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Military Electro-Optics/Infrared (EO/IR) Systems Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

03-01-2024 08:33 AM CET | Aerospace & Defense

Press release from: MarketsandMarkets

Military Electro-Optics/Infrared (EO/IR) Systems Market Set

This report analyzes the military electro-optics & infrared (EO/IR) market from 2023 to 2028. It discusses various industry and technology trends currently prevailing in the military electro-optics & infrared (EO/IR) market along with the factors that drive, restrain, and challenge the market growth globally. The military electro-optics & infrared (EO/IR) market is projected to grow from USD 7.8 billion in 2023 to 9.5 billion by 2028, at a CAGR of 4.0%. Factors such as the need to reduce CO2 emissions and carbon footprint, reduction in cargo drone component prices and smart city initiatives are driving the market growth.

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Based on cooling technology, the uncooled technology segment is expected to lead the military electro-optics & infrared (EO/IR) market in 2023. The growth of this segment can be attributed to the increasing need of new technologies and hardware components which can carry maximum load with a maximum range.

Based on imaging technology, the hyperspectral segment is expected to have the largest growth in military electro-optics & infrared (EO/IR) market in 2023. The growth of this segment is due to the need to increase transport military equipments onto the battlefield in a very short span and also safely even in difficult weather conditions.

Based on sensor technology, the scanning segment is expected to have the largest growth in military electro-optics & infrared (EO/IR) market in 2023. The growth of this segment is due to the need to increase transport military equipments onto the battlefield in a very short span and also safely even in difficult weather conditions.

Based on component, the sensor segment is expected to have the highest share in 2023. Sensor is main component in EO/IR system. The increasing demand for surveillance and target & tracking in world, is driving this segment.

Based on product type, the handheld system segment is expected to have the highest share in 2023. Due to increasing in modernization of soldier and advanced system wiil be use by soldier in world that the increasing demand for handheld system, which is driving this segment.

Based on platform, Due to the installation of remote weapon stations on various platforms, including armored combat vehicles, autonomous ground vehicles, and ground stationary, among others, the land sector of the electro-optics & infrared (EO/IR) market is anticipated to develop at the greatest CAGR during the forecast period. The airborne sector of the military electro-optics & infrared (EO/IR) market is anticipated to grow at the fastest rate during the forecast period due to technological developments in the design of electro-optics & infrared (EO/IR).

Based on point of sale, the OEM segment is expected to have the anticipated to develop at the greatest CAGR during forecast period.

Based on region, the Asia Pacific region is estimated to lead the market in 2023. This region includes China, India, Japan, Australia, South Korea, Rest of Asia pacific. The increasing investments in the military electro-optics & infrared (EO/IR) market and procurement of advanced equipment drive the region in market.

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Major players operating in the Military electro-optics & infrared (EO/IR) market include Northrop Grumman (US), Raytheon Technologies Corporation(US), L3Harris Technologies Inc. (US), Lockheed Martin Corporation (US) and Thales Group(France). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe &Asia pacific. These companies have products with wider applications, a larger product footprint, significant market share and, broader geographical use cases. They have established a strong market presence, reputable products with a strong business strategies.

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