Aerospace, Rockwell Collins, Raytheon, Northrop Grumman Corporation, BAE Systems Plc., Thales Group, Lockheed Martin Corporation, L3 Technologies, Leonardo DRS, and Hensoldt GmbH

Market Segmentation:
By Platform:
o Land
o Air
o Naval

By System:
o Targeting
o Electronic Support Measure
o Imaging

By Wavelength:
o Near Infrared
o Short Infrared
o Medium Infrared
o Long Infrared
o Ultra-Violet

By Imaging Technology:
o Hyperspectral
o Multispectral

By Region:
o North America
o By Country (US, Canada, Mexico)
o By Platform
o By System
o By Wavelength
o By Imaging Technology

o Western Europe:
o By Country (Germany, UK, France, Spain, Rest of Western Europe)
o By Platform
o By System
o By Wavelength
o By Imaging Technology

o Eastern Europe:
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Platform
o By System
o By Wavelength
o By Imaging Technology

o Asia Pacific
o By Country (China, Japan, India, Rest of Asia Pacific)
o By Platform
o By System
o By Wavelength
o By Imaging Technology

o Middle East:
o By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
o By Platform
o By System
o By Wavelength
o By Imaging Technology

o Rest of the World
o By Region (Latin America, Brazil, Rest of the World)
o By Platform
o By System
o By Wavelength
o By Imaging Technology

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