DUBLIN--(BUSINESS WIRE)--The "The Global Electro-Optical/Infrared (EO/IR) Systems Market 2018-2028" report has been added to ResearchAndMarkets.com's offering.
This report offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for EO/IR systems, key market trends, and challenges faced by industry participants.
Surging demand for high resolution and high throughput sensors for gaining superior situational awareness, countermeasures and reconnaissance is the key driver for the military EO/IR systems sector globally. In order to tackle conventional as well as newly evolved threats, militaries worldwide are focusing on installation of advanced sensor based systems, which can provide intel in real time for necessary actions.
The increasing complexities in modern day war techniques have resulted in a heightened requirement for Intelligence, Surveillance and Reconnaissance (ISR) activities, which has resulted in several key defense spenders to invest heavily in the research and development of equipment such as thermal sights, infrared vision systems, and laser target designators. The rising demand for new sighting devices as well as wearable night vision and thermal imaging systems is therefore contributing significantly to the growth of the global military EO/IR systems market.
- The global military EO/IR systems market is expected to register a CAGR of 2.98%, growing from US$10.7 billion in 2018 to US$14.3 billion by 2028.
- The market consists of three categories: airborne, ground-based and naval.
- The market is expected to be dominated by airborne segment, which will account for 72.2% of the market, followed by ground-based and naval segments.
- In terms of geography, Asia Pacific is projected to lead the sector with a share of 33.9%, followed by North America and Europe.
- Northrop Grumman
- Leonardo DRS
- Elbit Systems
- BAE Systems
- FLIR Systems
- L-3 Technologies
- Lockheed Martin
- Cubic Global Defense
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