Enhancing Military Vision with Advanced EO/IR Systems

"The Business Research Company recently released a comprehensive report on the Global Military Electro-Optics/Infrared (EO/IR) Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The military electro-optics/infrared (eo/ir) systems market size has grown strongly in recent years. It will grow from $9.75 billion in 2023 to $10.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased threats and conflicts, modernization of military platforms, counterinsurgency operations, border surveillance requirements, search and rescue missions.

The military electro-optics/infrared (eo/ir) systems market size is expected to see strong growth in the next few years. It will grow to $13.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to geopolitical instabilities, growing emphasis on unmanned systems, counter-drone capabilities, enhanced targeting and fire control, 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, application in urban warfare and asymmetric threat environments.

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Market Drivers and Trends:

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.

Integration of artificial intelligence is a key trend gaining popularity in the military electro-optics/infrared (EO/IR) systems market. Companies operating in the military electro-optics/infrared (EO/IR) systems market are focused on integrating artificial intelligence to sustain their position in the market. For instance, in April 2023, Raytheon Technologies Corporation, a US-based aerospace and defense company, launched RAIVEN, an electro-optical intelligent-sensing capability for electro-optics and infrared (EO/IR) systems. RAIVEN promotes platform durability and protects warfighters by providing precise, persistent target surveillance and rapid information dissemination. The 'intelligent-sensing' capacity of RAIVEN enables operators to see up to five times farther and more precisely than conventional optical imaging. It combines artificial intelligence, hyperspectral imaging, and light detection and ranging, or LiDAR. This improves platform survival and gives the warfighter a strategic edge against adversaries.

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Major Key Players of the Market:

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

Military Electro-Optics/Infrared (EO/IR) Systems Market 2024 Key Insights:

• The military electro-optics/infrared (eo/ir) systems market will grow to $13.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Increasing Demand For Intelligence, Surveillance, And Reconnaissance (ISR) Drives Growth Of Military Electro-Optics And Infrared (Eo/Ir) Systems Market
• Integration Of Artificial Intelligence Boosts Advancements In Military Electro-Optics/Infrared (EO/IR) Systems Market
• North America was the largest region in the military electro-Optics/Infrared (EO/IR) Systems market in 2023

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