CHICAGO, April 12, 2023 /PRNewswire/ -- The Military Electro-Optics/Infrared (EO/IR) Systems Market is estimated to be USD 7.8 billion in 2023 and is projected to reach USD 9.5 billion by 2028, at a CAGR of 4.0% during the forecast period according to a new report by MarketsandMarkets. The driving factor for the EO/IR (Electro-Optical/Infrared) system market is the increasing demand for these systems in various applications such as military and defense, surveillance and security, aerospace and aviation, and others. EO/IR systems are used for gathering information from the visible, infrared, and ultraviolet parts of the electromagnetic spectrum, and they are widely used for target acquisition, tracking, and identification.
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Military Electro-Optics/Infrared (EO/IR) Systems Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $7.8 billion |
Estimated Value by 2028 | $9.5 billion |
Growth Rate | Poised to grow at a CAGR of 4.0% |
Market Size Available for | 2020-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Platform, Product Type, Component, Cooling Technology, Sensor Technology, Imaging Technology and By Region |
Geographies Covered | North America, Europe, Asia-Pacific, Middle East Rest of the World |
Key Market Challenge | Complexity involved in integration of EO/IR System with wide range of platforms |
Key Market Opportunities | Integration of electro-optics/infrared systems with conventional military systems |
Key Market Drivers | Growing Need for Intelligence, Surveillance, and Reconnaissance (ISR) |
Based on platform, the land segment is expected to grow at the highest CAGR during the forecast period.
The platform segment has been segmented into land, airborne, naval. The growth of land segment can be attributed to the increasing need of advanced handheld system for soldiers which drives the market. A land EO/IR (Electro-Optical/Infrared) system is a type of sensor that is designed for land-based applications such as surveillance, reconnaissance, and targeting. This type of system is commonly used by military and law enforcement agencies for various missions.
Based on Product type, the handheld system segment is projected to grow at the highest CAGR during the forecast period.
Handheld system is projected to grow at the highest CAGR in the Military electro-optics & infrared (EO/IR) market. The growth of this segment is attributed to the ongoing research in this area to make compact and durable equipment for soldiers. New technologies are being employed to these Military electro-optics & infrared (EO/IR) market.
Based on Cooling technology segment, the uncooled is expected to grow at the highest CAGR during the forecast period.
The Cooling technology segment has been segmented into cooled and uncooled. The growth of uncooled technology segment can be attributed to the increasing need of advanced handheld system and modernisaztion equipment for soldiers which drives the market. Cooling technology is an essential component of an EO/IR (Electro-Optical/Infrared) system, especially for sensors that operate in the infrared spectrum. Cooling technology is used to maintain the temperature of the sensor at a stable and low temperature to reduce noise, increase sensitivity, and improve image quality.
Based on Component, the control system component is expected to grow at the highest CAGR during the forecast period.
The Component segment has been segmented into HMI, stabilization unit, sensor, optics, control system, processor. The growth of Control system for an EO/IR system is responsible for managing the operations of the sensor and ensuring that it is pointed at the correct target, collecting and processing the correct data, and transmitting the data to a receiving station. can be attributed to the increasing need of which drives the market.
Based on imaging technology, the Hyperspectral segment is expected to grow at the highest CAGR and multispectral imaging has highest market share during the forecast period.
The imaging technology segment has been segmented into Mulitspectral, Hyperspectral. The growth of Hyperspectral segment into numerous narrow and contiguous spectral bands to capture the spectral signature of a target. This enables hyperspectral EO/IR systems to distinguish between different materials or substances, based on their unique spectral signature can be attributed to the increasing need of which drives the market.
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Based on region, the Asia Pacific segment is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is expected to lead the Military Electro-Optics/Infrared (EO/IR) Systems Market in 2023. The regions studied in this market are China, India, Australia, Japan, South Korea, Rest of Asia Pacific. China and India are one of the major global players present in the Asia Pacific, which invests heavily in the development of EO/IR technologies.
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) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting
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