The value of the global market for electro optical systems is projected to be US$ 11,724.2 million in 2022 and to increase to US$ 17,806.2 million by 2032. The market is anticipated to grow at a CAGR of 4.3% from 2022 to 2032, but from 2016 to 2021, the CAGR was estimated at 3%.
The market is anticipated to benefit during the forecast period from rising demand for safety and security as well as the expanding need for a developed defence system. Defense is predicted to experience significant growth. The sector’s growth can be attributed to the rising demand for technologically advanced security and surveillance systems as a result of insurgency incidents. The segment’s growth is also being fueled by an increase in military spending globally.
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Global Electro Optical System Market: Market Dynamics
The main action integral to armed forces are intelligence, surveillance, target acquisition and reconnaissance (ISTAR) capabilities which are provided by electro optical system like multi spectral day and night imaging sensors, nigh vision goggles(NVG), laser rangefinders(LRF), forward looking infrared(FLIR) systems, and infrared targeting pods. These capabilities lead to market growth for electro optical system in defense and military applications.
The electro optical system enable flexible deployment of targeted military force based on accurate and timely surveillance and reconssiance with an increased affordability combined with interoperability and mission critical functions suited to military departments. Also the naval forces worldwide implement in electro optical system in new and diverse ways such as EO fire control directors and IR search and track systems.
The continued research in the next several years is expected to manufacture of next-generation sensors for the weapons and body armor, and communications equipment. Also Airborne EO Systems, and Land & Sea-Based EO Systems are the other two areas of deployment for electro optical system expected to flourish in the near future.
Market Competition
- Instro,
- Lockheed Martin,
- L3 Communication Holdings,
- BAE Systems Plc,
- Northrop Grumman, and
- DRS Technologies
are key participants in the worldwide electro-optic system market. The following are recent developments in the global electro optical system market:
- In April 2022, L3 Harris Technologies announced a prospective $500 million contract to develop and manufacture a wide-field-of-view electro-optical system to protect surface warships against new adversary anti-ship cruise missiles.
- In September 2020, Lockheed Martin Corporation, located in Maryland, United States, stated that it has delivered the 700th Electro-Optical Targeting System for the F-35 Lightning II.
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Key Segments Profiled in the Electro Optical System Industry Survey
Electro Optical System Market by Systems:
- Imaging Electro Optical System
- Non-Imaging Electro Optical System
Electro Optical System Markey by Application Platform:
- Air Electro Optical System
- Land Electro Optical System
- Sea Electro Optical System
Electro Optical System Market by Region:
- North America Electro Optical System Market
- Latin America Electro Optical System Market
- Europe Electro Optical System Market
- Asia Pacific Electro Optical System Market
- Middle East & Africa Electro Optical System Market
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